What's Our Buyer Playing At?

CousinJack

To cut a long story short, we accepted an offer on our house at the end of May. Our buyer had her mortgage valuation done but didn't have a survey at the time. It took us a few months to find a property to buy, and we finally had an offer accepted on a property at the end of August. Things have been slowly ticking along and were hoping to exchange contracts next week with those higher up the chain pushing for completion ASAP.


We received the contract regarding the sale of our property on 8th October and we thought things from our buyers end were straightforward (she is a first time buyer in rented). Out of the blue last night got a phone call from our estate agent saying that our buyer has now decided she wants a survey! My first reaction was why now at the eleventh hour when she's had nearly five months to get a survey, and presumbly she had her copy of the contract over three weeks ago as well? A question our estate agent has so far been unable to answer. I have spoken to a friend who works for a different estate agent and she says that in her experience people who get surveys done after the contract has been drawn up are using a nasty underhand technique to get the price lowered, as they know that sellers are vunerable when exchanging contracts is about to happen.

Has anyone else ever been in this situation or know of a genuine reason why a buyer leaves it this late to ask for a survey? Can anyone think of a way we can call our buyers bluff without risking it falling through?

Grenage

Might as well let them have a survey; perhaps they have reconsidered and believe it to be prudent.


Perhaps they didn't want to waste money on a survey when you hadn't found somewhere to buy.

Mutton_Geoff

Do you think the survey will reveal anything that may cause the buyer to reduce their offer? You say they are a first time buyer so I'd hazard a guess that they've received advice "from a friend" that they need a survey not just a valuation.


I think them investing more money in their due diligence at this stage shows they are being thorough rather than underhand.


If there is nothing substantially wrong with your house, then you could treat any revised offer (if they were made) accordingly. My guess is a first time buyer would not have the experience to pursue a revised offer if you simply said no but then you don't know who they have behind them.

[Deleted User]

Maybe the buyer didnt want to spend money until it looked like the chain was coming together
Maybe the buyer doesnt know how the process works
Maybe the buyer has read one of the billion comments on here saying 'cant believe you didn't get a survey' and realised that the valuation they had done wasnt an actual survey
Maybe the buyer wants to check the property is still valued at the same price after 5 months further into brexit chaos.

Could be anything. I am involved in quite a lot of purchase transactions in a year and i cant think of a single case where someone has intentionally delayed a survey to try gazundering someone

Caitykinss

We had a survey done quite late in the game (although 5 weeks, not 5 months!). We were panicky FTB and after deciding at the beginning not to bother as the house is only a few years old, I woke up in the middle of the night in a panic that the house was sinking and we were wasting our money and the roof was going to fall off and the walls were going to cave in. Our search results from two weeks earlier had mentioned potential subsidence in the area and recommended a survey and after initially brushing it off, it came to me in a dream and told me I was being reckless. (I'm not a reckless person by nature!)

We had no intention of pulling out (unless something awful showed up), and expected everything to be fine, which it was. We simply wanted to calm my crazy nerves and reassure ourselves as the moment to hand over all our savings came closer.

Yes, this all sounds insane, but I'm sure lots of people, particularly FTB go through it, and we'll learn next time just to get it done at the beginning to save the last minute panic.

Tiglet2

Your buyer patiently waited 3 months for you to have an offer accepted on an onward purchase (and presumably complete the chain). I wouldn't have got a survey done either until I knew you were serious about moving.

As everyone has said above, it could be a combination of different reasons.

You mention having the contact - have you signed and returned it?

Skiddaw1

It might even be a positive thing- your buyer is prepared to pay for a survey which may be a sign of commitment rather than the reverse. As has been said, it may well be that your buyer didn't want to make such a financial outlay until they knew you had found somewhere and things were proceeding.



I think the advice is to not over-react at this stage. It doesn't hurt to have a strategy in place in case buyer then puts a reduced offer in but no reason to expect the worst.

CousinJack

Thank you for your replies. I was panicking yesterday as her request for a survey at this stage came as a shock. Will just have to wait and see what she says when the surveys been done.

hazyjo

My last buyer did the same thing at the last minute. I wasn't best impressed and told my EA that if they are doing this thinking we're committed to the sale and will accept a reduction, they can go whistle. They instructed a structural engineer after the survey too and I said the same thing. Turns out they didn't drop the price and were happy to proceed. Did add time to the transaction as the rest were ready to exchange, but c'est la vie. I was lucky.


I'd say the main reason is usually that they don't think they'll need one, or want to bother with one, or want to spend a few hundred on it, but they talk to friends and family whose jaw hits the floor when they say they're not having a survey and in the end they panic and/or get talked into having one. (Ignoring our other more pessimistic view, as you mentioned, that they're going to use it to drop the price at the 11th hour.)


Good luck!

cooltt

CousinJack wrote: »

Thank you for your replies. I was panicking yesterday as her request for a survey at this stage came as a shock. Will just have to wait and see what she says when the surveys been done.

You would be a complete fool not to have a survey on such a huge decision. Yes, some will try use it as a negotiation tactic but if you know there's nothing wrong with the house apart from age, wear and tear, don't even entertain lowering the price.

The only inconvenience here is the extra time added prior to completion.

diggingdude

You are panicking a little because those above you want a quick exchange. Your buyer has waited patiently, if they want to take a little time and do the sensible thing (survey) then let them