What do you do when survey has shown work needs doing and your offer is over the valuation?

[TexMex]

Just that really! Agreed asking price for new house, just had survey back that values the house at 5k less than our offer, and has picked up things that need work (damp, windows etc) too. So what so I do next? Do I get quotes for work that needs doing first or do I go straight to estate agents and ask to drop my offer by 5k based on survey? If anyone has been in a similar position is love some advice.

I'd let the agent know that the house has been valued at less than your offer and so you expect that you will have to reduce your offer. Then I'd also get some quotes from a builder for the work that needs doing. Surveryors seem to be so over the top that you may find it doesn't all need doing anyway, but on the other hand you want to check how much it would cost you if it does so you don't take on a house you can't afford to fix.

The surveyor may re-acces the value once you let him know the quotes from a builder (could go either up or down). What have they said needs doing?

Thanks, that's useful advice. The things that need doing include damp in 2 rooms, replacing windows (frames and windows), guttering and updating electrics with a few other more minor things. I'm not sure how much that would all add up to!

Hard to say really! How big is the house? We had a damp proof course put into a 3 bed end terrace (and all replastering etc) for about £2500. The electrics would depend on what needs doing really, if its a full rewire or just a new consumer unit or something. I'd get a general builder to look at most of it and quote and then an electrician for the electrics. As long as the buyers know you are serious about the house I'm sure they wont mind you doing this. They will potentially have the same issues come up with any buyer.

If they have valued at £5000 less than you have offered then this would possibly effect how much the mortgage company are prepared to lend you so I think you're in a strong position to negotiate the price down a little if you still want the house.