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Help buyer wants reduction before full survey what to do?(16 Posts)
A offer was made on my property, which was below asking price. I accepted, knowing the property needed some works doing, and planning permissions are in place for various building works. Since then, the buyer has had a mortgage approved, and now won’t exchange until I accept a further price reduction along with a full building survey. I accepted this reduction, very reluctantly, because the previous reduction was costed into the accepted offer. It now seems, the EA doesn’t want me to be present when the survey takes place, because it’s “awkward”, and could jeopardise the sale. They’ve also told me this survey will only take one hour in total, which doesn’t seem to ring true when I compare building survey lengths on google.
Is it appropriate for me to stay away? Should I make it clear no further reductions will be accepted? Is a survey even taking place? Thanks in advance.
I would not be out of the house when someone was doing a survey, the EA is talking absolute rubbish!
So have you already accepted a reduced offer twice? The mortgage company will be required to carry out a valuation survey, but you are under no obligation to accept any further reduced offers.
Just tell the EA that the surveyor will have to liaise with you personally to arrange when the survey takes place. Don't even discuss prices drops. When the survey comes back, if the buyer asks for a further reduction, ask to see they survey.
Sounds like they will try it again to get another reduction. Been stung by this and my advice is don't give any as they will often look for more off if they got away with it first time.
They've probably gone for the most thorough survey to try to find areas where they can rescue the price further.
You can say no more reductions and to take it or leave it. If they've spent a lot on the survey they would be crazy to walk away at that point.
I know my friends were in this position (after getting advice to look for more off) and the sellers said you can pull out if you want but if you do, it goes back on the market tomorrow. It put them under pressure to complete as planned.
A survey after they’ve had a mortgage offer? Maybe they want to bring a builder or architect around to discuss the work they’re going to do? I’d definitely be at home. The EA is a muppet.
Definitely be there.
If it's a full structural private survey they'll be lifting carpets and all sorts.
If it's a mortgage evaluation survey it won't be as intrusive or take anywhere near as long.
Sounds as though they are only trying it on to get you to reduce the price again. As suggested upthread, just say no, you've already dropped the price, no more reductions are forthcoming.
Also some surveys can read as though the place is falling down, but if you eliminate any of the text that says 'could be or may be, or possibly, because it doesn't mean anything's definitely been found, just that there's a slight possibility of it and the surveyor's covering himself by mentioning it in case the buyers find it in the future.
Any surveyor that doesn't have a RICS or ARICS of FRICS qualification after his name isn't very highly qualified, I'd not drop the price on a survey done by an unqualified surveyor.
If it's a survey done by a builder or a renovation company specialising in things like damp, re-roofing, double glazing and such and they suddenly "discover" your property needs their services at £KKK or it'll fall down tomorrow, ignore it.
e.g Survey says 'Damp meter readings of XXXX in external wall could possibly may indicate the presence of moisture'
Buyers say 'We want the price dropped by the cost of extensive whole house damp proof treatment.
Seller says 'There's no evidence of damp, no mould, no smell, the survey only says it's a vague possibility, so no price reduction. Proceed with the sale or drop out now, don't mess me about any more.
Daft things buyers have said to me to get a price reduction.
'The roof will be 100 years old soon so it needs replacing, I want you to drop the price by £fortune.
Answer, no, it isn't built to collapse on its 100th anniversary, go away, you're trying it on.
'The kitchen/bathroom needs updating'
Answer, everything in there functions perfectly well, just because you don't like the look of it, that's no reason for me to drop my price so I pay for the home improvement you want. I'm not prepared to do that.
We made an offer which was accepted with the proviso that they couldn’t go any lower whatever the survey said. Either we paid the agreed price or walked away. Our independent full survey came back with nothing terribly surprising so we were happy to proceed, the mortgage company sent their surveyor who wanted to reduce the value and advised some large retentions.
The seller couldn’t budge and our mortgage provider when pushed threw out their surveyors report and lent us everything we requested.
In our case though we might have been waiting years for a similar house in the area we wanted, if your buyer has more options they may be more likely to back out.
In terms of being out when the surveyor attends, it’s probably because they have experience of sellers kicking off when the surveyor tries to do required things like lift carpets, empty out fitted cupboards and move furniture to get a look at what’s behind or underneath. It’s up to you whether you’re in or out, same as for viewings. I’ve always preferred to be out. I don’t see why you’d suspect no survey is taking place at all, a full survey is pretty standard and even more so if the property clearly needs work.
You can make it clear that no further reductions will be offered, but if your buyer hasn’t yet invested any money in terms of legal fees or their own selling costs there’s a risk they’ll just walk away if the survey throws up anything costly.
Surveyors are highly unlikely to go around lifting fitted carpets, or moving items of furniture.
Most surveys I've seen contain disclaimers highlighting as such.
Surveyors are highly unlikely to go around lifting fitted carpets, or moving items of furniture
Depends what sort of a survey it is, a full structural survey is very investigative.
It's not called a full structural any longer, it's a buildings survey.
This is the most detailed level of survey, however it would be incredibly unusual for carpets to be lifted.
I have told buyers I won't be reducing further no matter what the survey says so if they decide they won't go ahead at the current price they will have wasted money getting a survey, might as well drop out now if that's their game. Mean it and sound like you mean it.
This sounds weird. The estate agent works for the vendor, the OP, so why are they telling the OP not to be there when the surveyor is? I assume that the OP doesnt plan to follow them round, you just let them in and stay out of the way surely?
The point of a full building survey is that they’re looking for structural soundness weakness and things like rot, woodworm or damp. I’ve recently had one done - they definitely moved furniture and wanted to see the condition of floorboards under carpets.
they definitely moved furniture and wanted to see the condition of floorboards under carpets
Something that is highly unusual. Most surveyors would not lift fitted carpets as part of a building survey.
We’ve just had a homebuyers one done as our building society decided to only do a desktop valuation exercise.
The vendor being in was useful as he could answer questions eg superficial water damage had been done when there was a leak so they had the roof replaced. The point of it was not so we could negotiate a price reduction but to find out if there was anything structural that was so serious it would mean we wanted to pull out.
I would never not agree to be in.
This is a try on accept NO reductions and be in for the survey. Your house your rules , or walk away, call the bluff