Can I renegotiate an asking price after a surveyor's findings?
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Nancy C from Birmingham
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Buying a house questions and answers
Question
I agreed a price for a property, however after the surveyors survey I want to reduce my initial offer. Is there any reason I can not reduce my offer price? I understand I did make this agreement, and do not want to be seen to going back on my word. I just was not expecting the surveyors findings to unearth any problems, can I now reduce my offer? If I could renegotiate my initial offer I could use the money to help with repairs.
Answer
Absolutely.
Your offer to purchase is ‘subject to contract’ and this includes the results of any survey that is undertaken. If your survey report has identified defects in the construction then these will have a cost associated with the repairs and will therefore affect the property value.
The estate agents negotiating the sale see this on a daily basis so will know how to advise both parties. It is very often the case that sales completely abort due to a bad survey, so the vendors should not dismiss your concerns.
If your surveyor has priced the cost of repairs, I would suggest you email a list of defects and the associated costs of repair. The vendor will then need to consider a reasonable discount if they want to sell within a reasonable time frame.
It is also worth noting that the agents would not have known about the repairs when they valued the property, so a discount is not an unreasonable request.
Good luck.
reallymoving comment:
This is why it is so important to have a house survey, it shows you the whole picture. You can use the information in the survey report to renegotiate the asking price. These issues will be the same for anybody buying the property, so you're more than in your right to renegotiate the purchase price.
Oliver Trice
Wilde Trice Consultancy Ltd
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I would like to thank the survey for pointing out defects which would of cost me massive amounts of money, I did pull out of the property but the money paid for the surgery saved me thousands on repairs.
Ellie on 06/03/2024