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Reducing offer

(3 Posts)
jenniferalisonphillipasue Tue 04-Nov-14 14:29:29

My db is in the process of buying a house. They had an offer accepted and have had a mortgage offer. Yesterday they had an independent survey done as the mortgage company only provided a very basic one. The survey has come back saying the house needs a lot of work (that they were unaware of); rewiring, new plumbing system and a new roof. The surveyor estimates this will cost in the region of 70 000 - 100 000. The house is being sold at 700 000. They are going to get actual quotes for the work and also invite the vendors to do their own survey. Then they are going to reduce the price according to the information they receive back. If the vendors are not willing to drop thye price then they will have to pull out.

Does this all sound reasonable?

Thanks

specialsubject Tue 04-Nov-14 14:31:43

yes. That is what surveys are for. Don't expect the vendors to do their own.

reduce offer or if I was you run away very fast

bilbodog Fri 07-Nov-14 14:51:55

Bear in mind that full structural surveys always make a house sound as if it is falling down. They have to cover themselves and point out absolutely every little thing that may or may not need doing straight away. Our last house had its original Edwardian roof, with no felting underneath, but was never a problem and we were there over 15 years and it still hasn't been done. Electrical wiring goes out of date very quickly these days so it may need doing eventually but that doesn't mean it is dangerous or needing to be done right away. Get a roofer to check the roof and an electrician and plumber to check other respective bits. If all these things do need doing then speak to the estate agent - if a house is obviously very dated and needs modernising it may well have been valued with those sorts of things in mind and although you may be able to negotiate the price you might not get as much off as you think. On the other hand if all of these things are unexpected then you should be able to negotiate. A good Estate Agent should also give you advice on buying - they don't want to loose a sale and if you walk away then the next person would as well. Good luck.

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