Homebuyer Report - Advice

Nick_C

DRP wrote: »

The buyer isn't the customer though, is he? He isn't paying the agent's fees.

The buyer doesn't have a contractual arrangement with the vendor's EA, but he is definitely the customer. It is the buyer who will be providing the funds that the EA's commission will come from!

AnotherJoe

Reggie256 wrote: »

What do we do?

Dont let yourselves be rushed, as you point out this is a purchase of hundreds of thousands of pounds and something you'll have to live with for years.

If she puts it back on the market, its going to add several months compared to a week or two so this is a ridiculous bluff.
Take the time you need.

Reggie256

Thrugelmir wrote: »

Well you've had the report nearly a week and what action have you taken. Have you shown the EA the report to see if the vendor will reduce the price. If you are considering pulling out then the vendor needs to know. As the property can still be marketed.

We attempted to arrange a visit (ourselves and the builder) earlier in the week but no-one was available to give access to the property. Saturday wound up being the only day that this could be done.

Haven't shown the EA the report, but when I initially emailed her, subsequent to our receipt of the report, her reply (the following day) was that the vendor is not willing to carry out any works on the property or make any reductions for any work that may arise from our builders visit.

I have spoken to our solicitor regarding this, and she doesn't think we're being unreasonable although there isn't really anything she can do about the situation.

I can't help but think that the vendor is being entirely unreasonable. Yes, we were a little slow initially - the house was tenanted and we were unwilling to proceed too far with the purchase until the tenants had vacated. They vacated a few days before the surveyor visited (or so we are told).
The vendor is, however, beating us over the head with this fact ("losing income from the rental due to tenants leaving, as they could have stayed another month") and pressuring us to complete before the month's end.

G_M

Reggie256 wrote: »

Well, irrespective of how serious the items highlighted in the Homebuyers report may or may not be, we are being badgered by the EA and vendor to complete. The vendor doesn't want to pay another month's mortgage on the property and has, basically, said 'completion by the end of the month or I put it back on the market/rent it out again'.

Don't let them badger you. Well, you can't stop them, but you can ignore them!

It's a big decision, so take it in your own good time. If the vendor really does decide to re-market, it will take weeks/months to get a new buyer to the point you've reached.

If you want some guidance, tell us what the '3's are and we'll comment.

Oh, and if you're getting a mortgage, do NOT show the report to your lender, OR TO YOUR LENDER'S SOLICITOR!

Glover1862

G_M wrote: »

Don't let them badger you. Well, you can't stop them, but you can ignore them!

It's a big decision, so take it in your own good time. If the vendor really does decide to re-market, it will take weeks/months to get a new buyer to the point you've reached.

If you want some guidance, tell us what the '3's are and we'll comment.

Oh, and if you're getting a mortgage, do NOT show the report to your lender, OR TO YOUR LENDER'S SOLICITOR!

Normally the lenders solicitors and your solicitors are the same, the solicitor will ask for the homebuyers report if he knows it's been booked, mine certainly did. I supose you could refuse and say use the valuation which is all that is required but they are acting in both the lenders and your interest so advisable to get their opinion. I appricate the issue you'd have with the under valuation.

G_M

Glover1862 wrote: »

Normally the lenders solicitors and your solicitors are the same,....

which is why I worded it the way I did; to highlight that the solicitor works for the lender, and has a duty to inform the lender of the low valuation.

Not sure why the solicitor would know a survey had been booked. again, the advice would be not to tell THE LENDER'S SOLICITOR....

AnotherJoe

Reggie256 wrote: »

I can't help but think that the vendor is being entirely unreasonable. That is their prerogative and there's nothing you can do about that, they will likely continue being so

Yes, we were a little slow initially - the house was tenanted and we were unwilling to proceed too far with the purchase until the tenants had vacated. They vacated a few days before the surveyor visited (or so we are told). I dont think thats "slow" I think its prudent.

The vendor is, however, beating us over the head with this fact ("losing income from the rental due to tenants leaving, as they could have stayed another month") Well no they couldn't since you wouldn't have proceeded unless they were gone! and pressuring us to complete before the month's end. Well, that's her problem not yours. Thats the sort of thing you need to live with as a landlord selling up, no one in their right mind would exchange until tenants have gone. And not a very good LL either, since whilst I'd normally brush off the lack of safety certificates with a "so what" that's not the case with a BTL. That's a legal requirement. Sounds like she was skimping.

I wonder what other works she's missed if she's missed legal requirements? As someone else commented, maybe the rush is about the mortgage or maybe its about something nasty she hopes someone in a rush will miss. Don't let yourselves get lumbered with a money pit, do your due diligence.

Glover1862

G_M wrote: »

which is why I worded it the way I did; to highlight that the solicitor works for the lender, and has a duty to inform the lender of the low valuation.

Not sure why the solicitor would know a survey had been booked. again, the advice would be not to tell THE LENDER'S SOLICITOR....

the question is asked on the solitors purchase form, so how could you not tell THE LENDER'S SOLICITOR when you've declared it and it's been requested. Yes, the solicitor acts for you BOTH to stop you buying a duff property or at least warn you about it, do you really think it's a good idea to withhold that information regardless if it's good or bad?

davidmcn

Glover1862 wrote: »

the question is asked on the solitors purchase form, so how could you not tell THE LENDER'S SOLICITOR when you've declared it and it's been requested. Yes, the solicitor acts for you BOTH to stop you buying a duff property or at least warn you about it, do you really think it's a good idea to withhold that information regardless if it's good or bad?

It's a good idea if the information would adversely affect your funding (and if you don't want any legal advice arising from it). There's certainly no obligation on you to share it with the lender or your solicitor.

Glover1862

Most homebuyers reports are upgrades from standard valuations from the lender, the solicitor and certainly the lender will know that a homebuyer report has been done. I did originally say that you could ask them to use the valuation but think the solicitor would question why it's being withheld.

Different if the homebuyers report is completely independent and not done via the lender, wouldn't think that many are as you'll pay for two surveys.