"Buyer unsure how to proceed"

[homeandstay]

Chain of 4, FTB buying ours, have today said they're unsure to proceed following survey, absolutely gutted.
We were suppose to exchange this week and complete next week.

They only did the survey 3 weeks ago, so very late into the process.

We live in the house and not aware of any issues, they've not told us what the issues are or what they're concerned about.

Absolutely gutted, and just need some words of encouragement or if you have been in this situation, how did things pan out?

What was the issue the survey picked up on?

Can you find out what their concerns are, maybe offer to fix the issue or a price reduction?. I would hope your EA tries very hard to keep the chain going at this late stage. Good luck OP

@Ilikewinter yes will try find out today, the estate agents did try finding out yesterday but they didn't answer the phone.

These surveys make FTB nervous, they cover everything that could possibly go wrong.

Sounds like they're buttering you up for some money off rather than actually pulling out (they'd just pull out if that were the case imo) so make sure if they do you ask them for specific quotes for the work from specialists, not just the main survey- ie if they say its the roof, they can get a roofer round to quote etc rather than whatever figure the surveyor has plucked from the air.

Or just give them what they want to get the sale done and keep the chain together, at this stage!

Yes FTBs tend not to realise that a survey is basically a backside covering exercise by the surveyor, mentioning every tiny thing that ‘may’ cause a problem or that they weren’t able to inspect properly. More experienced buyers have the ability pick out any real concerns and ignore the rest.

The only thing to suggest is ask what their concerns are, so you can try and put their mind at rest.

Or they could be trying to lay the foundations to gazunder you.

Sounds as if they may be hoping for some price reduction.

You were all correct, they asked for 3k off for chimney repairs and repointing of the roof.

@homeandstay Negotiate with them. That’s a certain amount of work but roof work is always going to cost. As you didn’t do the work I would just let them have some money off.

Depends if the work needs doing or if they are just trying it on. Has the cost of work already been factored into the price of the house? Do you want to call their bluff and see if they pull out if you say no? Can you get another buyer easily if they do pull out?

Lots of factors to consider when considering a response to them.

A week before exchange I would offer them £2k and be relieved it wasn't worse

Hold firm, do not be pushed into a price reduction, instruct your agent to find another buyer ASAP. The buyer is in a tricky situation because if they don't buy a house by 1st April 2025, they will be hit by 3% stamp duty. Currently, first time buyers don't pay stamp duty so call their bluff and find another buyer.

Depends on a couple of things.

If the house is marketed as completely renovated I wouldn’t expect to find much to fix up. In this scenario meet them half way and reduce by £1.5

If it’s a house in good state but with work to be done to modernise, then no.

Also depends on how much you’re selling for, if £650k I’d suck it up, £200k not so much.

Yes and this. I hadn’t thought of that. They will be very hard pressed to find another house and complete by 1 April, I’d say impossible as there will be such a rush on with buyers

They might well find another house. It’s not impossible. I’d just be pragmatic. Loss of pointing does mean water might get in. It definitely depends if everything else is A1 or a bit tired. Totally depends if the OP wants the brinkmanship and is ok possibly losing the buyer. They might already have somewhere else lined up! Who knows?

Just go with it - do you want to go through the whole thing again? Offer 1.5k and be prepared to go up a little. I honestly don't see what the issue is.

You suggest that for the sake of maximum £3k.

If the survey said the house was still worth the sale price then they have less room to push for a reduction - ask to see the relevant part of the survey report. You can suggest it goes back on the market and prices are going up currently.

Honestly depending on how much your house is worth, for £3k this close to the finish line I'd agree with PP that I'd offer £2k but be willing to settle at 3 and count my lucky starts they weren't coming at you with a £20k bill.

I'd offer them £1k off but insist on exchange asap. They can take it or leave it. Like others say they'll struggle to find something else without paying stamp duty plus they've already spent money on survey, searches etc for yours.

The stamp duty won't be a maximum of £3k, it would be 3% of asking price so significantly more than £3k. That's what the buyer will have to pay after 1st April if they don't stop playing stupid games now.

Who cares what the buyers do - the OP needs to sell her house and for the sake of £3k (maximum) then just get on and work with it. It potentially will cost them more than £3k to LOSE the sale.

@Enterthedragonqueen first time buyers won't be paying stamp duty from next year on properties unless the price is over £300,000 - and even then, it wouldn't be 3%; it would only be 5% of the purchase price between £300,000 and £925,000. So potentially not an inconsiderable sum, but not 3% on the full amount.

If the stamp duty deadline was next month I could almost see the logic in that argument, but April is still feasibly time to find somewhere new (or for a FTB to think they could).

Give them some money off OP and get it done.