Homebuyer's report shows a serious problem

em_9187

Thank you very much for your advice - I will call the surveyor tomorrow.


Anyone else feel like buying a house is like taking on another full time job?


The house was originally priced at 145,000 but had recently been reduced to 135,000 - we have agreed to pay 135,000 subject to a satisfactory survey.


I was really hoping this would be plain sailing...

fishpond

From where I am sitting, it doesn't sound too bad.
Just clarify the points with the surveyor.

Campervanman

Always worth remember that some professions are totally risk averse. Surveyors are one of those professions and its a good thing. We don't want Surveyors who say, hey it will be fine, take a punt on it.......and then a wall collapses. He has flagged potential issues and now you can find out if there really are problems and the cost to sort.
Good luck with this and keep us posted how you get on.

martinthebandit

If I am reading correctly he has valued the house at the same price as you have offered, that's good news.

Ring him tomorrow and talk through the issues that are causing you concerns and see what he says, I really think it will not be anywhere near as bad as you think.

em_9187

I am so dense... the wall the surveyor was discussing was the wall just outside our property, leading up to the front door. Our house is on a hill.


So we contacted their estate agents today and they will not budge on price or helping us with repairs. We have a builder now who is going to give us estimates but he things it will be very costly and it needs doing. This doesn't even include the other things that could cause problems.

Annie1960

How long has the property been on the market?

em_9187

since January... there has been one price reduction and this was just before we offered on the property

Annie1960

em_9187 wrote: »

since January... there has been one price reduction and this was just before we offered on the property

A property is worth what someone will pay for it. In this case, it has been on the market 6 months, which is a long time.

It comes down to the law of supply and demand.

Factors to consider:
Does the vendor really want to sell it (or any they only testing the market)?
How badly do you want it?
Ultimately, how much are you prepared to pay for it.
You made your offer 'subject to survey'. You've now had the results and are getting estimates for the work. I think it is reasonable to reduce your offer if the amount to fix it is large.
You are a first time buyer, therefore this makes you ore attractive than a buyer who has to sell their own property.

The bottom line is how much can you afford to pay for it, and how much do you want to pay for it?

martinthebandit

.....to add to what Annie said, don't forget that the estate agent works for the seller, it is their job to get the best price possible.

If the seller wants to sell than he has to negotiate with someone, after all, every prospective purchaser will get the same survey report.

Dan-Dan

If surveyor values at agreed price then its unlikley vendors will budge