Buyers surveyor undervalued our house

RocketRonnieRadox

Thanks Both. 

The buyer is basing her price drop on the valuation rather than the works that need to be done. I have employed a roofer to mitigate all but the lead tingles holding some tiles in place.

the rest of what the surveyor said about the roof was all lies !

RocketRonnieRadox

jimbog said:

RocketRonnieRadox said:

jimbog said:

I would like to see a copy of their report otherwise it would nag me for years. As it’s theirs they are under no obligation to do so but I would be curious as to why they would insist on keeping it under wraps 

What could be the reason behind not disclosing all of it ?

That it isn’t as dire as they’re making out and so losing the leverage to justify  the drop in what they’re offering 

As I mentioned already, their basis for the reduction is the valuation rather than the faults 

Altior

Given the circumstances, you don't have many cards to play here.

I feel like you need to establish what is the absolute bottom price that you're willing to accept, and if they can't meet it, go back to square one. You'll soon find out then how interested they actually are. 

RocketRonnieRadox

Altior said:

Given the circumstances, you don't have many cards to play here.

I feel like you need to establish what is the absolute bottom price that you're willing to accept, and if they can't meet it, go back to square one. You'll soon find out then how interested they actually are. 

Amen. You are quite right. The buyer got spooked by the survey and valuation. Prior to that they were willing to purchase at 273k

I have gone back to them with 260 which is the bottom I will accept reluctantly 

The EA said they have started booking viewings for other houses 

My only other strategy would be to go to market at 270 - then when the next buyer goes to survey here we go again.

Altior

RocketRonnieRadox said:

Altior said:

Given the circumstances, you don't have many cards to play here.

I feel like you need to establish what is the absolute bottom price that you're willing to accept, and if they can't meet it, go back to square one. You'll soon find out then how interested they actually are. 

Amen. You are quite right. The buyer got spooked by the survey and valuation. Prior to that they were willing to purchase at 273k

I have gone back to them with 260 which is the bottom I will accept reluctantly 

My only other strategy would be to go to market at 270 - then when the next buyer goes to survey here we go again.

To be honest, you don't really know what their train of thought is. Perhaps there were a few things on the survey, now having second thoughts and chancing a low bar offer to see if they can get away with it, ie nothing to lose. Just my sense, from what you have laid out, they are having second thoughts and the survey gives them leverage. If I was you, (and this is what you've done!), I'd flush out how keen they actually are. It's a buyers' market really and you need to sell, so will likely need to compromise on the expectation (as you have done!). 

Bigphil1474

OP, the first time we sold our house last year the buyer pulled out after the survey. They raised all sorts of issues which we knew were nonsense but they did at least send us a copy of the survey document. We took the survey and went through the stuff that needed doing. We spent about £3k ish doing the work, mostly related to damp, and the next time we got an offer, we gave the buyer a copy of the original survey, a copy of the damp report we had done, a copy of all the invoices for the work we had done, and also explained it all to them when they viewed. The sale went through at the same price we'd agreed with the first buyer. The daft thing is, the first buyer's survey said the house was worth more than they we'd accepted but presumably they just didn't fancy doing any of the work. 

youth_leader

Good luck, it is good you have reduced the price.  I was led to believe my listed grade II would have been worth £600K with all works done,  and was initially marketed at £500K.  After price drops and lots of time wasters I ended up with £275K at auction. 

A house is only worth what a buyer will pay for it was quoted to me on here many times, but the disappointment for me of not being able to go home to the south is great.

Herzlos

I'd send the buyer a copy of the report you had done and highlight the discrepancies, raising the possibility that the surveys have been mixed up and they were given a report on the wrong house and offering them to come and look themselves.  It should be fairly easy for them to look at the complete party wall and the plastic cladding at least. 

But then you don't know if the buyer is being honest about the report either; they could be fabricating or exagerating in order to justify the price drop. 

Normally, being the petty person I am, I'd suggest you put the house back on the market at £275 and wash your hands of the buyer, because honestly it sounds like they are going to be a pain for the rest of the process too.
But given you're paying 2 sets of bills even if mortgage free, it may be worth accepting the £250k with the house 'as-is' to just get it sold and move on. 

Archergirl

We put in an offer for a house 40 years ago but couldn't get a mortgage as the company said there was subsidence in the garage (which was down the end of the garden) we bought a nearby house and the 1st one has sold about 4 time  since with people not having a problem with the mortgage provider, crazy how these people we pay can talk rubbish and get away with it. We do prefer this house anyway with a nice south facing garden the other one is north....
Hope you get it sold but I don't think these people will change their minds, drop the price a little and remarket, although this is not the best time to sell houses.....

monkey-fingers

Put it back on the market.
Buyers are timewasters.