Would you give your wholeI survey to your vendor?

JQ.

Catatonia wrote: »

That's true. I am not the most assertive person so am a little worried about the meeting, but at least it will get things moving again.

If that's the case, why not suggest that no negotiations take place at the meeting, you can state this to the EA before the meeting to save embarrassment. You want them to read the report, take notes, digest the information, go home and discuss it amongst themselves and then make a proposal, or you then make a proposal to them. That way you won't have to make any swift decisions you may not be happy with in the longterm.

Catatonia

Thanks, both.

I was thinking that, if the seller starts negotiating and I feel uncomfortable, I will just say that I need time to think it over and discuss it with my husband.

Mallotum_X

Catatonia wrote: »

Thanks, both.

I was thinking that, if the seller starts negotiating and I feel uncomfortable, I will just say that I need time to think it over and discuss it with my husband.

Thats actually a good tactic to employ regardless.

Catatonia

Well, the seller argued the toss over most of the pints, and then said that he'd already come to a decision that he will meet me half way, but no lower (so not sure that it was necessary for us to meet or see the survey!).

I'm not sure what to do now, as I do like the house, but I also don't want to overpay for something in a falling market.

hazyjo

Personally, I'd dig my heels in and say it's not like you're trying to knock the price down to cover works or for any other reason - it's that it's actually been valued at that price.

Depends how much the difference is, whether you have that money to cover the difference, and how much you want it. Chances are they'll take it but don't gamble unless you're prepared to lose it.

I bet the EA's saying one thing to you and one to the sellers. They want their commission and they know the actual valuation's come in lower than the offer. I'd imagine they'll be trying to get them to drop (that's been the case every time I've been in that position as a seller).

Ultimately, the decision is yours.

Good luck.

Jx

kingstreet

Surveyors are good at overestimating the cost of repairs, so I'd get reports on the defects and estimates for repairs, before I proceed further.

Try to get reports done by qualified specialists, rather than contractors who stand to gain from work needed.

Have a look here for help http://www.property-care.org/

Until you know exactly what you're going to have to pay, there's no way of knowing how much is too much to pay for the property.

Once you have the reports and estimates and you forward them to him, the surveyor may change his opinion on the property, strengthening your hand with the vendor.

Catatonia

Sorry, I don't quite understand your post, Kingstreet. Are you saying that getting more reports done will make my surveyor drop his valuation further?

At the moment I am thinking as Hazy describes - it's not so much the work as the risk of paying over the odds for somewhere in a falling market that is making me think twice.

zara*elise

I'd take hazyjo's advice. The vendor is trying to get as much as they can now knowing their property isn't worth as much. As you said, he'd already made his mind up about what he was willing to accept, so showing him any other estimates/surveys probably won't help.

It's up to you, but I wouldn't pay much over the surveyor's price. Overpaying and then having to shell out to get the problems rectified? Sounds lose lose to me.

There will be other houses, that's for sure. It just depends on how much you want this property.

westlondonbuyer

Yes surveyors do often over-estimate the cost of works - that's because homeowners are rarely building professionals and need to allow for contingency funds.

They also need to estimate a standard of fit and finish that is commensurate with the price of the property when work has been completed (eg it may just cost £2k to install a basic new kitchen, but 9/10 people would think spending £2k on a kitchen in a £500k house would be a false economy ). This sum is invariably substantially higher than the vendor's estimate (because the vendor may not realise the quality expectations of someone buying a £500k house are far higher than his own when he paid, say £200k for the same house).

I seem to recall that you're a cash buyer, Catatonia. So your surveyor isn't even downvaluing to protect the mortgage company - he's downvaluing to protect you, and indemnify himself.

kingstreet

westlondonbuyer wrote: »

Yes surveyors do often over-estimate the cost of works - that's because homeowners are rarely building professionals and need to allow for contingency funds.

They also need to estimate a standard of fit and finish that is commensurate with the price of the property when work has been completed (eg it may just cost £2k to install a basic new kitchen, but 9/10 people would think spending £2k on a kitchen in a £500k house would be a false economy ). This sum is invariably substantially higher than the vendor's estimate (because the vendor may not realise the quality expectations of someone buying a £500k house are far higher than his own when he paid, say £200k for the same house).

I seem to recall that you're a cash buyer, Catatonia. So your surveyor isn't even downvaluing to protect the mortgage company - he's downvaluing to protect you, and indemnify himself.

My comment wasn't a criticism of surveyors, I know loads and they would admit if they see (eg) what appears to be a problem with a damp course, they will assume it's all failing and will assume the cost of a damp course in any estimate of work required.

As the normal action (where there's a mortgage involved, anyway) is for the surveyor to request a specialist report on the issue and the surveyor be given a copy of the report, I think they accept they may not be expert in that particular thing and will sometimes adjust retentions and valuations based on the results of the reports.

Your comments about kitchens are valid, however I was trying to deal with the issue of possible repairs, rather than possible improvements which would add value to a potential purchaser.