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Survey at 11th hour
Comments
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We don't know the background behind the 24% reduction or how the house was priced compared to others in the local area.
If it was overpriced to start with then a 24% reduction might not be as bad as the headline figure suggests.
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To clarify, that's 24% lower than the original listing; not the guide price at the time the offer was made. It had been reduced twice.
I think it was overpriced when first listed but I also believe it could have sold for quite a bit more in a better market. It's a large house in a good area but needs updating. There aren't any known structural problems with it. The owner was very motivated to sell for several reasons I won't bore you with.
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whaleroad: The owner was very motivated to sell for several reasons I won't bore you with.
People's motivations are often the most interesting thing in decisions taken over house buying. The motivation behind the late survey is what this thread's about.
They're also very hard to second-guess. The people who bought our much-reduced house weren't planning to move in a recession, but besides being an attractive opportunity, they were reunited with previous next door neighbours!
Weak men. Hard times.
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Maybe they switched mortgage lenders for a better deal that came up?
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That is what I was thinking and/or the original mortgage offer was withdrawn/expired. Or reading the OP again:
The estate agent has now said the buyers want a survey because of some work they want doing to the property. That survey has happened today and they're awaiting reports.
The estate agent initially said the buyer's mortgage had been agreed. Now they are saying it's a mortgage survey.
Maybe they have decided to try to increase the mortgage to do some of the work needed ?
OP - Just wait until the results- it might be all above board, or maybe not.
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