ADVICE: Buyers Hesitant After Survey – Already Priced Low & Marketed as Investment Property Requiring Refurbishment

[Eggybreadwithnuts]

Looking for advice: buyers pulling out after Level 2 survey – priced low to reflect condition etc.

This is the family home my dad lived in for many years. He sadly passed away a year ago, which is why we’re now selling. The house was built circa 1960 (so around 55 years old) and is being marketed as an investment property, in need of full refurbishment.

For info:
Valued at £300,000-315,000 - we put on for that price on advice of estate agents but then due to amount of work,and for a quick sale and we put on market for £285,000 accepted offer of £278,500.

Agents have been upfront with potential buyers that an elderly person lived there and that the property requires updating throughout. We accepted a lower offer with this in mind — the price reflects the condition and the need for improvement.

The buyers have now had their Level 2 survey, which has flagged several expected areas needing attention. A couple of points are not quite accurate, and we have evidence to correct them.

They are now saying they won’t move forward due to concerns raised in the report, unless we agree to contribute towards the cost of a second survey.

Any advice appreciated!!!!
We really don’t want to lose the sale, but feel we’ve already priced the property fairly to reflect the work required. Has anyone been in a similar position?

Would you contribute to a second survey, or do you have advice on how best to proceed?

Thanks in advance.

Ah interesting will double check that.

Of course any house that needs updating, modernising i.e reflected in price.

And bizarrely 'built near an old coal mining area, so may be built on clay".
The estate of houses is nearly 55 years old, not a coal mining area at all.

There might be shallow or deep mine workings (depends where you are) but there’s no definitive correlation with surface soils being clay.

It was all very weird...lots of may have, could have...to cover themselves maybe.

Sounds like a typical survey - lots of arse covering by the surveyor and most likely nothing of actual concern, but enough to worry first time buyers.

100% agree more I think about it. Still 😳 about the some windows didnt have keys in the locks....safety issue!

When you say “marketed as an investment property”, what do you mean? That to me means it’s got sitting tenants or is a good prospect for a landlord, not that it requires refurbishment. Do you mean “requires investment”?

Just checking in case the agents have marked it on Rightmove as an “investment property” which could be putting potential buyers off.

In need of refurbishment and updating and once brought up to date will give a good return.

Estate agents give the full picture to each client.

Thats not an 'investment property'. Investment usually means that its for reconstruction or rebuilding or that you're likely to rent it out or it has sitting tenants

It should just have said that it needs modernising. Plenty of people live in homes with 'dated kitchen' - horror of horrors on here. Tired carpets - gasp!

Trouble is with surveys they imply the house is virtually falling down if there some pointing missing or a couple of tiles are missing off the roof or and old front door. This is the reality of living in a house!

Estate agents marketed as investment to property developers/landlords/builders as well as a modernisation project for 1st or 2nd time buyers wanting a family hime.

Yes I think sleeping on it and re reading the report...lots of covering their backsides reporting from surveyors which is their job.

We know what work needs to be carried out and price has always demonstrated it.

Reflecting on us contributing to another survey...its a no. They will obvs want us to reduce cost. Us having the survey doesnt really help us as in if they pull out other potential buyers will do their own surveys...we can only have a copy of the 2nd survey and use if the surveyors allow us to which Im guessing they wont as our potential buyers its owned by them.

Will see how it goes. We've dropped the price and accept their offer ... 7k under our price so dont want to be getting into a price war. We'll just put back on the market.

Good for you OP, stay strong. 💪

We are going to sell my mums home soon she is in a care home now. It needs a lot doing to it new kitchen. Bathroom, flooring, painting throughout. Really needs gutting and starting again. We will see what comes in a survey. Have they new windows as I thought houses that old wouldn't even have keys or handles to restrict opening. I would stick to my guns there will be someone that will think it is a great opportunity to start from stratch.

Sounds the same as my Dads...absolutely needs gutting and thats why it's priced as it is.

Might even look at auctioning it but not sure even where to start on this