Help! buyer wants price reduction rather late on!

ValHaller

MissMoneypenny wrote: »

Why would you demand that from the buyer and risk putting their back up and ending the sale or any chance of negotiation? You can get your own up to date valuation done to see if the house is worth more than being paid and then decide if you think it would be easy to find a buyer at that price. Although they are only just a valuation and not sold prices.

I think you are being a trifle naive here. It is essentially to put them to proof that the surveyor found an issue. People who are conducting a gazunder won't have their backs put up by this, they know they are trying it on. And a genuine buyer - if the survey did show that the sale value was not supported would not have a big issue with it either.

MissMoneypenny

ValHaller wrote: »

I think you are being a trifle naive here. It is essentially to put them to proof that the surveyor found an issue. People who are conducting a gazunder won't have their backs put up by this, they know they are trying it on. And a genuine buyer - if the survey did show that the sale value was not supported would not have a big issue with it either.

The buyer has shown the roof survey (which is what this about) from a firm that the sellers own agents, suggested for the survey. The buyer has found something they don't like and have offered the seller the evidence of this. The ball is now in the sellers court.

It's nothing to be with being "a trifle naive"and everything with trying to save a sale. Some of my house sales have gone through without a hitch (usually on the newer type houses) and others have a wobble near the end and needed to be sorted. I even managed to sell a property to someome who my solicitor called "the buyer from hell".

If you try to bully a buyer (someone who you are wanting to buy something from you) then that might just be enough to put them off dealing with you and/or wanting to live in a property that you lived in. In fact, they might pull out just to get the pleasure of giving a bully what they deserve, knowing that you lost your buyer and the house you wanted to buy.

Until the exchange, it isn't a sale. The buyer has offered the evidence and now the seller needs to decide what they want to do; compromise or hold out and hope the buyer doesn't pull out of the sale.

kingpin1

they arent buying a new property every house has faults if you look hard enough if you tell the agent put the house back on the market i wouldnt be suprised if they change their mind

kingpin1

oh and yes this has happened to me numerous times the only reason ive ever agreed is if the property hasnt valued up after all that is the point of a survey

ValHaller

MissMoneypenny wrote: »

The buyer has shown the roof survey (which is what this about) from a firm that the sellers own agents, suggested for the survey. The buyer has found something they don't like and have offered the seller the evidence of this. The ball is now in the sellers court.

It's nothing to be with being "a trifle naive"and everything with trying to save a sale. Some of my house sales have gone through without a hitch (usually on the newer type houses) and others have a wobble near the end and needed to be sorted. I even managed to sell a property to someome who my solicitor called "the buyer from hell".

If you try to bully a buyer (someone who you are wanting to buy something from you) then that might just be enough to put them off dealing with you and/or wanting to live in a property that you lived in. In fact, they might pull out just to get the pleasure of giving a bully what they deserve, knowing that you lost your buyer and the house you wanted to buy.

Until the exchange, it isn't a sale. The buyer has offered the evidence and now the seller needs to decide what they want to do; compromise or hold out and hope the buyer doesn't pull out of the sale.

Pfft. I ain't so stoopid that I need a patronizing stuff about there being no sale until exchange.

If this is about saving a sale it cannot be about making sure OP gets value for her property. Yes, OP should just suck it up if it is about saving the sale. But not asking for the original survey report is to disregard the possibility that the original agreed value was supported. And if it was, really, there is no basis for a gazunder at this stage.

As far as I can see there is already bullying by the buyer. And asking for sight of the original survey does not to my mind constitute bullying of the buyer - that is just fatuous.

kingstreet

In a purchase you have two potential scenarios.

The surveyor for the mortgage lender values the property, establishes there are essential repairs required, requests reports and estimates and gives a higher suggested valuation after those essentials.

In the first scenario it's possible that the property is not worth the agreed price in its current condition, but would be after repair. In those circumstances, it is wholly reasonable for the vendor to reduce the price to reflect that. Alternatively, the vendor could get the repairs done, keeping the agreed price at the same level.

