How To Negotiate A House Price After A Survey

If the results of your home survey has made you want/need to negotiate your house price, you’re not alone. Read our guide on negotiating a house price.

While home buyer surveys aren’t compulsory, they are useful and in most cases recommended. They may bring up details about the home you wish to buy that you didn’t know about, such as necessary roof repairs or damp.

However, repairs identified don’t mean you have to drop out of the sale. It’s not uncommon for people to go back on their accepted offer price to negotiate a lower price more suited to the home’s condition.

Negotiating on this can seem quite daunting, which is why we’ve created this simple step-by-step process so you know exactly how to negotiate a house price after a survey.

 

My Home Buyer Survey Identified Faults, Now What?

Once you’ve had your survey report returned and know which issues you want to raise, the next steps would be to:  

  • Research the cost of repairs
    Before you begin negotiating your house price, you’ll want to calculate the cost of the required repairs. This will add greater credibility to your negotiating position. Consider getting at least two impartial quotes on the house repairs so you can compare.
     
  • Speak to your estate agent
    Your estate agent is an expert on these processes, so consulting them for their advice is a great way to prepare. They will also be able to give you advice on the best way to approach the negotiation.

 

Who Do I Renegotiate My House Price With?

When it comes to renegotiating house price, you can either speak directly to the seller or go through the estate agent which is the most common approach.

It would be useful to let the estate agent see sight of the estimates and survey report to review. They can then pass on the information to the seller to begin the renegotiation process. You can then continue the process through the estate agent, or begin a conversation with the seller.

Make sure there’s a paper trail for anything discussed and agreed. This ensures that the seller can’t change their mind at the last minute.

 

At What Point Can I Renegotiate Until?

You can renegotiate your house price up until the exchange of contracts however prior to your mortgage offer being issued is preferable to avoid any delays.

 

Tips For Renegotiating

  • Discuss with the surveyor everything they’ve found while you have them; ask for a detailed overview of everything in the report.
     
  • Be honest and helpful; disclose the full report with the seller.
     
  • Get professional advice from either your estate agent or solicitor on how to proceed.
     
  • Compromise is normal - if they are willing to pay for the repairs themselves if the offer price remains the same, this could save you hassle in the long run as you don’t have to organise getting the repairs.

 

We have a host of online guides for every buyer in every stage of the process, from first time buyers to remortgagers and more. If you’d also like to read more about the different kinds of surveys you can get for your home, we have a great guide on homebuyer surveys for you. You can also always speak to us in person by simply booking an appointment with one of our mortgage advisor.

 

Your mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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