Buyer's survey values house under agreed price

waterways65

We've recently agreed to sell our house for £228,500. It was originally on sale (based on local Estate Agent advice) for £245,000 but then we reduced it (after limited interest but a few viewers) to £235,000. The buyers have commissioned a survey which has now valued the house at £215,000 and has highlighted the need for minor roof repairs immediately and potentially complete roof replacement in 2-5 years. This new valuation seems significantly under what we expect. We are considering reducing by £4500 to cover the cost of a new roof (as quoted to us by roofers currently working in the street). Does this seem reasonable? We are buying a new build property so need the appropriate deposit and can't compromise any further. There is no-one else in the chain.

Hoploz

It's a very tricky one. Giving the £4500 allowance for the roof seems generous after you've already dropped quite a bit. TBH I'd have thought a new roof would cost more than that - I'd get that quote in writing ready to produce to the buyer if I were you.

The valuation is a good deal lower still. You don't know for sure whether the buyer would be in a position to continue if they can't get the mortgage they thought against your house.

On one hand you feel like telling them where to get off.

On the other hand, you have a deal (of sorts) here, which enables you to move on. The market is faltering just now, some areas it's quiet, other areas prices are dipping. Basically people are only moving if they need to, others are sitting it out waiting to see what happens in the coming months.

So if you ditch this buyer you might not get another straightaway, or at the higher price. What does your agent suggest? It's in his interests for you to sell, and will keep the deal together if at all possible.

eddddy

Are they buying with a mortgage? Has the lender done a valuation? If so, find out what that valuation is.

Surveys commissioned by buyers sometimes value lower than valuations commissioned by lenders, and the reports often sound very harsh.

That's because surveyors know buyers often commission surveys to help them negotiate prices down.

societys_child

And . . . surveyors seem to double the cost of the work needed, to put things right!