In the second, if the property values up and any essentials will be reflected in a higher value, the purchaser will get that benefit and it is inappropriate to expect the vendor to pay for the repairs.

By requesting sight of the valuer's report, the vendor is establishing the purchaser's bona fides.

It is possible the mortgage report and valuation actually supports the vendor's position, while a separate Homebuyer's Report suggests that the roof would benefit from some updating. If this is used to support the requirement for a roofing report, requested voluntarily by the purchaser, it is possible that repairs not considered essential, but merely desirable, are being used as a means of obtaining a price reduction.

The vendor merely needs to ensure they are seeing the whole picture, not just the bits the purchaser wants them to see in an attempt to obtain a spurious price reduction.

kingpin1

^exactly kingstreets reply

getmore4less

Whats the potential rental yield on this place.

It is not unknown for the buyer to be connected to the agents when there are places that make good rentals.

How big is the roof £10k sounds like a new one.

BigG10

Agree exactly with what Kingstreet has said. This is coming from a current buyer too!

Last year we tried to buy a house (first failed purchase). We had the survey done and it didn't come back very favourably. The price was de-valued. The electrics came back with a three. We wanted the house. We immediately emailed the Solicitor and the EA and attached copies of the homebuyers report and valuation and asked if there was any negotiation on price. The seller point blank refused despite us offering up all the paperwork (which we didn't need to). We were honest and open buyers who weren't in the habit of 'pulling a fast one'. Still, we were met with refusal. The vendor then got very aggressive (take note on why its not a good idea to be aggressive) and told us we have to exchange within five days at the original agreed price OR the house would go back on the market. We pulled out. Didn't like the attitude. We had been honest and given them sight of the professional opinion we had about their house. If they had seen we were open and honest and hadn't become aggressive we might have just got that house.

Two months down the line we are onto house three :mad: Last vendor was also pushy and aggressive and didn't cooperate with our solicitor's requests (they were reasonable - but freeholder being dodgy). Vendors got aggressive again so we felt they had something to hide.

House number three is hopefully fate - its beautiful!

Point I am trying to make:

- If your buyers are honest and not pulling a fast one, they should have no qualms about showing you all the relevant paperwork.
- Don't get aggressive - it can put buyers off!

Hermoine

BigG10 wrote: »

Agree exactly with what Kingstreet has said. This is coming from a current buyer too!

Last year we tried to buy a house (first failed purchase). We had the survey done and it didn't come back very favourably. The price was de-valued. The electrics came back with a three. We wanted the house. We immediately emailed the Solicitor and the EA and attached copies of the homebuyers report and valuation and asked if there was any negotiation on price. The seller point blank refused despite us offering up all the paperwork (which we didn't need to). We were honest and open buyers who weren't in the habit of 'pulling a fast one'. Still, we were met with refusal. The vendor then got very aggressive (take note on why its not a good idea to be aggressive) and told us we have to exchange within five days at the original agreed price OR the house would go back on the market. We pulled out. Didn't like the attitude. We had been honest and given them sight of the professional opinion we had about their house. If they had seen we were open and honest and hadn't become aggressive we might have just got that house.

Two months down the line we are onto house three :mad: Last vendor was also pushy and aggressive and didn't cooperate with our solicitor's requests (they were reasonable - but freeholder being dodgy). Vendors got aggressive again so we felt they had something to hide.

House number three is hopefully fate - its beautiful!

Point I am trying to make:

- If your buyers are honest and not pulling a fast one, they should have no qualms about showing you all the relevant paperwork.
- Don't get aggressive - it can put buyers off!

Thank you - really helpful to hear a buyer's perspective. I think if my buyer had been in touch immediately after the survey I would have been fine about it - in fact I sort of expected it, as that is the point where buyers ask for work to be done etc etc. But nothing happened then, so I assumed all was fine and we proceeded through the detail of the contract for at least a month before I was advised there was a problem with the roof. As a result I assume that the survey and homebuyer's report can't have required work to be done, or it would have been bought up before now. I will however check with the estate agent on Monday.