FTB - Pulling out of Sale due to Survey

Sunsaru

[Deleted User] said:

The problem with a price reduction is that unless you are paying cash it's not like you will have that money in your pocket to spend on repairs.

I ran across the same issue with a house I almost bought. Although the seller offered to reduce the price for the remedial work, that drop would have reduced my mortgage by pennies yet I'd still have to find 4 figures to fix the issue. I pulled out and in your position I'd do the same if it leaves you that financially vulnerable.

Phil4432

FreeBear said:

LunaAndBelle said: After obtaining quotes, it’s very expensive and time consuming but they’d much prefer to reduce the price.

If you do find a place that you really, really like, but needs work, one bit of advice - Reduce the offer and pay for any remedial work yourself. If you leave it to the vendor, they will get the cheapest which may not be of a particularly good quality. At least, if you are in the driving seat, you get to decide on what you consider acceptable.

As an example - Solid brick/stone walls should be repointed with a lime mortar. This comes at a premium price. The vendor may well get Bob the Builder to slap a bit of cement in because it is cheap despite the fact that it is an inappropriate repair. 5-10 years down the line, you will end up paying considerably more to replace spalled bricks and have the job done properly.

Agreed.

Do any remedial work yourself.  The vendor may not care about the standards you want on your home.

Most if not all homes will have issues, when selling.  Obviously, you want a well maintained house with little to no issues.

You may find a house with less remedial work, but 3 years later have some expensive maintenance bill.  Could be a leaking flat roof, a broken down boiler, etc.  You'll have to do remedial work on something at some point.