Surveyor's report + revised offer

anotheruser23

Hi,
We have made a offer on a house for 305k..it looked like a great house with nothing visible do be done.and well decorated!!
..we got surveyors report and there is lots to be done...a window needs replacing, flat roof needs refelting, gutters need fixing and rainpipe needs replacing, there is lots of diy type electric work done, unused and cut cables in nearly every room..the same goes foor old pipe work.. there are holes in walls behind furniture as a result of gas pipes being put in but not filled in aferwards etc..
Now we feel that the price is too much for the amount of work to be done..What can we do...Based on the report we are thinking of going back and making a revised offer..We know we have paid a bit over the odds for the house ..it was advertised at 350k and then 325k..its a 3 bed semi in Dublin..
Has anyone any experience of revising the offer and what is the best way to proceed..
Thanks

housetypeb

Just tell the ea that you're reducing your bid based on the surveyors report,happens all the time.

ABajaninCork

Simply go back to the EA and tell them the offer will be revised downwards due to the problems uncovered by the survey. Do you have quotes/estimates for the items to be fixed?

Contracts (I assume!) won't have been exchanged yet, so don't be afraid to bargain hard. If the vendor doesn't want to drop the price -WALK AWAY!! Do not be sucked into overpaying for a house that needs a lot of remedial work.

ted1

If i was the seller, i'd tell you take a hike, you have agrees on a price.

a window needs replacing €700
flat roof needs refelting €1500
gutters need fixing and rainpipe needs replacing, €300
there is lots of diy type electric work done, unused and cut cables in nearly every room..the same goes foor old pipe work.. would have to see
there are holes in walls behind furniture as a result of gas pipes being put in but not filled in aferwards etc € 100


When was the house built? most houses in Ireland will need work done, especially older ones.
if your buying a10 yea rold car do you expect it to be like new??

Bigcheeze

None of that sounds major.

Most of the stuff you list is kind of typical for any house that is >25 years old and would expect to be factored into the price you bid. For example, a surveyor will always say to budget for rewiring a house >25 years old.

Also surveyor reports tend to read like there's lots of major problems, whereas it often just means the surveyor is thorough. What's the surveyor's recommendation regarding proceeding with the sale?

Obviously you can renegotiate or walk away but if the bidding was competitive, the seller may just put it back on the market.

You say you know you overpaid so sounds a bit like buyer's remorse here and you're looking for an excuse to reduce what you offered.

P. Breathnach

The house was worth at least €305k to you on the assumption that no great amount of work needed to be done. [I say "at least" because you don't indicate whether you thought you were getting at the right price for you, or if you thought you were getting a great bargain.]

What is the house worth to you now? Is it still worth €305k, but the extra value that you thought you were getting has been eroded? Or is it worth €305k less an amount for the cost and hassle of getting the work done?

If it's now worth less than €305 to you, revise your offer accordingly. Be prepared for the possibility that the seller might not accept your revised offer, and the house might go back on the market. How would you feel if that happened?

StillWaters

I agree that there is nothing major or structural there, maybe €5k absolute tops, and nothing urgent.

I wouldn't negotiate if I was the seller.

killers1

+1 with Stillwaters and Ted1 on this. You're buying a second hand property. The survey isn't a snag list of items you want repaired prior to completing the purchase or the cost of such jobs deducted from the agreed price. A renegotiation of the price based on survey results would only be for far more significant findings. Two questions you should always ask your surveyor are 1) Is there any reason why I shouldn't buy this property & 2) Is there any valid reason why I should be renegotiating the purchase price. I think in your case both answers will be 'no'.

the_syco

anotheruser23 wrote: »

..we got surveyors report and there is lots to be done...a window needs replacing, flat roof needs refelting, gutters need fixing and rainpipe needs replacing, there is lots of diy type electric work done, unused and cut cables in nearly every room..the same goes foor old pipe work.. there are holes in walls behind furniture as a result of gas pipes being put in but not filled in aferwards etc..

Get someone to price the lot, and that'll tell you if you need to change the price.

anotheruser23

Thanks for the feedback. Having slept on it i realised I was probably being a bit dramatic!:) I think the surveyors report scared the **** out of me a bit.

I've read it again and none of the items are massive (or urgent). I will however be getting a dampness assessment done before proceeding with the purchase.

gmisk

I think in general surveyors detail to the worst possible degree any issues.

I have revised offer on a house by 5k after a survey, this was accepted by the owner (it was a pretty old house - so issues with rising damp and with a roof (the new part felt not the one from the 70s bizarrely)