Advice needed on reciept of buyers homebuyer report

helkingst

We have sold our house subject to contract and have today had a copy of the Home Buyer Report from the estate agents, marked with items numbered 3. Which according to the estate agents is work for us to carry out as the seller and along with a reduction of the value of the house by £3,500. Can someone please give some advice as to where we stand with firstly having to undertake the work and secondly the reduction of the price. The items marked are electric, gas & heating.:mad:

Bart1

Where you stand is wherever you choose to. The buyer wants to renegotiate the price and get you to have work done.You can say yes or no and the buyer can stay in or pull out.

helkingst

Thanks Bart1 for getting back to me, what are the legalities about the work and the price? As i dint think it fair to have to get the work done and then loose a further £3.5k and the estate agent seems a bit clueless!

Bart1

I'm no lawyer but I'm pretty sure there are no legalities as you haven't exchanged contracts. Hence there is no contract

princeofpounds

There are no legalities. Your EA will be pressuring you to drop the price and do the work at the same time as they will be telling the buyer to offer more, as they want a transaction to get their commission (and that is their job, to be fair - somebody has to bridge the bid-ask divide).

Often, if the work would have been evident to a layman on viewing when the offer was made, then the seller might refuse or only go halfway, assuming that any offer already discounted the problem. If not evident, then the seller normally has to go halfway or all the way. But frankly there are no rules or anything, it's a pure commercial negotiation.

camperdown9

As already said you don't have to do anything.

Sometimes buyers will come back with a list of things that have shown up on the survey and ask for the seller to put these right. In reality they may just want a reduction in the price. To ask for you to reduce the price and to carryout work seams a bit much.

In reality its up to you. You could refused to reduce the price and/or do the work. The buyer will of spent money on the mortgage application fee and on the survey, searches etc. So they might not be keen to just walk away. But they might do.

Until exchange there is no commitment and you as the seller could for whatever reason you want change your mind and decide not to sell. The seller can do the same, but it will of cost them money to get to this point.

stator

Completely your choice.

If you want a fast sale and no worries then you can go along with them and drop the price and have the work done.

If you don't mind if the buyer pulls out then just tell them you refuse their new offer. Just bare in mind that your next buyer mind find the same things and reduce their offer too.

Or you can negotiate somewhere in between. I guess it depends on what the items are. If they are urgent and would put off everyone then get them fixed. If they're just nitpicking you can negotiate.

john_white

What specifically is wrong?
What was the house valued at?


Are the 2 linked? If the 3.5k is to rectify these issues then it would be 1 or the other.

helkingst

Below is the main jist of the report, prepared to arrange moving cable in loft, boiler was fitted 12 months ago and gas smell in kitchen has been checked by British Gas and comes below the warning levels. House was sold for £125,500 and now valued at £121,000

Electricity - Some of the cabling is underneath the insulation in the roof space and this could result in overheating and deterioration. The cabling therefore must to relocated above the insulation layer.

The number of socket outlets inadequate in some rooms for modern requirements and should increase in number.

Lack of elec test in past 10 years system should be checked.

Gas - Smell of gas in kitchen, system should be checked.
Heating - was not operating at time of survey and cannot comment on effectiveness. Advise gas servicing.

G_M

Until you Exchange contracts you can increase or decrease the price whenever you wish. The buyer can do the same.

Either you will find a new price you agree on, or stick with the original price, or the deal will fall apart.

it is up to you.

But if you feel the price is fair, given the condition of the house and the level of the market generally locally, then stick at that price.

If the survey has thrown up some significant defects that it the buyer cannot possibly have been aware of when he viewed, then yes, of course he will be disappointed, and wish to negotiate either on the price and/or on work to be done.

But it remains your decision to agree or not.

Ignore the agent and make your own decision. Then tell the agent what your decision is. He works for you.

It would help if you told us what the survey has said.......

G_M

This is a joke yes?

helkingst wrote: »

Below is the main jist of the report, prepared to arrange moving cable in loft, boiler was fitted 12 months ago and gas smell in kitchen has been checked by British Gas and comes below the warning levels. House was sold for £125,500 and now valued at £121,000

Electricity - Some of the cabling is underneath the insulation in the roof space and this could result in overheating and deterioration. The cabling therefore must to relocated above the insulation layer.
Tell the buyer to go into the attic once he owns the house and move the cables!

The number of socket outlets inadequate in some rooms for modern requirements and should increase in number.
:rotfl:That is the buyer's choice. He wants more outlets? Tell him to install more outlets once he owns the house.

Lack of elec test in past 10 years system should be checked.
tell him you will be happy to provide access if he wishes to employ an electrician to inspect.

Gas - Smell of gas in kitchen, system should be checked.
Heating - was not operating at time of survey and cannot comment on effectiveness. Advise gas servicing.

Presumably when BG checked they gave you a service sheet? Send the buyer a copy.

If the buyer remains concerned, tell him you will be happy to provide access if he wishes to employ a gas engineer to inspect.

that's it....?

:rotfl: