All set to exchange, buyer requests full building survey(17 Posts)
Someone please tell me everything will be ok. Yesterday we received the contract from our solicitor. As soon as we have signed and returned it we are ready to exchange. People above us (top of chain) are also signing their contract so they're ready to exchange too.
Had a call from our estate agent yesterday to say that our buyers are now wanting a full building survey, costing them approx £1000. This was announced yesterday, EIGHT WEEKS after they put an offer on our house. There is nothing at all to suggest that this is necessary from any paperwork or mortgage valuation that had been done, so it hasn't just suddenly come to light. Apparently the buyer wants it for his 'peace of mind' and his solicitor recommended it. Our house is only about 20 years old.
I am SO stressed. My feeling is that he's going to have the survey done, get a snagging list (there is nothing we are aware of that is going to be highlighted other than general 'wear and tear' type stuff) and try to knock us down on price. I have told our estate agent to tell the buyer that there is no room for negotiation no matter what the survey says but he has said that he will not do this. The survey is booked for 26th so we have all of next week to wait, and however long it then takes after that to get the report and whatever else needs doing after that.
The people we are buying from are moving to a new build and the developer's already gone past the 28 day exchange date (15th June). I'm worried that they will pull the plug and it'll all fall apart.
Someone, please tell me it'll all be ok
and I can start looking at curtains and being sets again and that our buyers are being complete w*****s for dropping this in at such a late stage and that the estate agent is just as bad for not telling the buyer before the survey that yes, he can have it done, but no, there is no negotiation on price.
I am totally, utterly, completely fed up.
if you have no wriggle room on space, then if something does come up, they will probably pull out anyway - you need to be prepared for that eventuality if they are being painful now...
Very bad of them to do this at this stage and hold the whole thing up. The problem is that surveyors always find something so you're going to have to hope it's nothing serious. They almost always ask for further investigations on x, y and z too so I think you should be prepared for a delay. Sorry.
I know, but I'm trying to be positive. They wouldn't spend that much on a survey if they weren't serious, would they? If we dig our heels in on price would they really walk away if there are only bits and pieces - general maintenance - that need doing?
I explained all this to my solicitor, he said just sign the contract and return it so we are ready to go. He said if/when the estate agent calls to say the buyer has dropped their offer price, tell the estate agent to go and deal with it as he was the one who refused to tell the buyer that we will not negotiate on price anyway.
Aarghhhh. It's the waiting that is so hard.
Agree with other posters. I feel very sorry for you as there's little you can do other than hope for the best and prepare for the worst. Your buyers have been pretty silly to leave a survey till now on what is a newish house, and they may have ulterior motives but you are really going to have to sit tight and deal with each hurdle as it comes up. Fingers crossed it will all work out - so stressful isn't it.
Sorry, crossed posts with lala. That's what I'm worried about, it's the list of niggly things that he's going to report on, then the delay as the buyer tries to negotiate.
If he wants a house in pristine condition, why is he looking at something 20 years old instead of a new build?
All I can think of is the emotion we've invested, and the amount of money we'll have lost in searches and solicitors fees if this all goes wrong. Why, why, why leave it until now to start messing about with surveys?
Mateysmum, good advice, one hurdle at a time.
I don't want to be negative but I think I've got to prepare myself for the worst...
We did this, although not at quite so late a stage! We didn't want to order a proper (i.e. non valuation) survey until we knew we could get the mortgage, but as soon as the mortgage offer came through we let the seller know. It didn't really delay things though as the searches still needed to come back. House is around 35 years old.
Our seller got really worried but it honestly was just for peace of mind and we kept trying to reassure the EA of that so she could reassure the seller. I think the EA understood, but the seller was nervous! Basically we wanted to be sure there was nothing major as this was to be our home for our children to grow up in, and also because I know surveys are good for pointing out things that we might not have been aware of e.g. condition of flat roof etc for future house maintenance planning. Admittedly we could have got it done post exchange but given we also wanted to be sure there was nothing major it made sense to get it done before. It's such a huge commitment we needed to know we weren't making a horrendous mistake. We both know sod all about houses beyond "oh look a massive hole in the roof" so we needed an expert opinion.
Anyway the survey came back fine - just a few wear and tear things as hoped/expected which didn't bother us at all. Unless there had been something really serious we had no intention of pulling out or renegotiating - frankly we'd have been more likely to pull out rather than renegotiate anyway if it was something big as we didn't have the capital in the shorter term to fix it as we'd been saving so hard for a deposit.
It is rubbish of the buyer to leave it to this late stage but perhaps they are a bit naive and didn't realise it was a good idea until now?
Anyway, just thought I'd put across a different point of view! Good luck!
sadly this is the sign of professional pissers-about. You can be certain that they will want a price drop.
tell them that the house is going back on the market while they continue to mess you about. In those words.
Is there anything major wrong with your house?
I think they sound inexperienced or are just delaying things or possibly having second thoughts and looking for a reason to pull out.
I will probably never get a full survey done again. They are extortionate and all they ever say is: probably damp, get a damp expert round; probably old wiring get an electrician round, possible roof maintenance get a roofer round; a few old pipes, get a plumber round. Total waste of money IMO. I think a nice builder could tell you straight away what's needed on a house. Probably for free or an hours wage if you are nice to him.
They wouldn't spend that much on a survey if they weren't serious, would they?
I have know 1st time buyers pull out having spent 4 or 5x that amount because they though they could get better or were just plain nervous.
Sorry to say that this exact same thing happened to my parents last month. The buyers asked for 20K off the agreed price, my parents agreed to 10K as there was actually an issue which needed sorting (although nowhere near 10K's worth), all contracts were signed, and the bastards pulled out the day they were due to exchange.
Our buyers did this, after pushing for exchange numerous times and getting stroppy about the length of the chain and the time it was taking!
We couldn't believe it!
I was very concerned but actually it was fine, they didn't try to renegotiate at all.
I don't think you've got anything to be worried about though in terms of what the survey will pick up, the house is only 20 years old. Ours was Victorian with a history of subsidence and underpinning!
clam - equally "the bastards" could be saying - there is all this work needs doing - thousands of pounds worth, they hid it from us, we had to spend out on a survey to even get to know about it, they are quibbling over the amount to get it fixed properly, so we're off.
(we have been in that position, 2 sides to every story)
somewhere In some cases, yes, but not in this one. They'd known about this supposed issue for weeks and not been bothered about it. They'd had quotes of around 2K, which they'd discussed with my parents. They'd also emailed the agent the day before saying they were all set to go and excited - then phoned and said they were pulling out.
They've got cold feet. However, there can't be too much wrong with a 1990s house, surely? Hopefully, they'll be reassured.
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