Would really value your opinions please

shazzy1773

Just has the survey back on property no 2, some of you might remember that we had to pull out of the first property purchase, due to a awful survey report.

Purchase price we initally offered is £180,000

The survey has highlighted the following:


Provide further fixing for the soil/vent pipe and a shield for this by the central heating boiler flue vent.
Paint rusty metal sub-framework to garage roof and re-fix peripheral timberwork.
Replace garage floor
Re-surface driveway and up-grade maintenance of front garden area.

Market Value/Valuation £170,000

I have spoken to the estate agent and they have contacted the vendor who seems open to negotiations so, can i please ask what would you suggest as a starting figure?

Wickedkitten

Get 3 builders to look at the house and get you quotes on the exact work that needs done.

dander

None of that sounds particularly expensive. Downvaluing by £10k seems severe for that level of work. Might be worth checking with the surveyor whether they think £180k is reasonable for the house if that stuff is fixed, or if they think you've offered too high.

BobProperty

dander wrote:

None of that sounds particularly expensive. Downvaluing by £10k seems severe for that level of work. Might be worth checking with the surveyor whether they think £180k is reasonable for the house if that stuff is fixed, or if they think you've offered too high.

Totally agree with dander. Unless the drive is exceptionally large and needs serious work to it, there's no way that's £10k of work.

silvercar

Personally I think it unreasonable to reduce offer for things that were visible before the survey. The point of the survey is to identify things you don't know about. Presumably your original offer was made in the knowledge that the driveway needed attention.

If other things have come to light then its reasonable to take a view on them.

shazzy1773

Thank you all for your thoughts so far.

The driveway is the size (lenght and width) of one car and they had their car parked on it when we were viewing, so we didn't really get to see what it was like. As far as the garage floor, to be honest i don't know what consitues a good floor to a poor floor (as long as there isn't big holes in it i would think it's ok for a garage floor (were coming from our first bought property that doesn't have off road parking and a garage).

As far as his valuation, he is saying the property isn't worth the inital offering/asking price.

pawpurrs

Sounds like a brilliant survey to me if thats all it came up with, buyers do tend to be a bit rash when surveys come into play.

No house is perfect, the old ones with the bad surveys are the ones that will still be standing when all the new builds are dus.

Based on that survey as a vendor, i wouldnt expect to have to drop my price.
If the house has been overvalued however that is another matter, and you may have mortgage problems if you are a ftb.

I think if you like the house, you shouldnt be trying for a reduction based on whats been said.

marybishop

What type of survey did you have. The homebuyers has the valuation as part of the package and the surveyor has comparables on which to base his valuation. Did he state that it's entirely because of the work that needs to be done that it is only worth £170k or is this based on the price of comparable properties in the area? A full (building) survey does not automatically include a valuation.

shazzy1773

To be fair the work that the survey has highlighted isn't a huge problem to us, in fact this one is nothing compaired to what the survey on the other house came up with!!

What's really worrying us is, paying £10,000 over what the house is really worth.

shazzy1773

marybishop wrote:

What type of survey did you have. The homebuyers has the valuation as part of the package and the surveyor has comparables on which to base his valuation. Did he state that it's entirely because of the work that needs to be done that it is only worth £170k or is this based on the price of comparable properties in the area? A full (building) survey does not automatically include a valuation.

Our surveyor did a homebuyers survey on the property.

I have spoken to my surveyor and he has said the £170,000 figure is his opinion is on both the work needed and comparable properties.

marybishop

If he's said that then maybe it's worth negotiating, £10k is a lot of money. But it depends how badly you want the house and presumably you have already incurred fees which if it all fell flat you could end up spending out more money to start again. At the end of the day a house is only worth what someone is willing to pay for it - I suppose it just depends on whether someone else will come along and pay the full £180k particularly if they don't have a Homebuyers on it and therefore don't know what you know. I'd say test the water but that's just my opinion.