Condition of sale-no reduction on price whatever the outcome of survey

Nenen

We said the same when we sold our last house... we started at a low asking price and then agreed a further reduction in price on the basis that we (and the buyers) knew that the survey would state that several things would need doing e.g. re-wiring, new windows and outside rendering replacing/repairing.

The price we had agreed on reflected all that already so these things could not then be used to ask for even more off when the survey stated the blindingly obvious! Of course, if the survey had turned up something totally unexpected eg subsidence, then that would have been a different ball game!

Debt_Free_Chick

Nenen wrote: »

The price we had agreed on reflected all that already

This is all too often not appreciated - particularly on this board when buyers are told to go back and get a price reduction.

Of course, valuations are subjective .... but it's not like getting a reduction for a shop-soiled or ex-display washing machine!

seven-day-weekend

Nenen wrote: »

We said the same when we sold our last house... we started at a low asking price and then agreed a further reduction in price on the basis that we (and the buyers) knew that the survey would state that several things would need doing e.g. re-wiring, new windows and outside rendering replacing/repairing.

The price we had agreed on reflected all that already so these things could not then be used to ask for even more off when the survey stated the blindingly obvious! Of course, if the survey had turned up something totally unexpected eg subsidence, then that would have been a different ball game!

Yes, we did that too - sold a property priced to reflect that it needed the roof repairing and new windows - so unless the survey threw up something else drastic we were not prepared to negotiate any further.

Luckily nothing untoward hapepned and the lady who bought it was delighted to get it at the price.

I opersonally wouldn't worry. You can always walk away if the survey comes back with something hoerrible.

spiritus

I know where some of you are coming from but can I ask you this ?

For those who had already reduced the price to take into account any remedial work that might have needed doing to your house- did you actually inform the buyer that the work needed doing ??

Or were you aware the work needed doing but said nothing until the surveyor identified the problem ?

bigjoe

selectcase wrote: »

all the seller is trying to do is make sure you wont niggle over silly things like fixing a door hinge etc.

Maybe. Maybe not. That's a big assumption to make. Maybe because it's not your money at stake here.

For all you know there are major problems with the house and the seller knows it but won't go lower.

Get the full structural survey done for peace of mind.

If it throws up big problems either walk or go back to seller and show them it and say that you will walk unless a further £X comes off.

The thing is you put in an offer below asking price just to get a deal - not because you thought work needed done. In effect you value the house lower than asking price. However if work needs done, then the cost of that should come off your offer price - otherwise you are overpaying for the property.

selectcase

Agreed if someting serious comes up you need to re-negotiate e.g complete roof/new boiler stuff thats say £250+ the reports can be scary reading until you get used to the wording.

Getthe full structural report as it includes the real important stuff

Nenen

spiritus wrote: »

I know where some of you are coming from but can I ask you this ?

For those who had already reduced the price to take into account any remedial work that might have needed doing to your house- did you actually inform the buyer that the work needed doing ??

Or were you aware the work needed doing but said nothing until the surveyor identified the problem ?

Our last house was marketed by EA as 'realistically priced to reflect the updating required'. It was blindingly obvious that the outside rendering was all cracked and would need sorting out, likewise several of the windows were rotten! When people came to view I told them the wiring was original (35 years old) and would need renewing. It was also obvious it was a back boiler for the central heating (no longer allowed when replacing a boiler although ours was regularly serviced and working fine). We certainly didn't hide any of the faults in any way and answered all questions honestly.

Before we put it on the market we asked 3 different EAs whether we should do the remedial work ourselves or market 'as is' at a lower price. Without hesitation they all said we should market it about 20K under the going rate at the time which we did. When we agreed an offer another 15K less than that, we made it clear that this was because of all the work that we all knew needed doing and that we wouldn't take any more off if the survey pointed out the blindingly obvious!

seven-day-weekend

spiritus wrote: »

I know where some of you are coming from but can I ask you this ?

For those who had already reduced the price to take into account any remedial work that might have needed doing to your house- did you actually inform the buyer that the work needed doing ??

Or were you aware the work needed doing but said nothing until the surveyor identified the problem ?

Resurrecting this old thread to say that we did inform the buyer that the price relected the fact that the bungalow needed roof repairs and new windows.

PasturesNew

As the seller, I'd just be meaning "Look, I think it's worth more, but I'll take your offer .... but don't go taking the pee later and using your survey to go knocking more off as you've already had a wedge off it and if you try that you can sling your hook. You chancer"

chappers

treat this as any other purchase ignore the conditions go in for as econd viewing .make sure the heating is working , get up in the loft and make sure there are no leaks etc, ie do as much of the surveyors work as possible. If you are happy that there isn't much that can go wrong then by all means splash out on the survey.
If something major turns up then negotiate as per any other deal . if you are unhappy and the vendor is un-willing to negotiate then walk away.
These silly un-bimding conditions really get my goat they have no legal basis but are worded to sound as if they do. just for the sake of it I would offer anothe £5K less just to see what they say.