Survey says 20k repair, estate agent says it's only 2k

Yellow_mango

This estate agent sounds like they’re trying to act well outside of their remit.

You decide how much you’re willing to pay for the house in its current condition, knowing what you know from the survey. You reduce your offer accordingly. EA passes that offer onto the sellers. They accept, or don’t. If they don’t, you decide whether you’re willing to pay more or walk away.

How much your lender is willing to lend based on the reduced valuation will probably give you a ceiling of how much you are able to offer.

What the EA happens to think about any of this is pretty irrelevant tbh.

ladyellyria

UPDATE!!

The EA said the vendor has asked them to go over the survey together, so they will do that. And he wants us to send over the valuation report, which "might help". But the problem is, in the valuation report it says "I've valued it at 184k because it's in a good current condition and I've found no significant problems". But the survey says 20k of repairs, of which roof is category 3 urgent!

???? I'm so confused. We didn't initially send the valuation because we thought, we didn't pay for it, they probably just found stuff on the internet and did a price comparison, which does look like it's what they've done (they listed previous sales in the surrounding area, etc).

Do you think this valuation report will help, or hinder our efforts at re-negotiation? I've tried to contact our surveyor for clarification but I think he's on a job right now and not answering. So much stress...

AdrianC

ladyellyria wrote: »

any suggestions on what we could say that that ludicrous comment made by the EA?

It's not down to the EA to make any comments or give an answer. It's down to the vendor. Nobody else.


But assuming they don't want to budge £10k, then what? Walk or pay the £195k?

anfieldred

ladyellyria wrote: »

How old was your house and what did the survey reveal? I mean I'm prepared to do some work, but I also think there should be a reasonable reduction in price to reflect that. I've had another house fall through because that survey revealed much bigger problems with the roof -- structural work needed, not just repairs -- so in comparison if there is a reasonable reduction in price I'd go with this one, because there's no guarantee the next house won't have any issues like this!

Ours is a 1930s one, the survey didn't reveal much, but nearly everything we've gone to get done (plastering, decorating, flooring etc.) has uncovered more problems. If you're confident you can get it done , and have additional funds to repair additional issues found, and it's not going to bring you down finding more problems, then go for it.

The estate agent can't say for definite that work is 2k - go with the survey opinion instead.

anfieldred

ladyellyria wrote: »

UPDATE!!

The EA said the vendor has asked them to go over the survey together, so they will do that. And he wants us to send over the valuation report, which "might help". But the problem is, in the valuation report it says "I've valued it at 184k because it's in a good current condition and I've found no significant problems". But the survey says 20k of repairs, of which roof is category 3 urgent!

???? I'm so confused. We didn't initially send the valuation because we thought, we didn't pay for it, they probably just found stuff on the internet and did a price comparison, which does look like it's what they've done (they listed previous sales in the surrounding area, etc).

Do you think this valuation report will help, or hinder our efforts at re-negotiation? I've tried to contact our surveyor for clarification but I think he's on a job right now and not answering. So much stress...

Previous sales in the area - did they have the same problems?

If you're still dead set on this one, get another full survey done then make your mind up - might uncover more problems or help alleviate any issues you're having

ladyellyria

AdrianC wrote: »

It's not down to the EA to make any comments or give an answer. It's down to the vendor. Nobody else.
But assuming they don't want to budge £10k, then what? Walk or pay the £195k?

If they don't move at all then of course we don't want to deal with an unreasonable vendor, so we'd walk away. I can't make up my mind if I want to move a bit myself, or stick with 10k reduction.

The EA just called saying the vendor is going to have a look at the survey with them and he's asked to see the valuation, "which might help", so maybe there is hope yet... we just don't know if the valuation will help or hinder the negotiation, because in the valuation it says "184k because in good condition and no major problems"!?? This is so confusing.

Yellow_mango

You have no obligation to provide a copy of the survey, or the valuation, to the EA or the vendor.

What either of them think about it is entirely irrelevant.

You need to decide how much you are willing to pay. Based on the survey, and how much your lender will lend, and anything else that matters to you. None of which are the opinions of the EA or the seller.

They need to decide if they will accept your offer, or let you walk away and hold out for maybe getting more from someone else.

On the valuation, you mentioned that you didn’t ask for this. Has the mortgage company done their own valuation? What did that say?

ladyellyria

anfieldred wrote: »

Previous sales in the area - did they have the same problems?

Don't think so. At least they seem to be marketed around 175, selling at 170, suggesting no major problems. There's another one on sale for 189k at the moment which has a smaller kitchen extension but fully refurbished. So I think the agent overvalued it (maybe that's why they are asking about the valuation report on our end?)

AdrianC

Yellow_mango wrote: »

You have no obligation to provide a copy of the survey, or the valuation, to the EA or the vendor.

Nor are they under any obligation to agree to a reduction in the accepted offer.

If you want them to consider that, then the very least you can do is back it up by providing the information on which you're basing the reduced offer.

ladyellyria

Yellow_mango wrote: »

You have no obligation to provide a copy of the survey, or the valuation, to the EA or the vendor.

What either of them think about it is entirely irrelevant.

You need to decide how much you are willing to pay. Based on the survey, and how much your lender will lend, and anything else that matters to you. None of which are the opinions of the EA or the seller.

They need to decide if they will accept your offer, or let you walk away and hold out for maybe getting more from someone else.

On the valuation, you mentioned that you didn’t ask for this. Has the mortgage company done their own valuation? What did that say?

We don't have a mortgage valuation to reference as we are trying to buy with cash. With all of our savings, in fact, hence the extra overthinking and caution...