Buyers survey - what should I do?(47 Posts)
We are selling our home we own outright ( inheritance) and it was valued at £78,000. We wanted a quick sale as had an offer accepted in another property so put it on market for £65,000. We had two offers at asking price and now the buyer has had his survey it says it recommends an electrical certificate as the fuse box is dated. Whilst I understand them wanting peace of mind, they also know they are paying £13,000 less than it’s worth to start with. The problem is, they are insisting we pay the £100 to get a certificate for the fuse box, and our estate agent agrees with him and says it has to be done as his solicitors will insist too. I feel we shouldn’t have to pay for the buyers checks as we have to pay our own on new property. I’m worrying too in case it actually shows something and he tries to knock more money off. It was fully rewired approx 26 years ago and we have genuinely never ever had an issue with electricity in our home. I’m not sure who is right and who isn’t . He is getting a bargain as it’s had a full bathroom refit and new boiler in last 5 years which is serviced annually. Can anyone advise? This is our first time buying and selling xxxx
It may be that the buyers solicitor insists on an electrical certificate if the mortgage survey has required it, but they can't dictate who pays for it. That would always be up for negotiation.
However, is it worth upsetting the buyer and jeopardizing the sale? It is an expense they hadn't bargained for either. You could offer to go halves?
I just feel he is a little cheeky after getting a £13,000 discount , plus the amount of stuff we are leaving in the Home . I also have 2 people on a waitlist with the estate agent to buy our home if it falls through. I feel if I have to pay for all my own checks, he should pay for his. We also can’t reduce the house any further god forbid if anything shows as being wrong. We already feel we have undersold to start with. X
It's not the buyers fault you put it on for less than market value.
Some people are so cheeky! We're buying our first home and we've let so many little things slide as we know we got a good price. Including the gas and electricity safety checks.
Honestly, I'd tell them to stuff it, if they're that tight and move on to the next buyer. They'll only cause more problems for you down the line.
I’m not saying it is, but we explained our genuine reasons for low price as we wanted a quick sale. His eyes nearly popped out his head when he saw what he was getting for the money. I just don’t believe I have to pay for my own checks plus the buyers checks.
I suppose I just wanted to know if I was being unreasonable or not having to pay both my own and other people’s checks. What happens if they say it needs a new fuse box (£300 approx). We aren’t paying it. Are we able to increase sale price to cover it seeing as no contracts have been exchanged? I just don’t know how this works xxx
Say no then, if he doesn’t want to pay for it he can pull out and one of the other buyers will probably be willing to pay for it.
Hm. Maybe drop the notion of a quick sale? If your house is valued as higher. Stop, take it off, last it again next month for more. Let the EA know you won't barter?
If I was buying a property and the owner refused to do a safety check because they were scared of what else it might show up, I would be incredibly cautious about proceeding. Have they had any surveys done?
Your electrics will be out of date- they are 26 years old. Your checks will show that. Your buyer had the choice whether to proceed with this knowledge (likely, as he's getting a good deal) or pull out. They can't 'make you' do the work.
When we bought ours our survey and electrical checks showed our upstairs lighting wasn't earthed, we rang the electrician who did the report and he quoted for the work, came round the week we moved in and did it.
Sorry, just re-read. You could just say that he needs to pay for the survey himself, if you're willing for it to be done? It's not that you are refusing it, just that you won't pay for it?
Just tell estate agent how it is, its undervalued for a quick sale, if these buyers are going to arse around, find other buyers quick smart. Or put it back on 10k higher.
Odds are any buyer will want this. Better for you to spend £100 on something that could also be used for another buyer if the current sale falls through than everyone have to do their own, surely?
Yes, I’m happy for the electrical check to be done , I just don’t feel I should pay. It’s just something the surveyor reconmended having checked when the survey was done a few days ago. It just mentioned it was dated, not unsafe. I supose I’m just trying to figure out who ends up paying if they recommend a new fuse box? (£300 approx) I’m not being unreasonable, but I’m paying for these checks myself in new house , so don’t feel I should be paying for everybody else’s checks. He is arranging another visit with a builder mate, so might just talk to him then about how at this price he is going to have to absorb these extra costs or else we will relist it at a higher price .
If you want a quick sale I'd recommend getting the checks done, even if you don't intend to do the work required so the potential buyers know exactly what they're buying. That way you can present an honest account. £100 is really a drop in the ocean when house buying/selling.
I'd still drop your current buyer though and go for the next ones on the list.
I think perhaps you need to drop the idea that you are giving him a £13k discount. You decided to put it on the market for less than the valuation. Your buyer paid your full asking price. He is getting a bargain from the sound of it but he won't see it how you do because he is paying what you asked for.
£100 is a tiny amount of money in the scheme of buying a house. If you drop this buyer and start again how much more will you end up paying in solicitor's fees? I would pay and carry on with your sale, I don't think the buyer has done anything terrible.
was the £78k valuation done by one estate agent or many? if it really is worth that based on genuine comparable sales, then whip it off and remarket at closer to that price. YOu're learning that choosing to massively underprice does not guarantee a quick sale. Why go through the same hoops and take away less money? seems a bizarre decision. What's the top of the chain like?
I’m starting to think that stating sold as seen and at such a low price might not be guaranteeing me a smooth transaction. The lady we are buying from us quite stubborn with regards to offers we put in so only paid £1,500 under asking price. Our buyer is a first time buyer. I’m thinking we will fork out the cost of check but any repairs are his and his alone or else we sell at a higher cost.
I would - in not so many words - tell him to take a running jump. When you think you have secured a house at a good price it's just a piss take to expect the seller to pay for your surveys and reports unless there is possibly something very wrong. Very few electrical installations will be up to the latest regs. This does not mean they are inherently unsafe.
Oh the EA just wants an easy life with an easy sale. I'd call his bluff and say you'll re market at a higher price unless he stops mucking around.
That is crazy. Refuse to pay, then give a deadline for exchange and say that if the buyer is not ready you will put it back on the market (at a higher price and with another agent) or contact one of the alternative buyers.
If you are not willing to walk away if they don't meet your terms you may be in for a rough ride. They sound like the types who will haggle over everything, or are very naive and being badly advised by YOUR agent.
Thanks for the advice guys. He is coming back out in a few days so I’ll discuss it then. I’m now thinking of doing the basic check with an electrician and if anything is actually reconmended, then it’s reflected in the price x
Interesting to read this!
Our buyers have so far asked for:
- a fence panel to be replaced (neighbour’s responsibility)
- downpipe to be replaced (joint responsibility)
- boiler and gas fire serviced
- chimney swept!
We’ve said we’ll do the gas services but I think they’re trying it on with their list!
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