Survey Report please help

qwertyqwerty

Hi all I have just had my home buyers survey report through, as a FTB I am not sure how to proceed now, so am looking for advice.

Ok first: The surveyor called me up and said he would value the house at the offer price as it fell within the boundaries, but it was of his opinion I was overpaying by 8k and I should be looking to re-negotiate. I was expecting him to state this clearly in his report but he seems to have been clever with his words, which leaves me in the position of not having much to take back to the agent, his words in the report are: "The purchase price of 178k is considered to be a very full one in current market conditions. Although it is within the acceptable band of values a figure of 170k would represent a realistic minimum value. I do not foresee any undue difficulty on resale in normal market conditions"

Do I have much to bargain with here?

Secondly although the report didn't bring back any major defects, there were a few type 2 defects, do I have ground to re-negotiate price based on these findings? The types 2 found are:

1) A small number of delaminated and cracked tiles, a general overhaul is required, a roofing constructor should be instructed
2) A wasps nest found within the offshoot
3) insulated and underdrawn roofs should be ventilated to prevent build up of condensation
4) Chimney breasts are not ventilated, they should be ventilated to prevent build up of condensation
5) slight dampness to two bedrooms, liely to be caused by damp between the window and brickwork and sealant should be applied.

Any help much appreciated

G_M

qwertyqwerty wrote: »

Hi all I have just had my home buyers survey report through, as a FTB I am not sure how to proceed now, so am looking for advice.

Ok first: The surveyor called me up and said he would value the house at the offer price as it fell within the boundaries,
Good - your mortgage will be confirmed
but it was of his opinion I was overpaying by 8k
thenyou are lucky he is not putting this in his report which would result in your mortgage being reduced!
and I should be looking to re-negotiate.
Up to you. And the seller. A property is worth what someone will pay. If you want this property enough to pay what you have agreed, then that is what it is worth.
I was expecting him to state this clearly in his report but he seems to have been clever with his words,
Lucky! See above. He is not being 'clever with his words'. His job is to give a Valuation to the mortgage lender to confirm that their investment is safe (and they can get it back if they repossess you). So he is confirming to them that the agreed price is safe for them.
which leaves me in the position of not having much to take back to the agent,
True. But you've agreed a price. Pay it.
his words in the report are: "The purchase price of 178k is considered to be a very full one in current market conditions. Although it is within the acceptable band of values a figure of 170k would represent a realistic minimum value. I do not foresee any undue difficulty on resale in normal market conditions"

Do I have much to bargain with here? No.

Secondly although the report didn't bring back any major defects, there were a few type 2 defects, do I have ground to re-negotiate price based on these findings? The types 2 found are:

1) A small number of delaminated and cracked tiles, a general overhaul is required, a roofing constructor should be instructed
If it's 'a small number' then a local chap on a ladder will replace them for £50 - £100. Not urgent. Tiles cost less than £1 each. Ignore.
2) A wasps nest found within the offshoot :rotfl:
3) insulated and underdrawn roofs should be ventilated to prevent build up of condensation
Entirely 'nice-to-have' Not urgent unless, of course, there is evidence of damp. Is there? Anyway, cost again is £50?
4) Chimney breasts are not ventilated, they should be ventilated to prevent build up of condensation
Entirely 'nice-to-have' Not urgent unless, of course, there is evidence of damp. Is there? Anyway, cost is £100?
5) slight dampness to two bedrooms, liely to be caused by damp between the window and brickwork and sealant should be applied. Click here. :T

Any help much appreciated

Just buy your house and enjoy your new home.

qwertyqwerty

Hi Thanks for the reply, makes me feel a little better. However still a bit uneasy about overpaying a few thousand would be fine, but 8k I think i need to go back to agent. Thanks,

G_M

qwertyqwerty wrote: »

....a bit uneasy about overpaying a few thousand would be fine, but 8k I think i need to go back to agent. Thanks,

Personally I hate people who gazump.

If I was the seller I'd tell you to take a running jump, given that the survey has not thrown up any serious issues.

And you'd be out of pocket to the tune of your mortgage application fee, survey fee, legal fee.....

You agreed a price. Honour it. Changing your mind for no good reason is just fickle.

qwertyqwerty

I'm sorry but how is it no good reason? It was of the surveyors opinion that I should look to renegotiate. Also I agreed a price which was subject to survey.

R_P_W

From what you describe there is nothing wrong with the property. If its needed the roof replaced or a re-wire then maybe you would have a leg to stand on to renegotiate a price.

If i was the seller and you came back to renegotiate now I would tell you to take it or leave it.

G_M

The survey has not revealed any significant issues with the property.

If it had said a complete roof replacement (£8000) was urgently required, that would be different.

1) The 'Valuation' (not survey) has said "offer price ... fell within the boundaries" and " is within the acceptable band of values"
2) The Valuer has also cofirmed the price for mortgage purposes "do not foresee any undue difficulty on resale"

The fact that you agreed to pay at the top end of the "band of values" is purely a personal decision which you made, having viewed the house. Presumably you considered it worth paying in order to succeed in buying.

By now changing your offer you are.... gazumping.

Perfectly legal. But.

Unless I was desperate to sell, I would, on principle, put the property backon the market.

And IF I was desperate, I'd still put it back on the market since you've proven yourself a fickle and unreliable buyer. I'd agree reluctantly, string you along, and hope another buyer came along and then I'd gazunder you...

qwertyqwerty

R P W - thanks for the advice

G M - Fickle and unreliable? I took out a survey and the surveyor himself told me to renegotiate. Sorry but for someone who another thread suggested abortion rather than giving any meanigfull advice says a lot about you.

Errata

Gazumping = Offering more
Gazundering = Offering less

G_M

qwertyqwerty wrote: »

R P W - thanks for the advice

G M - Fickle and unreliable? I took out a survey and the surveyor himself told me to renegotiate. Sorry but for someone who another thread suggested abortion rather than giving any meanigfull advice says a lot about you.

Not sure how a comment about abortion says anything at all about my opinion relating to house price negotiations!

Abortion is legal, and whilst it is a topic that certainly engenders debate, it was one perfectly logical option to someone in the OP's position in that thread.

You started this thread by asking

Do I have much to bargain with here?

......do I have ground to re-negotiate price based on these findings?

I gave you my opinion based on the facts you presented. If you don't like that opinion because you have already made up your mind to renegotiate, and were simply looking for encouragement, then you've been wasting everybodies time...

edit: also a bit bemused as to why you scoured my posts to try and find a way to put me down, whilst thanking R P W for giving exactly the same advice as me :T

G_M

Errata wrote: »

Gazumping = asking for more
Gazundering = Offering less

Correction appeciated.

As my posts say, neither are tactics I approve of or have undertaken, and hence my confusion as to which is which!