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Making a revised offer after a Homebuyers report
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It also depends on the urgency of the repairs. 8k of work that is needed, is not 8k needed immediately.
Also every survey I have seen says, look to replace the wiring, look to replace the roof. Check this, get an expert to do something else etc. It doesn't mean you have to do everything right away.
I had a survey compelted recently, the surveyor valued the property higher then my offer. He didn't know what my offer was though, as he was employed directly by me. The lenders surveyor will probably have said it is worth the exact amount.
You can ask the vendor if you want, but they are within their rights to say no.0 -
I can't imagine why the seller would agree to drop the price to below the valuation. The ability of the buyer to afford additional repairs is irrelevant. Furthermore just because a surveyor identifies a problem doesn't necessarily mean that it needs immediate rectification
If it is a buyers market, could very well happen that properties are sold under the valuation figure.0 -
If it is a buyers market, could very well happen that properties are sold under the valuation figure.
We're talking about the buyer's own paid-for valuation, not the estate agent's valuation.
If a buyer has already agreed to pay x price and their own surveyor agrees it's worth x price, regardless of any work required, then it's hard for the buyer to justify renegotiation. Vendors will be resistant and the argument is pretty weak.Everything that is supposed to be in heaven is already here on earth.
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Are you thinking of a Scottish "home report" valuation?
Just a general point really.
I am in the process of buying a house which, due to vendors situation plus Brexit uncertaintly back in February, managed to buy lower than both independant valuation + previous bidder's lenders valuation (they bid over 15k more than me and had mortgage agreed but their chain broke and the vendor was desperate to move so took a financial hit to have a chain free buyer instead of waiting for them to find another property).
If my vendor decided to put it back to market today or desperate to move, I would be stuffed, no way I would secure it for what I have.0
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