Estate agents asking for survey

clueless93

I have had a survey and it has shown some crutial things on the survey which I think warrant me reducing the asking price. Example of damp and new boiler being required.

I have informed the estate agents of this to which they have told me they need a copy of the report showing this.

Do they need a copy?

[Deleted User]

You don't have to give them a copy.

But they don't have to believe you the things you're telling them are real.

foxy-stoat

You can only reduce the offer and the vendor can accept or decline.

If you feel that a new boiler and damp is a deal breaker on an old property then you can also walk away if the vendor isn't going to move. but assuming you have already invested time and money thats your call.

Personally a bit of damp could be something or nothing depending on the extent. If a surveyor is saying the boiler needs replacing because its old thats a bit overkill....if it doesnt work then it could be repaired without replacing it. On a £250,000 house then £1500 for a boiler and £500-£1000 on sorting a bit of damp wouldn't make me reduce my offer of the same amount.

jimmyhurr

We sold recently and after our buyer's had their survey, they came back and asked for £5k off the agreed price because of some issues that had been flagged (the wooden exterior porch needed some attention). As a seller, this annoyed me somewhat since we flagged the issue when the buyer's viewed the property (we decided to be up front about everything - including the fact that the house had been underpinned in the early 80s).

To be fair, the buyer's did provide their survey to us so that we could see what exactly had been flagged up - most of the survey was what I would call "back side covering" though...

In the end we offered them a £1k reduction as a gesture and to keep the purchase on track, but made it a condition that they then moved to exchange quickly, which they did.

We are now purchasing a property and waiting on our own homebuyer's report. We know already that the boiler is very old and both bathrooms need work, so I would expect them to be flagged, however, we don't intend to ask for any reduction for these things as we know about them already and in all honesty we think the price reflects this.

ScorpiondeRooftrouser

The estate agents don't need anything; all they need to do is pass on what are you saying to the vendor. If they say anything to you on their own behalf, ignore it and tell them you are only interested in the vendor's response.

If the vendor asks to see your survey; that's a matter between two individuals. You need to negotiate a path between the two of you. In the end neither of you has to do anything; but equally well they don't have to sell you the house and you don't have to buy it.

kingstreet

I would routinely advise my vendor clients not to accept any renegotiation without sight of the lender's mortgage report and valuation.

You can then see if any essential repairs will be rewarded with an increase in the value of the property.

Not beyond some people to try to have their cake and eat it!

Surrey_EA

clueless93 wrote: »

Do they need a copy?

As has already been pointed out, they do not need a copy, but if they do it may make achieving your objective more likely.

At least provide them with the relevant sections, if not the whole report.

Adereterial

I just sent the Estate Agent extracts of the bits that were flagged by the surveyors as needing immediate action (some loose tiles and a leak from the bath). That’s it - they didn’t get the rest.

I gave them 2 options - have the roof and leak repaired by a reputable trader (with receipts provided and warranties for the work I could use if needed) or I’d be getting quotes for repair and reducing my offer accordingly. Bear in mind this was a fairly new house so I wasn’t expecting anything major wrong and I was a cash and first time buyer able to meet their tight timescales, so your mileage may vary on how far you push it. They had the repairs done.

Carrot007

clueless93 wrote: »

I have had a survey and it has shown some crutial things on the survey which I think warrant me reducing the asking price. Example of damp and new boiler being required.

I have informed the estate agents of this to which they have told me they need a copy of the report showing this.

Do they need a copy?

What the report says is not important. What it values it as compared to your current offer is what they are interested in (well the vendor anyway, the estate agents just want a sale and are acting for them assumedly).


Has the property been valued lower? If so you have reason to reduce the offer. If it has not then you do not. And even then they do not have to accept it.

foxy-stoat

Adereterial wrote: »

I was a cash and first time buyer

Nice position to of been in - first time purchaser and had the cash in the bank - probably helped a lot.

jimmyhurr

Carrot007 wrote: »

What the report says is not important. What it values it as compared to your current offer is what they are interested in (well the vendor anyway, the estate agents just want a sale and are acting for them assumedly).


Has the property been valued lower? If so you have reason to reduce the offer. If it has not then you do not. And even then they do not have to accept it.

Yes this is important - if the vendors are confident they could find another buyer (i.e. there was a lot of interest and the property has only been on the market a short time), asking for a reduction may not be best course of action - i.e. they could remarket it and you lose out. If on the other hand the property has been hanging around a long time then the vendors may be receptive.

All circumstances are different.