Home Buyer's Survey

20122013

My buyer had their home buyer survey completed today - it seems that they will be looking for a further reduction. Should I wait and see what happens as they have already delayed the process by 4 weeks, changing mortgage broker and then rebooking surveys..

TroubledTarts

Wait for the reason for reduction as many surveys are on the cautious side and for some buyers things are scary on the report.

Personally though if you can't reduce, aren't ties into another purchase that you love and think the price is fair just refuse and put the property back on the market.

Albermarle

How do you know already they will be looking for a reduction if the survey was only done today?

In any case you would need to find out what red flag the survey found that would justify any reduction. Most surveys find some issues, but most are pretty trivial and/or just flagging up maintenance jobs for the future.

20122013

https://forums.moneysavingexpert.com/discussion/comment/82004980#Comment_82004980

because the surveyor said the Buyer has asked them to look at many things and commented on the conditions (the property is a 400 sq feet property) and also told me that the Buyer will have a lot of questions. And the survey said the property looks fine and they seem much more thorough than the ones I know.

20122013

https://forums.moneysavingexpert.com/discussion/comment/82004973#Comment_82004973

Agree. I am not buying so I have more options.

Bigphil1474

The Home buyer survey usually comes with a value 'in current condition' so it's important that the buyer takes that into account. If they are buying it for £300k and the report says it needs £40k of work, but is still worth £300k, then they don't have much of an argument. Bear in mind it has got to be worth enough for them to get their mortgage. Personally I wouldn't entertain a decrease unless I've seen a copy of the full report. They are guaranteed to have red condition 3 items on the report anyway.

Bzzzz

Our previous buyers played this game. We know that was there plan because our neighbour overheard them talking after a viewing, The survey found nothing major, just age related maintenance issues. So we waited a few days and asked our EA to contact them and confirm they were "happy to proceed at the agreed price" and that we would not be entertaining any further reductions. That put an end to little game.

20122013

My buyer have been cancelling and rebooking with different organisations (to save some money) this has added 6 weeks to the completion timeline, what they have saved on fees have costed me 3 times.. to make things worse not they are want the the white goods to be included in the asking price. And their solicitor had stated that they were unable to reach my solicitors... my agent could be more competent. I do not think there is much else I can do until the buyer pulls out as the agent wants their fees

Bigphil1474

If you don't want the white goods, I'd let them have them. Unless they are virtually brand new, they have little resale value. If it gets them over the line, all the better.

RelievedSheff

We gave our buyers the white goods. They were 7 years old, although in excellent condition and had little to no value so to get the sale agreed and moving we let them have them.

Jemma01

I did a survey on a house I really wanted for the purpose of knowing if it was worth the asking price. I didn't bargain anything. Sale fell through for unrelated reasons.