Buyer pulled out because of survey

[Deleted User]

robatwork said:

Unless the issue was really major eg. subsidence, the survey is a tool for renegotiation, so if they were still really interested they would be asking for a discount.

So assume they aren't interested any more, and chances are it's nothing to do with the survey.

Remember - they've spent money on your house and have lost it, so whatever the issue is, it's serious to them.

Agreed, thank you. Just want to try and preempt it if it’s something that is deemed important on the report. We shall have to see. 

hazyjo

My next door neighbour has just lost their 5th buyer, a year after first marketing. It's been because of chains collapsing. Wouldn't hurt to have your own survey done, although I believe the EA has to tell you (or at least 'future buyers') if they're aware something major is wrong.

My guess is it's prob reasons other than the survey or I'm sure they'd have used it as an excuse!

lookstraightahead

Bought my house last year. It's very old so the previous owners had a structural survey done themselves which they were happy to give me/our surveyor. Slightly different scenario but worked a treat 

steampowered

The reality is that there will be a lot of flaky buyers in this market. I suspect the survey is just being used as an excuse. If the survey genuinely revealed a problem with the house, there is no reason not to tell you - and the estate agent would have tried to find out. 

Lots of buyers - quite rightly - worry about a house price drop in the near future.

Other buyers are finding that they can't afford the level of mortgage they thought they could afford a few months ago. 

Patience will definitely be needed at the moment.

diystarter7

Hello OP

You already know this, buyers and sellers can easily pull out at any time before exchange of contracts.

It's in the EA's interest to share with you the reasons why a buyer pulled out as long as it's not personal/confidentila stuff and or the ex buyers does not want you to know, EG personal stuff may arise and ex buyers dont mind sharing with you - "personal reasons."

People often change their mind and even though survey showed nothing major or of real concern, people start seeing negatives when they do more visits, discuss with others

EA's only get paid when the property sold so trust me and I've seen it firsthand, EG, one shows interest in a propery, seeks 2nd visit with kids present then backs out - any EA worth their salt wants to know why and try to persuade the buyer especially if the buyer is in a good position

Use a different EA. There is often one in every areas that appear to have boards everywhere and charge a bit more but they do get sales done and at times lower than hoped or at the level you want.


When looking for an EA outfit - ask them which platforms they use to ad your home - what times and days are they open and is there someone in the office at those times. What checks EA does before they bring someone to your place. Give them a criteria of who you want to view your place, EG, chain free, cash ready etc. Do your own research re house prices.

Good luck

LegallyLandlord

I agree with others saying you should relist. I’d also change estate agents as they should be working for you / finding out more information. Really weird they just gave up and didn’t talk about reducing the price to cover the cost. 

I suspect it was an excuse as otherwise they’d have renegotiated. 

Sarah1Mitty2

propertyrental said:

You are assuming the buyers pulled out because of their survey. That may well have just been a face-saving excuse if, for example, they found a nicer property, or decided to get divorced, or....or......

!

Or found out what their new mortgage rate would be..............get a survey done, fix the issues and market at a sensible price would be my advice.

m4di

Think survey is being used as an excuse....

diystarter7

m4di said:

Think survey is being used as an excuse....

No excuse or reason is required at this stage. People can and do walk away without saying anything. The aforementioned is applicable to buyers and sellers.

[Deleted User]

hazyjo said:

 although I believe the EA has to tell you (or at least 'future buyers') if they're aware something major is wrong.

Is this something that a potential buyer would need to disclose to the EA when they get a survey do you know? My concern was that it had flagged something major, if so, I'm sure you could just use that as the reason to pull out and now we know when we come to re-list. Just conscious of re-listing it when there could be a fundamental problem, although I can't see what that might be.