losing money on survey

carslet

wanted to know if estate agent can or should do this

I went to view a house that I thought was ok but needed a little work on so I put an offer in 10% below the asking price which was accepted.

then I had a survey done on it and it came back as almost everything wrong with it, a big list and the house was said to be virtually worthless, or at least half the price of the offer I put in. So I pulled out of buying it. I told the estate agent and they were ok with me pulling out.

Now the house is back on the market at the same price, and someone is going to waste money on getting another survey done. Surely this is not right, I know I cant get my almost £500 back for the survey I had done. but it cant be right that the estate agent is going to pretend to the next buyer there is nothing wrong with it and it is worth the price they have back advertised at.

Dan-Dan

buyer beware! , although if someone has noticed it was marked SSTC at one point and now isnt , i think if they ask the EA directly why , they have to mention? or did i dream that

moneyistooshorttomention

There is a recent thing that came in saying estate agents have to tell prospective buyers of any problems they are aware of.

Don't recall what it's called, but I can recall one of the estate agents in location-to-be surprised me by some of the "bad news" they were telling me about various properties I was interested in and they said they had to do so nowadays.

Another estate agent on the other hand decided to try flogging off a house with "Problems" too. I hadn't expressed an interest, but got the "Hey, just come and look at so-and-so house with us a moment". I had a look.....and thought "You can take someone else for a mug on this one if you like...but it wont be me" (but I guess maybe no-one had got as far as a survey on that one).

Obviously a house that was SSTC and then was back on the market again might be a perfectly fine house, but the buyer changed their mind or got unexpected financial problems (like a job loss) and no reflection on the house itself.

braun_2

It could be that the vendor is insisting the property is sold at that price regardless of condition. Or just as easily could be the EA who has convinced the vendor to keep it on at the original price due to the contract between them.

Wouldn't be surprised to see it up for auction in a few months time.

Davesnave

carslet wrote: »

the house was said to be virtually worthless, or at least half the price of the offer I put in.

You are being pretty cavalier with your choice of words here!

If the next prospective purchaser asks why you pulled out, the agent only has to say, "They decided a house that needed updating was not for them." That's his backside covered.

Sorry, but you didn't 'lose money on survey,' you saved yourself money by having one. It's the twit who knows nothing about construction and who doesn't have a survey who'll lose out.

moneyistooshorttomention

To reel off the things I got told about houses for sale by estate agents:

- major damp problem
- it's not at all clear who owns/is responsible for the road the house is on
- the house has had major roof problems (now fixed)

So, I did get told specific things.

The house they tried to fob off on me (which may or may not have had a previous survey) had:
- major insurance company headaches to insure (and possibly for good reason)
- several boundary disputes waiting to spring a nasty surprise on the next buyer
- a much more major job than they were letting on to do on one of the rooms
- a possible landslip waiting to happen to the garden.

(but hey it had character...ahem..).

carslet

braun wrote: »

It could be that the vendor is insisting the property is sold at that price regardless of condition. Or just as easily could be the EA who has convinced the vendor to keep it on at the original price due to the contract between them.

Wouldn't be surprised to see it up for auction in a few months time.

probably very true, also i would not be surprised to see it up for auction soon

carslet

Davesnave wrote: »

You are being pretty cavalier with your choice of words here!

If the next prospective purchaser asks why you pulled out, the agent only has to say, "They decided a house that needed updating was not for them." That's his backside covered.

Sorry, but you didn't 'lose money on survey,' you saved yourself money by having one. It's the twit who knows nothing about construction and who doesn't have a survey who'll lose out.

thanks for reply , I know i did not lose money and that i saved, i am not bothered about the money really, i was more thinking that 10 people could get surveys and all spend it on something that is not worth the money they will be offering. when the estate agent knows this.

the survey said that he could not put a real value on the house as it needed too much spending on it, and was really worthless, I must admit i was a bit shocked as I thought it was ok or I would have never bothered with it. so yes it was money well spent