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Does a Homebuyers Report predict cost of repairs?

We recently had a HB Report done on the house we are selling. Some of it made hard reading. At the end he valued it at 340k rising to 345k once essential repairs have been carried out. Is he effectively saying he thinks the repairs will cost approx 5k? The buyers still seem keen, is it safe to assume they've spoken to the surveyor and he's suggested the issues aren't major and they're safe to proceed?

Comments

  • Dukesy
    Dukesy Posts: 406 Forumite
    edited 19 October 2013 at 11:59AM
    I have to say, that would certainly not lead me to assume that repairs should be expected to cost £5000 - they might cost less, or they might well cost more. In order to truly assess what they might end up forking out, they need to get quotes from specialists, and even then they need a contingency, in case there are hidden issues that the surveyor hasn't spotted. If they're still happy and keen though, don't worry!
  • Was there a reason why you, the vendor, had the survey done, not the buyer?
  • Tiznow
    Tiznow Posts: 18 Forumite
    Ok interesting. As I said some of the report sounds quite grim. If the buyers have said they're happy to proceed (whilst getting some estimates on repairs) but have indicated that their original offer still stands irrespective of the estimates does this indicate that they have spoken to the surveyor and he has indicated the problems aren't major/likely to be costly?
  • Tiznow
    Tiznow Posts: 18 Forumite
    No the buyer did the report and forwarded it to us via the EA. Should have made that clear sorry.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Tiznow wrote: »
    .. If the buyers have said they're happy to proceed (whilst getting some estimates on repairs) but have indicated that their original offer still stands irrespective of the estimates
    Doesit matter.

    You have a sale(at least for now).

    Why DID you have the report done? (are you in Scotland?).
  • Dukesy
    Dukesy Posts: 406 Forumite
    Tiznow wrote: »
    Ok interesting. As I said some of the report sounds quite grim. If the buyers have said they're happy to proceed (whilst getting some estimates on repairs) but have indicated that their original offer still stands irrespective of the estimates does this indicate that they have spoken to the surveyor and he has indicated the problems aren't major/likely to be costly?

    Well... What are the problems?
  • Tiznow
    Tiznow Posts: 18 Forumite
    Sorry wires crossed. They did the report and a couple of days later indicated they were still happy to proceed at the agreed price whilst getting estimates for the work. Obviously it's in our interest for it to proceed but I'm just trying to preempt any issues down the line that may delay proceedings.
  • cootuk
    cootuk Posts: 878 Forumite
    Two points...first they may want other people more versed in that specific area to inspect the potential problems so will need your cooperation, and they don't want to come over as being nitpicking.
    Secondly they are firing a shot across your bows so you don't try to haggle the price higher or mess them about.
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