Buying a reposession. Negotiate price because of negative surveyor

jase_31

Have made a offer (accepted) to by a repossession. Survey has just come back, showing movement, which may be historic, and recommending inspection by a structural engineer.

If there is a structural problem, surprised bank lend on the property. If I get a inspection, and cost to rectify, is it reasonable to go back to the bank with a reduced offer? or do they expect to keep to the current offer regardless of structural defects.

ognum

You are perfectly within you rights to negotiate you offer but understand you are not dealing with a personal seller but an institution and they are duty bound to get the most money possible for the property.
Despite your offer being accepted the assett management group that own the property will keep the property on the market and you will nt be sure you will get it until the day you have exchanged.
I would take all the advice you can get, but remember the cost of a structural surveyor will be your cost and not reclaimable. If you lower your offer then there may well be offers above yours.
I have to say if there was a hint of structural problems I would walk away, these could rear up again when you come to sell and then you may find you have to take a low offer. You would also have to declare to you insurer that there has been a suggestion of problems and they would then not insure you for this in the future.
My advice would be look elsewhere but it depends how much risk you want to take!