Buyer pulled out because of survey

MobileSaver

Deleted_User said:

hazyjo said:

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

Just conscious of re-listing it when there could be a fundamental problem, although I can't see what that might be.

You are over-thinking this, if there was a fundamental problem then any genuine buyer would have told you what the problem was.

The fact that the buyer has severed all contact pretty much guarantees that the survey report was just an excuse and the real reason they've pulled out is for their own personal reasons that they're too embarrassed to reveal.

hazyjo

Deleted_User said:

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.

Not sure if a legal requirement, but I really can't see why they wouldn't say. If I had a survey back saying there was something seriously wrong, it would be the first thing I'd tell the EA.

SusieT

Try thinking from the opposite angle, it could be that the buyers were hoping the survey would throw up something that they could use to make you reduce the price. Survey came up as nothing seriously wrong, so they had no bargaining power from it and so dropped out, that would have been due to the survey BUT not in a bad way so they were not prepared to discuss it, say what the problem was or show it to anyone 

badger09

It’s an excuse. Buyers would have no reason not to tell you if there was a major issue. Forget it & relist. 

Good luck

[Deleted User]

hazyjo said:

Deleted_User said:

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.

Not sure if a legal requirement, but I really can't see why they wouldn't say. If I had a survey back saying there was something seriously wrong, it would be the first thing I'd tell the EA.

I agree, I would have done the same

[Deleted User]

SusieT said:

Try thinking from the opposite angle, it could be that the buyers were hoping the survey would throw up something that they could use to make you reduce the price. Survey came up as nothing seriously wrong, so they had no bargaining power from it and so dropped out, that would have been due to the survey BUT not in a bad way so they were not prepared to discuss it, say what the problem was or show it to anyone 

Thanks! I hadn't thought of it like that but can see what you mean. They did originally offer and we negotiated slightly more so it may be as you say that they were hoping to go back to the original price. Thanks for the alternative perspective, that's made me feel a bit better about it all

EndlessStruggle

I'm the other side of this situation. 

I had a survey done this week. It needs significant work.

We are talking 40-50k on a 320k house to get it structurally safe from the elements and this is before the 20k I want to invest to make it my dream home.

I'm going to pull out but I'm waiting for the report to give it to them because I don't want them in your position and guessing what is happening or wrong with their property.

I really feel for the sellers of this house tbh as I do actually know them quite well and they are really lovely people. 

It has cost me £1000 to get to the point of me pulling out.

The survey may have just been the tipping point for them as it will have cost them similar to get to this point.

They may have already had doubts and something pushed them over that might actually be minor but is major when you're already thinking about pulling out.

[Deleted User]

EndlessStruggle said:

I'm the other side of this situation. 

I had a survey done this week. It needs significant work.

We are talking 40-50k on a 320k house to get it structurally safe from the elements and this is before the 20k I want to invest to make it my dream home.

I'm going to pull out but I'm waiting for the report to give it to them because I don't want them in your position and guessing what is happening or wrong with their property.

I really feel for the sellers of this house tbh as I do actually know them quite well and they are really lovely people. 

It has cost me £1000 to get to the point of me pulling out.

The survey may have just been the tipping point for them as it will have cost them similar to get to this point.

They may have already had doubts and something pushed them over that might actually be minor but is major when you're already thinking about pulling out.

Completely understand, and so sorry that you are in this position especially if this was your dream home.  

Can I just check, from getting your survey done, were the structural issues they've flagged noticeable now that you look back? I.e are they clear signs of subsidence/cracks etc that they have supported this conclusion with? 

Only reason I'm asking is that I know they include a lot of points on the report because they can't physically check or see the problem so put it in as a precaution so there is no repercussion on them if further down the line there is an issue. But if it has flagged noticeable signs to support this conclusion it would be interesting to know what these are. 

Would it be possible to get a specialist to check this too (structural engineer) maybe or are the issues enough to make you want to back out regardless? Completely understand if that's the case as it is a big commitment to make. 

When we previously purchased a property, the report we had stated that the downstairs had damp. It was a 1930's property which had been unoccupied for 3 months and this was during the bad winter we had in 2018. We were going to pull out because the work would cost thousands, but we agreed to get a damp specialist out to check and they confirmed there were no issues. We chose the company so that they were objective and the vendor agreed to cover any initial costs if this was necessary. 

Understand that there is a tipping point and can see it from both angles. The issue with these reports is that they make houses that are perfectly livable look condemnable, so I sympathise with your vendor. Also understand as a buyer it must be very scary to see those kind of figures especially if they relate to something structural. 

Fingers crossed for you and it's nice to hear that you are willing to share the report. I wish we were in a similar situation so we know what we can be doing to fix this. 

EndlessStruggle

I always knew the roof and edge would need doing but I thought it had a few years left but it doesn't. It needs doing yesterday.

The tiles are crumbling and parts are falling off the main roof, they've been replacing the tiles as they go but now so many of them are damaged it looks like they've given up.

The membrane is full of holes and the timbers are either very damp or soaking wet to the touch. 

Same with the extension roof with damaged tiles/membrane and soggy timbers, it has active woodworm too.

The chimney is also damaged and letting in water all the way down the chimney breast is damp as it is just running down. 

The bay window roof is also knackered, which I did know but the temp fix they were going to do has failed too. 

They've knocked hatches through walls without any lintels or support too and there were cracks close to these.

He doesn't believe there is subsidence.

There are also a lot of other issues but he decided to stop there on the talk through of what he found.

The full report is due tomorrow.

The surveyor is an independent and he is very thorough! 

The property is a probate property and it hasn't been granted yet so it's too much of a risk as it'll still be 6 months at the least until I could get a new roof on it to even try and stop the damage.

I had viewed it earlier in the year in better weather so all the recent rain has highlighted the issues that I would have missed.

lookstraightahead

I would get a survey done anyway. Anything you can do will be advantageous to a buyer on this market where buyers are (rightly so imo) nervous.

it will also rule out negotiation based on surveys, but make sure you price it right.