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 like this can seem quite daunting, which is why we’ve created this simple guide to help.
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 renegotiating 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 on the best way to approach the negotiation is a great way to prepare.
When it comes to renegotiating the 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 directly.
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.
You can renegotiate your house price up until the exchange of contracts, however prior to your mortgage offer being issued is preferable so you don’t need to make any amends there, which could cause delay.
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 – the seller may want to keep the offer price unchanged but is happy to pay for the repairs themselves – this could save you hassle in the long run as you don’t have to organise getting the repairs.
If you’d 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 advisers.
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