Buyer expectations

[sxcizme3010]

Currently selling our property, had 7 viewings within 6 hours and sold to the first person through the door... AMAZING or so I thought.

We are 6 weeks into the conveyancing process where the buyer has now come back to us with 2 issues which were picked up on survey

1. Electrics not meeting current regs (price reduction to accomodate this)
2. Hole in roof felt (from a repaired tile and now patched repaired)

We have now had a roofer and electrician contact us wanting access to assess the repair (roofer) and the buyer has instructed the electrical work BEFORE completion... He has also voiced question over whether a patch repair will suffice or a complete new under felt (which means removing the roof)

Im getting increasingly anxious about it all. Are buyer expectations too high nowadays? On the other hand our onwards purchase is plain sailing... I want the house and happy to upgrade anything necessary when we move in... Im not causing a fuss over a small hole in some roofing felt.

Access to assess the repair is reasonable.

Work before completion is not. I wouldn’t be entertaining this.

there’s always been unreasonable buyers. Most first time buyers are unreasonable - I know we were.

Most houses won't meet current regulations as they were built before the current regulations. And I presume you are talking about the sarking felt under the roof tiles, which again many older houses won't have. They are trying it on.

They pay for estimates but I wouldn’t pay for either jobs; let them show you that the survey says the house isn’t worth what they’re paying for it! They’ll say that they can’t share the survey but they can share parts of it with you.

The buyers expectations are excessive and thier idea they can do work on a house they do not yet own is madness.

Most houses do not meet current regs for electrical. It's not unsafe, it's just not latest regs.
After they have bought the house, they can replace any roof they like.

Steel yourself for a wobbly ride from here on in. I had a buyer like this once, they even contacted via solicitors a few months after purchase as a pipe had burst and they wanted me to pay!

That's really simple. It's your home until it completes. At that point they can do what they want. Refuse any work or access, unless it is too quote.
Your solicitor needs to get involved here. If you aren't comfortable, walk away, another sale will come along.

In the meantime, is there any justification for the feedback? Is it something for you to look at before somebody else offers? What era is the house?

You're quite lucky if only these 2 issues came up as red flags - often there are way more!

Personally I would accept a small price reduction based on their electrician's estimate re doing electrical work so your electrics meet current regulations. Or find my own electrician to give an estimate and potentially complete the work. This is an issue that won't cost thousands and will come up time and time again if this sale falls through. So it has to be taken seriously even if it's true that most houses wouldn't meet current regulations.

The roof is the bigger issue. I would allow their roofer access to take a look but also get a couple of quotes/opinions yourself. Estimates are generally free so I presume they are getting estimates with a view to trying to get a reduction on price. Which I don't consider particularly unreasonable tbh.

If the total cost of the work needed comes in at 5k say, I think it would be reasonable for both parties to meet in the middle and for them to get a reduction of about 2.5k.

"Currently selling our property, had 7 viewings within 6 hours and sold to the first person through the door... AMAZING or so I thought."
Did you get any other offers?
I would hold fast on your price, it doesn't sound like there's a lot to do, and some work on any house should be expected. I'd tell the buyer that if he wants a new roof he can pay for one when he owns the house!

First time buyer ?

You often find they are the most cautious .

I would tell them they can access for a quote but rhey arent allowed to do any work till completetion as its still your house! Honestly I would put it back on market if they carry on.

Im not so much bothered about the roofer as I know the roof is fine, we had a cracked tile couple of years ago which we got replaced and whilst we had thr roofer out he checked over the condition and sorted a couple of issues on the ridge etc as precautionary so Im not concerned about that but it seems unnecessary considering the survey brought up a hole in the felt (from said roof tile repair) which we have now had patched up with more felt.

The electrics are valid to an extent - they are not unsafe but do need modernised at some point so we negotiated a lower offer to reflect that which he accepted in those terms.

It just seems like its one thing after another... Doesn't seem to be taking into account the boiler is new under guarantee, all DG and doors replaced, cavity wall insulation under guarantee, loft insulation replaced circa 8 years ago, fully landscaped gardens, kitchen and bathroom done to a modern standard, pointing all good, fences replaced circa 5 years ago, new radiators, conservatory roof upgraded so its usable all year round etc etc...

Things like a little bit of upgrading or modernising doesn't bother me at all....

You didn't say, did you get other offers?

Yes 2 others. All for full asking price but he was in the best position as a FTB living with parents and wanted to move quickly.

Well then you're likely to get other offers quickly if you put it back on, so say no to anything you object to and if he pushes back say you'll put it back on the market.
He'll either shape up or dither!

7 viewings in 6 hours with 3 offers, I might question whether you were under-priced. But I'd be asking your EA to make this clear to the FTB.

It's up to you if you want to play hardball or not.

Surely the price reduction you agreed though was not directly linked to the electrics but more general than that?

I wouldn't want to jeopardise a sale for the sake of potentially a couple of thousand pounds - don't know how much reduction they will expect though.

I would go along with what they want for now and at least find out what is the reduction they are going to ask for ...if it's not too steep I would compromise just to keep the deal on track.

No - It was directly for the electrical work. We got a few quotes and I went with the most expensive one and deducted that off the asking price which he offered. We priced it to sell as our onward purchase is empty and we didnt want to lose it.

I would certainly point out the price reduction due to the electrics, based on received quotes. Also mention to the EA that if the buyer continues to come up with minor issues, you will have to consider putting the property back on the market.

The EA should be frightening your demanding FTB with your back up offers. That's their job, to work for you.

Unless it's a new build electrics won't be up to code but it doesn't make them unsafe. Before exchanging here I had the boiler and electrics checked.

But any work that may need doing is not on you. And you've reduced the price.

I'd go back and tell them they either proceed or not but there's no further reduction.

In theory yes. In reality EAs only have their eye on their commission, and will say or do anything to make sure they get it.

Sounds like they are first time buyers who are expecting a perfect, show house. Absolutely do not let them get work done before completion.

I am selling a house that needs new electrics, new windows and generally tarting up, but the price reflects the condition. I wouldn’t be making further reductions based on this type of work that obviously needs doing.

Exactly, It needs a new consumer unit and a couple of remedial bits - its not a huge rewire! Things seem to get blown out of all proportion

I'm an electrician OP, a house I fully re-wired in 2021 does not meet the current regs, they are constantly changing.

There is no need to chase the regs. so long as you have RCD protection, a good earth and PVC insulation it should be fine!!

I was working today in a school that was last re-wired in 1963, and it still passes with a few minor tweaks the 5 yearly check.

The fuse boxes in that school are gorgeous old MEM "Glasgow" made in Britain back in the 60's and still going strong!

Tell em to do one!!

When I sold my house some years ago, I had a FTB trying it on (her dad was pushing her buttons) and in the end, I got so fed up of her silly nonsense trying to get extra money off for no good reason, trying to get me to leave all the white goods for free etc., I thought fuck this and took it off the market.

I re-listed it about 2 months later for a higher price and got the full asking price from the first viewer. They were buying it to rent out and were very easy to deal with.

My garden shed got broken into after I re-listed it and I know it was one of her family who did it. But I also know that my house was at the top of her budget and she definitely couldn’t afford the price increase. If she’d been reasonable, she’d have got herself a lovely modern starter home, instead she’d be stuck living with her parents for longer. 🤷🏻‍♀️