Offer made subject to contract and survey. Home Buyers results back. What now?

gargoyle102

Offer made subject to contract and survey. Home Buyers results back. What now?

Hi

I made my offer in good faith, subject to survey and contract. The home buyers results have come back and have highlighted some defects that are serious and need to be repaired etc etc. The value is as marketed and as per my offer made.

I have bought houses before subject to contract and survey but where the survey has not come back with defects needing repair.

I spoke with the surveyor as to what to do next and he said it is not unusual for the buyer to get quotes for the repairs and either get the buyers to make good prior or negotiate on price. He advised that it was through lack of general maintenance.

I could not have foreseen these issues as I am not an expert.

I am not concerned about the other issues raised in the report as I have taken the view it is stuff I would need to sort out as I go along when I am living there, but the issues raised relate to repairs to the roof and other things to rectify damp issues.

I have sent the list of concerns to the estate agents and made a request for a builder to attend for quotes.

Views please?

Is it impolite to ask?

Many thanks

Dan-Dan

gargoyle102 wrote: »

Offer made subject to contract and survey. Home Buyers results back. What now?

Hi

I made my offer in good faith, subject to survey and contract. The home buyers results have come back and have highlighted some defects that are serious and need to be repaired etc etc. The value is as marketed and as per my offer made.

I have bought houses before subject to contract and survey but where the survey has not come back with defects needing repair.

I spoke with the surveyor as to what to do next and he said it is not unusual for the buyer to get quotes for the repairs and either get the buyers to make good prior or negotiate on price. He advised that it was through lack of general maintenance.

I could not have foreseen these issues as I am not an expert.

I am not concerned about the other issues raised in the report as I have taken the view it is stuff I would need to sort out as I go along when I am living there, but the issues raised relate to repairs to the roof and other things to rectify damp issues.

I have sent the list of concerns to the estate agents and made a request for a builder to attend for quotes.

Views please?

Is it impolite to ask?

Many thanks

Poor advice

1)If they were to do the repairs , to what standard would they be done , bearing in mind the vendors obviously didnt put a lot of effort in over a number of years , so what incentive is there for them to have a GOOD job done?

2)The fact he has valued it as price offered indicates that if you were to get the said work done , the house would therefore be worth more? this is a point of view you may encounter from vendor/EA once you start haggling (assuming there is no retention from lender until any works are completed)

eddddy

From what you say, the valuation is suggesting the the house is worth what you are paying in its current condition.

You could try to negotiate the price down, but I suspect the EA's first question will be "What did the valuer value it at?".

So it's down to your negotiating skills - and who is more desperate, you or the seller.

If you want, you can try arguments like "I know it's worth the price I've offered, but I just don't have the spare cash to do these vital repairs. So if the vendor won't reduce the price, I'll have to walk away."

But obviously, the vendor may call your bluff!

gargoyle102

Any suggestions on how to approach it once any builders quotes come back?

Dan-Dan

gargoyle102 wrote: »

Any suggestions on how to approach it once any builders quotes come back?

Have you arranged access for the builders etc?

gargoyle102

yes through the letting/estate agent

Hoploz

Well the process is that you investigate what work is urgent and when you have an idea what it will cost you to have it done after you move in, you ask whether the seller is prepared to give you a small discount as a contribution towards it. Either that or you decide you do not want to spend the extra for the repairs and you walk away and buy a new build.

None of it is up to them to investigate, arrange, have done or pay for. They have lived there for however long without these things affecting them. Chances are you could too. The valuation is the agreed price. It's up to you what conditions you choose to live in, repaired or not repaired.

The only reason you would NEED to negotiate a discount is if the lender refused to lend the full amount without the work being carried out. You haven't said that is the case here.