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House buyer - is this ethical?
emmabrown123
Posts: 4 Newbie
Hi I am new to this forum but it seemed like the best place to post my query.
We have sold our house to a cash buyer who initially wanted a very quick turnaround but in the last few months has been putting lots of obstacles in the way.
About 3 weeks ago (the week we were meant to exchange) he asked for another survey. He insisted on one particular surveyor who couldn't do the survey for another 2.5 weeks. We suggested other surveyors that could do it quicker but he refused.
Long story short we had the survey done by his prefer company on Monday. My husband did a bit of digging today and found out he is actually the Branch Manager for the surveyors he insisted on using. Is this not a conflict of interests? Or is it just a perk of working in the business?
We have sold our house to a cash buyer who initially wanted a very quick turnaround but in the last few months has been putting lots of obstacles in the way.
About 3 weeks ago (the week we were meant to exchange) he asked for another survey. He insisted on one particular surveyor who couldn't do the survey for another 2.5 weeks. We suggested other surveyors that could do it quicker but he refused.
Long story short we had the survey done by his prefer company on Monday. My husband did a bit of digging today and found out he is actually the Branch Manager for the surveyors he insisted on using. Is this not a conflict of interests? Or is it just a perk of working in the business?
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Comments
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He's a cash buyer with no lender to satisfy so can use anyone he wants.
Why would he not put one of his own guys in on a place he's buying quicker than 2.5 weeks?!0 -
Only way I'd be worried was if he uses his tame surveyor to produce an overly critical survey to try and get the price down.0
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He'd be a fool to pay a rival firm to do the survey.0
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That's my worry, that he has influence over the surveyor to be overly critical and value it for less. I may just be paranoid though. The house is only 5 years old so not expecting any massive issues!!
I feel he is trying to delay things and has been for a while. Again this might be my own paranoia - I'm 8 months pregnant so desperate to move asap!!0 -
emmabrown123 wrote: »Hi I am new to this forum but it seemed like the best place to post my query.
We have sold our house to a cash buyer who initially wanted a very quick turnaround but in the last few months has been putting lots of obstacles in the way.
About 3 weeks ago (the week we were meant to exchange) he asked for another survey. He insisted on one particular surveyor who couldn't do the survey for another 2.5 weeks. We suggested other surveyors that could do it quicker but he refused.
Long story short we had the survey done by his prefer company on Monday. My husband did a bit of digging today and found out he is actually the Branch Manager for the surveyors he insisted on using. Is this not a conflict of interests? Or is it just a perk of working in the business?
It's certainly fishy. He's not doing it to help make sure he's gets a mortgage because as you say, he's a cash buyer.
If he can get it done cheaper because of it I can understand why he did it. 2 weeks isn't that long in the grand scheme of things. To be fair if you worked for a surveyor and could get it on the cheap you would too, especially with no bank to justify it to.
However if he uses it to attempt to renegotiate the price of the house then I would be very reluctant to go along with it.emmabrown123 wrote: »
Again this might be my own paranoia - I'm 8 months pregnant so desperate to move asap!!
Don't let him know that whatever you do :PWe love what we love. Reason does not enter into it. In many ways, unwise love is the truest love. Anyone can love a thing because. That's as easy as putting a penny in your pocket. But to love something despite. To know the flaws and love them too. That is rare and pure and perfect.0 -
emmabrown123 wrote: »That's my worry, that he has influence over the surveyor to be overly critical and value it for less.
In which case call his bluff and let him know you know exactly who he is...
Although to be honest it's no different to a potential buyer getting quotes in from builders about work that needs doing and then trying to renegotiate price.
How do you know the builder isn't a mate and inflated the price?0 -
He might just be very cautious. Has he asked for a price reduction, or anything similar?
Do the "obstacles" you refer to relate to problems with the house?
In any case, if he's taking more than a "few months" and is a cash buyer I would (politely) give him a deadline and say you will remarket the property if there is no exchange by this date.0 -
Have had the full survey emailed over now. It only threw up a few issues (loose tiles on the roof and a disconnected pipe in the loft). He has requested he gets this sorted him self and takes the money off the price.
We are declining this. We have a builder who we trust so will be getting a quote from him and getting him to do the work. I assume it's fine for me to do that?
Valuation has come back fine
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A few loose tiles and a disconnected pipe shouldn't cost much to fix. I'd just say the price stays the same and he can deal with those issues when he moves in.
If you want a house with no problems you buy new (well, probably best off building it yourself
). There will always be things to sort out and the items you list sound minor and just part and parcel of owning a property, 0 -
How much money is he wanting you to knock off the price?emmabrown123 wrote: »Have had the full survey emailed over now. It only threw up a few issues (loose tiles on the roof and a disconnected pipe in the loft). He has requested he gets this sorted him self and takes the money off the price.0
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