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Buyer Plans Survey In-between Exchange and Completion
bristolleedsfan
Posts: 12,628 Forumite
I would appreciate thoughts and input on this please.
Ex – Council House owned by me outright for over 20 years, couple of years ago became apparent house had issues so I decided time for a change, would get shot of it when Housing Market on a high.
Late April sold property by Auction, Immediate exchange of contracts, completion within 28 days.
Nothing was covered up on viewings, ladders were available inside and outside, inside of property was cleared out so would be difficult for buyer to claim he was misled, Issues apparent to most naked eyes.
Last Friday, Selling agent emailed to say buyer planned to have a survey done on 20th May which is approx 8 days before completion assuming completion was to happen on 28th day following exchange, Selling agent suggested I agree to give access for a survey in their words “to keep things simple” “more likely to go astray if I say no to survey” in agent words “ I just think he needs a survey”
So I have agreed to give access for a survey albeit made it clear to both the selling agent and my solicitor that if the buyer communicates that I have said the contract price is the price and will remain the price
Reason I went down auction selling route was competitive bidding, avoided 1 cash buyer battering down the price at every opportunity including maybe having a survey done just before exchange, supposed certainty that immediate exchange of contracts brings via Auction Route.
10% deposit paid by buyer – with two weekends and B/H Monday since the auction may not be certain until early this coming week that deposit cheque has gone through – assuming buyers plan is to use survey as a excuse/reason to either pull out of sale or to seek to buy at much lower price and I don’t entertain the latter possibility
Am I correct in thinking that he will most likely lose the 10% deposit paid?
If I were to lose the sale I am confident of achieving another quick sale at a similar price if 10% deposit gained by me was to be factored in.
Although, A.T.M both the motives for the buyer planning to have a survey and the buyers subsequent response following survey could be considered speculative I wont have much time following 20th May to make a response, as a matter of principle I would rather lose this sale and hopefully the buyer lose 10% deposit and his survey fee and sell to someone else following the end of the 28 day contract period than get held to ransom by this buyer.
In the event that the 28 day period passes by without completion taking place, I assume that I am free/entitled to sell to someone else and my Solicitior should hand the 10% deposit over to me less his and I guessing the agents charges without delay.
T.I.A
Edit - @ Annie1960 - Possibly I am jumping to conclusions about the motives of the buyer this is due to me having had no indication from either the selling agent or my solicitor ( I have asked the latter) that the buyer intends to complete on 28th May or on any day before that date as per contract.
Ex – Council House owned by me outright for over 20 years, couple of years ago became apparent house had issues so I decided time for a change, would get shot of it when Housing Market on a high.
Late April sold property by Auction, Immediate exchange of contracts, completion within 28 days.
Nothing was covered up on viewings, ladders were available inside and outside, inside of property was cleared out so would be difficult for buyer to claim he was misled, Issues apparent to most naked eyes.
Last Friday, Selling agent emailed to say buyer planned to have a survey done on 20th May which is approx 8 days before completion assuming completion was to happen on 28th day following exchange, Selling agent suggested I agree to give access for a survey in their words “to keep things simple” “more likely to go astray if I say no to survey” in agent words “ I just think he needs a survey”
So I have agreed to give access for a survey albeit made it clear to both the selling agent and my solicitor that if the buyer communicates that I have said the contract price is the price and will remain the price
Reason I went down auction selling route was competitive bidding, avoided 1 cash buyer battering down the price at every opportunity including maybe having a survey done just before exchange, supposed certainty that immediate exchange of contracts brings via Auction Route.
10% deposit paid by buyer – with two weekends and B/H Monday since the auction may not be certain until early this coming week that deposit cheque has gone through – assuming buyers plan is to use survey as a excuse/reason to either pull out of sale or to seek to buy at much lower price and I don’t entertain the latter possibility
Am I correct in thinking that he will most likely lose the 10% deposit paid?
If I were to lose the sale I am confident of achieving another quick sale at a similar price if 10% deposit gained by me was to be factored in.
Although, A.T.M both the motives for the buyer planning to have a survey and the buyers subsequent response following survey could be considered speculative I wont have much time following 20th May to make a response, as a matter of principle I would rather lose this sale and hopefully the buyer lose 10% deposit and his survey fee and sell to someone else following the end of the 28 day contract period than get held to ransom by this buyer.
In the event that the 28 day period passes by without completion taking place, I assume that I am free/entitled to sell to someone else and my Solicitior should hand the 10% deposit over to me less his and I guessing the agents charges without delay.
T.I.A
Edit - @ Annie1960 - Possibly I am jumping to conclusions about the motives of the buyer this is due to me having had no indication from either the selling agent or my solicitor ( I have asked the latter) that the buyer intends to complete on 28th May or on any day before that date as per contract.
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Comments
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Perhaps your buyer just wants a survey to show a builder?
Are you jumping to conclusions about the motives of the buyer?0 -
Look - you've sold the place. Be happy.
Buyer wants to know what he's buying and what needs doing. he's going to do it up, modernise, whatever, so wants survey.
What's the problem?
You can either be a to*ss-p*t and tell him no, or let the surveyor in.0 -
I'd guess that he just wants a survey done so he can get quotes..... if he DOES pull out then he loses the 10% deposit and, when you resell it, he is also liable for any additional shortfall if it sells for a lesser overall price.... which you'd have to sue him for. You would come out of it financially the same as you are expecting to be now - but with the hassle/time added on.0
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Buyer wants to know what he's buying and what needs doing. he's going to do it up, modernise, whatever, so wants survey.
What's the problem?
You can either be a to*ss-p*t and tell him no, or let the surveyor in.
I did say in O/P that I have agreed to give access to Buyers Surveyor.
Buyer could have completed on 19th and had his Surveyor round on 20th, or completed on 28th and had Surveyor round on 29th
As of now I have no actual completion date merely date for Surveyor.
"Buyer wants to know what he's buying"
Most prudent time to have had a survey I would have thought was prior to Exchange of Contracts, whilst the buyer wouldn't have known he was going to win the auction the cost of a survey prior to bidding is tiny in comparison to cost of a house/ possible unexpected remedial work costs when buying blind.0 -
Depends on purpose of survey.bristolleedsfan wrote: »I
"Buyer wants to know what he's buying"
Most prudent time to have had a survey I would have thought was prior to Exchange of Contracts, whilst the buyer wouldn't have known he was going to win the auction the cost of a survey prior to bidding is tiny in comparison to cost of a house/ possible unexpected remedial work costs when buying blind.
1) to determine if condition is suitable for purchase
2) to determine what work needs doing to a property already owned
If he's done a rough calculation and factored estimated costs into his bid, nothing wrong with that. Now he's purchased, he wants to get detailed info to plan his renovation.
You're right, he could delay his survey till Completion, but why? Sooner he does it sooner he can start planning renovation, and unless the buyer is a **** & refuses access, there's no harm to anyone and benefit to him.0 -
Maybe he's trying to get a mortgage. Could be trying to squeeze it in before completion, rather than relying on bridging finance.0
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Wow, that blue font is heavy on the eyes.Been away for a while.0
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You think that's bad?Running_Horse wrote: »Wow, that blue font is heavy on the eyes.
How about this?
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