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Sale Agreed Price After Survey

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When someone gets a buildings survey done on a house, where the surveyor states in the finished survey the estimated cost of fixing something he has discovered, how do I use this to attempt to negotiate down the sale agreed price?


Assuming something is discovered which I would not have noticed since I'm not a builder or a surveyor.


For example, if he discovers that the roof needs replaced, or the house has rising damp, or there is woodworm in beams and these need replaced etc.


Do I simply contact the estate agent and inform them that the surveyor has found 'x' and estimated the cost of fixing at 'y', and I would like to reduce the sale agreed price by the estimate of fixing provided by the surveyor?


Is it best to contact the estate agent by telephone, e-mail or formal letter to inform them of this?


Thanks for any advice!

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In England you don't need a reason to reduce your offer right up until exchange of contracts, you just have to get the seller to agree. You can call the EA to make them aware of your wishes and any reasons you want to give, they'll speak to the owner and get back to you. The exception is Scotland where the offer is considered binding however there you're expected to have a survey done before you make an offer.

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have you an accepted offer?

if so best to just act dumb and tell the estate agent the suveyor has discoverd x & y which will cost £x and therefore you can nolonger complete and certainly not at the price you previousaly put forward.

What happens next depends on the position of underbidders and how keen the vendors were. chances are other suveyors will pick up the same and it is a problem they will face with a futer buyer as well.

when you place an offer it should always be made subject to survey and contract.

If it is an old house the agent will claim you have to expect this. if they have upgraded the roof etc this would be highlighted on the sales brochure and people therefore would have paid more.

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Thanks Belfast VI.

have you an accepted offer?

yes.

House is about 80 years old.
However, survey hasn't been completed yet. Just wondering what to do,in terms of re-negotiating price, in the event that something did come up.

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Couple of ways actually

If the offer was made subject to survey and there are issues; you can ask the vendor to rectify and then you are happy to go ahead with the purchase. Most vendors don't want to do this because of hassle etc.

or you can change your offer to make good for the problems. You can factor in inconvenience as well.

You can also change the offer if the surveyor comes back with a lower valuation than the offer. For eg. surveyor says its 100K and your offer was 110K.

I have usually done this over the telephone and followed by a registered letter. Slimy fellows estate agents can be , with mail going missing and all.

If you are shrewd you can arrive at an opinion about how quickly the vendor wants to sell and the circumstances of the sale. If you feel there are compelling circumstances for the sale, go for the jugular and put in an offer which embarrasses you. You might be surprised.

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