renegotiating house price after survey - roof, electrics?

moneyistooshorttomention

Better_Days wrote: »

Yes, I too thought 'cash buyer' meant a buyer who had the full purchase amount in the bank.

From reading the forum it seems that some EA's describe buyers with no chain and a mortgage agreed as 'cash buyers' as well. Vendors can be understandably upset when a sale falls through when it transpires that their 'cash buyer' has problems with their mortgage.

As it's become clear - from various threads on this Forum - that there are various buyers who describe themselves as "cash buyers" when they aren't at all there is a problem here for vendors.

What way can a vendor establish whether someone who says they are a "cash buyer" really is? I am grateful to this Forum for the realisation that it is possible to get caught out by thinking someone is a cash buyer just because they say they are and want to protect myself from this.

Has anyone found a suitable way to identify who really is please? I am wondering whether I can ask my estate agent to tell a potential buyer for my place that I wish to see their last three bank statements (as proof that they actually have the cash in the bank)? After all - I had to provide a mortgage company with those "last 3 bank statements" when I came to take out a mortgage all those years ago (to prove that I really did have the income I said I did) and that was very much the norm at the time and that was perfectly understandable/acceptable and I was quite happy to do so.

dkeenan

I have just been in a similar position. The home report seemed okay, but we were advised by our solicitor to get a Scheme 2 survey carried out.

The survey seemed to highlight issues with the electricity and common areas that may need attention. This made us panic and we got an electrician in who reassured us.

I got the feeling the our own survey, like many others was probably exaggerated in order to cover the surveyors back.

If in doubt, I would get professional in, preferably someone you know and not somebody that will make it sound worse than it is just to get the work. Surveyors, as they will tell you themselves, are not electricians, plumbers or builders.

It's frustrating how little one really knows about the state of a property they are planning to buy after spending so much money trying to get an opinion. I wish people would just tell it like it is in the first place.