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survey to be conducted 2 months after accepting offer

7 replies

17million · 01/09/2019 09:34

A bit of back story
nearly 2 months ago SSTC to a cash buyer who was so keen on the house he was literally the first viewer. I accepted below asking price. He said he did not intend to do even a homebuyers survey - which I accepted in good faith.
He wanted to move ASAP so I put a lot of effort into finding a house and getting my offer accepted while ensuring it was likely to be either no chain or a very short one. Informed everyone and solicitor started totting up the charges.
One week later the EA reported back to me that my buyer wanted to do a full building survey because he was 'advised' to do so by, I presume, his solicitor.
I smell a rat that said buyer has used the fact that I have found somewhere I want to buy and had an offer accepted as a tactic to try and get more money off.
I know this is not AIBU but I was always under the impression that most buyers will do a survey ASAP not leave it for 2 months. That they offer subject to survey. I have always done this.

If I had not found a house I really want to buy when these buyers played this tactic on me I would probably tell them to politely get lost.

Is this not similar to gazundering which while not illegal is not really fair.
My reaction is to view this buyer with suspicion - let him do his survey and see what he comes up with. Refusal of any major reduction in offer unless he shows me what he is basing it on (If he will let me see the survey)
any advice - other than I should have ensured he was trustworthy at the outset Shock

OP posts:
BitOftheSea · 01/09/2019 10:23

So did he offer two months ago and you found somewhere else a week ago? In which case you’re only really a week into the process and a survey seems reasonable. If you’re two months into the whole process and supposed to be close to exchange then I’d be suspicious too.

17million · 01/09/2019 11:48

he is in rented - so let me take time to find somewhere - I found somewhere over 2 weeks ago. Is it not normal to undertake a survey (certainly if you need a mortgage) as soon as your offer is accepted. I know I have always made an offer subject to survey and had the survey done ASAP.
I would expect the property to still be marketed until I had had the survey done (and the mortgage offer made if applicable) as an indicator of serious intent.
You obviously think I am being unreasonable but he had ample time to have had the survey done while I was house-searching.

I have bought and sold many houses (7 at least in my lifetime) and have never encountered this attitude before. The survey is booked for 2 weeks time (2 months after offer and acceptance) and may impact on my ongoing chain.
I am getting a survey done next week on the house I am buying - as most fair-minded people would.

OP posts:
wowfudge · 01/09/2019 13:20

If the buyer were buying with a mortgage then it wouldn't be prudent for them to pay for a survey until the chain were complete. That is exactly what has happened here, without him needing a mortgage. You'd be a fool to buy a house without having a survey really so I don't think it's at all unreasonable.

Why do you think him having a survey carried out will result in him reducing his offer?

InfiniteSheldon · 01/09/2019 13:55

No its normal to do a survey when the chain is ready not when one party hasnt found their next property.

Teebern · 25/09/2019 14:59

Very interesting. We have just found out via a very tenacious estate agent that the buyers of my mum in law's house are going to demand a 9% discount based on a survey (de)valuation which they have sat on for 2 months! We were getting twitchy as the buyers seemed to be stalling for time & we only went with them as they wanted a quick sale! There is no chain but it is being sold to fund her care home fees so it is a massive blow that they didn't tell us earlier when we could have put it back on the market without accruing further solicitor's fees. The two months in your post leapt out at me and this happening in the same month too!

Alexalee · 25/09/2019 16:33

Teebern... if it has been down valued by 9% then the likelihood is the next buyer you get will have the same issue. Might be worth sticking with the same buyer but try splitting the difference with them at 4.5% discount

Teebern · 25/09/2019 19:37

Well the issue has become about which valuation to believe & why it was sat on until the point of exchange. You could well be right but we are suspicious of this buyer. We did a bit of digging into the backgrounds via 'Linked in' etc and it seems like its an investment company which finds properties for others so there are two parties involved. The guy who runs the company is based in Scotland as it happens & we're wondering if the 'no gazundering' law could be applied. He has been advising 'clients' from last year & from the look of his information he has been on property seminars which teach you how to make a profit. It actually looks like they have a strategy to wait until dropping the devaluation bombshell just as exchange is close by.

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