Buying a house that needs work-seller knew but didn't divulge

fudge7000

I'm looking at a house with no insulation, no mains water, and lots of other issues, none of which were mentioned specifically by the seller, but you can see them... So are already reflected in the price I would say, if stuff you couldn't spot is brought up at survey, thats when you argue on price, surely?

u0362565

Yes I think I opened a can of worms with this question actually. I guess no one would actively divulge issues they know about and expect the buyer if anything to find it through a survey. I think if you find things that could cost a lot then the price you pay should reflect that but I feel like most sellers won't budge-not my problem mentality. Just a bit frustrating.

Person_one

u0362565 wrote: »

Yes I think I opened a can of worms with this question actually. I guess no one would actively divulge issues they know about and expect the buyer if anything to find it through a survey. I think if you find things that could cost a lot then the price you pay should reflect that but I feel like most sellers won't budge-not my problem mentality. Just a bit frustrating.

Usually, the cost does reflect the state of the property, more or less. The house I've just bought was substantially less than others on the street because it needed a lot of work. I got more for the flat I sold than an identical one in the same building because mine was nicely done and the other was an ex rental in a state.

Have you had a look at what other houses in the vicinity are selling for?

pairoffives

At the end of the day a seller doesn't have to accept any lower offer, same as a buyer doesn't have to offer the asking price. If you are not happy and they won't reduce you will have to walk away.
Surveys have their place, but often overestimate what needs doing. Surveyor has to cover their !!!. As others have pointed out, at teh end of the survey it will probably still say the value is what it has been offered at/value mortgage is going to be based on.