Buyer wants 6k off after survey.

Fdbjg123

Hi all,

currently selling an Edwardian property. On the market for offers over £180k (valued at £185k) but accepted an offer of £170k as wanted to just move quickly. Anyway, buyer has had a survey that states roof is sagging (it’s true, can see this from the street/in pics) and the chimney is leaning. They’ve been quoted £12k to fix all this, want us to pay £6k. However upon reading the survey it says the chimney just needs to be monitored not repaired/replaced. I’m leaning towards telling the buyer no, no reduction as they’ve already had over £10k reduction and it’s an old house that clearly needs some maintenance. This should’ve been factored into the offer. Especially since the roof sag is visible from just looking at it outside. However, I don’t know if I’m being unreasonable. They’ve also quoted ‘rising damp’ and house needing damp proof course (according to their builder) but they won’t charge us for that (how generous). I always thought damp proof course for an old house was a big no no? 

Fdbjg123

Also should note roof is sagging because of age. Believe it to be original. 

Green_hopeful

Don’t have an answer to the negotiation but damp proofing is nonsense in solid walled property. There is lots on the SPAB website and also this Facebook group https://www.facebook.com/groups/1023449561785486/ basically cavity wall properties are designed to be waterproof whereas solid wall properties are supposed to be breathable. The way to cure damp is to solve any obvious cause eg poor gutters and then remove any inappropriate waterproofing.

Fdbjg123

Green_hopeful said:

Don’t have an answer to the negotiation but damp proofing is nonsense in solid walled property. There is lots on the SPAB website and also this Facebook group https://www.facebook.com/groups/1023449561785486/ basically cavity wall properties are designed to be waterproof whereas solid wall properties are supposed to be breathable. The way to cure damp is to solve any obvious cause eg poor gutters and then remove any inappropriate waterproofing.

Yes thought as much…thanks for the clarification. 

Fdbjg123

Also, the buyer has said that (if we don’t reduce and re market) they have been told by their solicitor to give the survey to future buyers. Is this a thing? 

user1977

Fdbjg123 said:

Also, the buyer has said that (if we don’t reduce and re market) they have been told by their solicitor to give the survey to future buyers. Is this a thing? 

They can if they like. Other parties wouldn't be able to rely on it without the surveyors readdressing it to them.

eddddy

It's more about the mind-set of the buyer than anything else.

Will they walk away, if you refuse to reduce the price by £6k?  Bearing in mind that they may have already invested £1k to £2k in legal fees, survey fees, mortgage application fees.


If you think they might walk away, maybe you should consider reducing the asking price. If you don't think they'll walk away, there's probably no need to reduce the asking price.

MultiFuelBurner

Personally I wouldn't reduce anymore..when you say market value is this a proper risc valuation or a Scottish property? 185k?

If so £170k is reasonable but not knowing your motivations for moving only you know if you can reduce it further.

Fdbjg123

MultiFuelBurner said:

Personally I wouldn't reduce anymore..when you say market value is this a proper risc valuation or a Scottish property? 185k?

If so £170k is reasonable but not knowing your motivations for moving only you know if you can reduce it further.

No, just valuation from a few estate agents. It is in line (or even cheaper really) with other similar properties for sale on my street. It’s an end terraced house and majority are terraced/in same condition. To be honest I don’t think we could reduce further. We were hoping for 180k at least as is so have already taken a hit. Will have to tell them no. 

MultiFuelBurner

Fdbjg123 said:

MultiFuelBurner said:

Personally I wouldn't reduce anymore..when you say market value is this a proper risc valuation or a Scottish property? 185k?

If so £170k is reasonable but not knowing your motivations for moving only you know if you can reduce it further.

No, just valuation from a few estate agents. It is in line (or even cheaper really) with other similar properties for sale on my street. It’s an end terraced house and majority are terraced/in same condition. To be honest I don’t think we could reduce further. We were hoping for 180k at least as is so have already taken a hit. Will have to tell them no. 

That's the best way, evaluate and know your bottom line for your further endeavours.

I am not sure of the percentage but saying no to the reduction puts the ball firmly back in the potential buyers court.

I wish you luck 🤞

Fdbjg123

eddddy said:

It's more about the mind-set of the buyer than anything else.

Will they walk away, if you refuse to reduce the price by £6k?  Bearing in mind that they may have already invested £1k to £2k in legal fees, survey fees, mortgage application fees.


If you think they might walk away, maybe you should consider reducing the asking price. If you don't think they'll walk away, there's probably no need to reduce the asking price.

Good points. They are also in a chain and in need of selling their house due to divorce. I don’t think their buyers would be best pleased if the chain collapses. However they did say ‘I am very sorry to be in this position but as you know this house already has stretched my budget, so I am going to need to renegotiate the price if I am to proceed with the purchase.’ I just don’t know why they viewed the house if they can’t afford it. Maybe they’re bluffing but I can’t really afford to reduce anyway.