Survey help!

Julysea

We are selling our place (2 bed ground floor maisonette) and the buyers are getting their survey done tomorrow. I'm not sure how thorough this is going to be as they don't need it for valuation purposes (they are cash buyers), merely to check out the property. I know that the place is basically sound but needs refurbishing. Our survey when we bought the place 5 years ago highlighted some things to look at: electrics, chimney repointing, some bits of render and brickwork need superficial spot repair. However, our survey said the place was basically sound just had been lived in with normal wear and tear and needed some tlc. I can't imagine things ahve changed that much in the last 5 years - we did get the electrics looked at by a qualified electronics engineer (my brother!) who said they were old-fashioned but functional and not dangerous. I told our buyers about the electrics when they first viewed and each time they've been since, and they also negotiated 6 grand off the asking price on the basis that the house needed 'a bit of work'. Surely they won't be able to ask for even more off after survey too, will they? I mean, if all this was pointed out to them first before offer and they got money off because it needed work? I'm all worried now as we can't afford to drop the price even more or we won't be able to afford our house that we're buiying. Any reassurance?

Debt_Free_Chick

Julysea wrote:

Surely they won't be able to ask for even more off after survey too, will they?

Yes - they can ask. But you don't need to agree

I mean, if all this was pointed out to them first before offer and they got money off because it needed work?

It depends on whether you and they think that the agreed price actually takes account of the work that needs to be done.

I'm all worried now as we can't afford to drop the price even more or we won't be able to afford our house that we're buiying. Any reassurance?

I think you need to be sure of the realistic valuation, taking account of what needs to be done. If you are seeking more than that, then it will be tough to find a buyer who is, essentially, paying over the odds.

What does your EA say? What valuations did you get?

Julysea

The EA thought the original price was fair as the property stood, and so did another EA who also valued. Plus, since we put it on the market for that price, we have extended the lease at our own cost which would ahve cost them 5 grand to do.

lily_the_pink

They are probably checking that there is no nasty suprises lurking. I should imagine everything will be ok - just be prepared to not budge should they try to knock some more money off.