Re-negotiating after house survey

RedRobin21

Hi all! Recently went sale agreed after months and months of searching - got survey done which came back saying significant repairs needed to the tune of 50k+. We weren't totally surprised but was worse than we thought

What are the chances the seller will negotiate the price down to reflect this and has anyone had success negotiating using a bad survey

Getting a house survey is vital anyway!

bigmac3

Slim to none in the current market.

JimmyVik

Recently some friends were selling and went sale agree.

They buyer came back after a few weeks with the survey and asked for a reduction or they couldnt proceed.

Friends said out straight to the solicitor that they wanted to go to the underbidders straight away and not sell to the ones that were sale agreed as this behaviour probably meant more hassle down the line before the sale went through.

Two underbidders ended up bidding 10k over and went sale agreed again.

Original buyers then threatening to sue and all sorts of stuff.

I think OP if you are not happy with what you are paying then just pull out now and save both yourselves and the seller the trouble.

Royale with Cheese

I sold an apartment recently and the buyer asked for a survey to be done even though they were paying cash so didn't need one. They were dragging their heels anyway and the deal was taking much longer than it should have, the survey came back with 4 extremely minor things (one of them was that the boiler hadn't been serviced since 2019) and they came back to me and asked me to address them. I told the estate agent I'd had enough at that point and to put it back on the market, at which point the buyer suddenly got their shít together and the purchase was completed within two weeks.

It's a seller's market, if you knew the place would need some work anyway I'll doubt they'll entertain any kind of price reduction and may cause the sellers to rethink. I had multiple bidders intially interested that then flaked out later on so going with a bidder I thought was serious and would lead to a smooth transaction was my no. 1 priority, I actually turned down a bid 2k higher than the one I accepted because of this.

RedRobin21

The repairs are substantial and including new roofs etc, also includes damage which the seller had concealed (painting over damp) so simply saying you get what you pay for is a bit daft. But unfortunately the housing crisis has put people in a position where they will pay anything for properties that are in very poor condition. A survey should definitely always be done - cash or not. Many of the issues in ours were unfortunately concealed

Treppen

https://www.boards.ie/discussion/comment/117715664#Comment_117715664

50k in substantial repairs would make me consider paying 20k in rent for another year . If you outline the problems and rough costs then at least the seller might fear another purchaser uncovering the same.

Don't forget you'll have the hassles of acquiring and paying for many tradesmen too.

Fixing damp is a specialised process and can be due to structural defects.

Structural=$$$$$$

What would a similar house with no issues in the same area cost compared to the sale price + repair cost of this one?

Ray Palmer

https://www.boards.ie/discussion/comment/117715765#Comment_117715765

I actually wouldn't consider €50k that much for many houses, the amount as a percentage or related to other properties in the area and price would be the factors. Damp in most cases is a result of lifestyle and not structural faults. After that damp is normally the result of a broken drainage from the roof. It isn't that specialized and a damp reader is cheap enough to buy and trace the issue yourself. Minor issues not dealt with is usually the cause of damp.

Sellers market and had a similar issue when buying a house and they just decided not to sell at all and sold it for more a year later above the price it would have cost for us buy and get fixed up. I is also worth more than the house we did buy with no issues.

tscul32

When we sold ours 10 years ago the buyers survey included the water tank in the attic didn't look perfect. It was 20 years old and the very same state as the one we were moving to. We had it checked ourselves and were told it was exactly as would be expected for its age. There were also a couple of other little niggles, none of which we would have raised if they were in the one we were buying. In the end cos we were in a chain and didn't want to restart, we rebutted the claims but dropped €500 to get it over the line. Might be selling again soon but will make sure any issues are made known so it's sold as seen.

The people who bought from us sold again 5 years later and I'd be willing to bet they never touched the water tank.

Jmc25

When I was selling recently the buyer wanted to renegotiate for some very minor things, none of them structural or things you wouldn't expect to fix yourself in the normal course of owning a home. I told them to get lost and they knocked it off and we closed the sale.

However, 50k is significant cash and doesn't even factor in the inevitable hassle you'll have in getting all the work done. I'd be looking to renegotiate but it'd be on the basis that I genuinely would walk away if they refused.

My only advice is don't waste anyone's time here - only seek to renegotiate if you're genuinely going to walk if they don't play ball. And if they don't play ball, then walk.

listermint

I doubt your going to get a seller to drop 50k let alone 20k on the current market. Your options are to ask or be happy to pull out

cruizer101

https://www.boards.ie/discussion/comment/117715583#Comment_117715583

Banks don't require a survey, just a valuation which is a different thing.

OP its hard to know and depends on the makeup of the 50k. You say you weren't too surprised so maybe seller was fully aware 50k was going to be needed to put into it and in their eyes it was taken into account in the sale price.

You need to decide yourself, have you the money do you think with the 50k it is still worth it, how does it compare to another property with price equivalent to sale agreed price plus 50k.

There is too many variables for anyone here to give definitive answer.

It may be worth going back and asking for a reduction but be prepared to walk away.

Treppen

https://www.boards.ie/discussion/comment/117716053#Comment_117716053

I suppose it's all relative to the house location and how much under the market value it is in order to account for the 50k repairs, that is something the OP didn't give us.

Our house was about 20k under market due to repairs so we factored it in (bout 15k to bring it up to similar spec). So that put people off on first viewings.

And yes it's a seller's market so if we had waited a few months I could guarantee the same house might have sold for 20k more easily.

But for me 50k repairs and an unknown source of damp is worth negotiating or walking away. Ya sure it might just be a broken tile in the aforementioned dodgy roof, but it would appear that the OPs surveyor didn't offer a possible source of the damp, so it's 100% unknown.

Although in fairness if another house in the area was in top shape and cost 50k more then it's a complicated question. Especially in a moving market with limited supply.

TL:Dr need more info on house prices/supply in that area.