It is always a good idea to undertake a home survey whenever you are considering a property purchase. But what happens after a house survey doesn’t go the way you’d hoped?
If something critical is found in the results of a house survey, where does that leave you and the property you had thought was going to be your new home?
It’s true that buyers can be put off by problems highlighted by a Chartered Surveyor’s home survey report. However, just because something you hadn’t noticed is brought to your attention, it doesn’t always mean that the house sale will fall through.
Negative Home Survey – What Does it Mean?
The first thing you should do when you receive your Home Survey report is to speak to the surveyor. Your Chartered Surveyor will be able to talk through the report and give you expert guidance on the severity of the issue or issues identified to help you understand the implications for the property and your prospective purchase.
At the crux of the questions about the house survey, you should ascertain with your surveyor whether or not the issues in the report require the attention of specialist contractors. What’s more, you will need to establish whether these works could add up to a costly bill for you if you proceed with the purchase.
Finding out how much problems will cost to fix
If your surveyor has recommended that further investigations into the issues in the house survey should be handled by specialist contractors, your next step would be to contact a selection of such contractors for a quote for the repair work. Though the price could change in the future, you will be forewarned of the likely expenditure to have these issues rectified or repaired.
Let the seller know that you are still interested in the property but need to find out how much the issues will cost you after the purchase is completed. This allows the seller to recognise that you are still interested and reduces the risk of them finding another buyer.
Can I reduce my offer after a survey?
As long as you have not exchanged contracts on the property then you are able to reduce your offer to reflect the results of the Home Survey. There is no guarantee that a new offer will be accepted, but you are now in a better position to negotiate as you have written proof of the defects and their likely costs.
By how much can I reduce my offer after the survey?
Reducing an offer after the survey is not unusual, but it should be properly calculated. You will need the approximate costs for the repair work, as mentioned above, and to work out the total cost to you of remedying the problems. The alternative to reducing an offer is, of course, to request that the seller shoulders the brunt of the costs of fixing the issues. Again, however, it isn’t guaranteed that the seller will agree. What’s more, fixing the problems before the sale can go through would hold up the chain. In most cases, it is more prudent to establish how much you can reduce your offer by, and begin negotiations.
Robinson Elliott Surveyors will be able to advise you as to the best course of action in regards to how much to reduce after survey. We’ll take you through the details of costs you’d incur and any other factors that may affect your negotiation position, providing informed, expert advice to help you get the best price for your purchase.
Common Problems Found in House Surveys
When a Chartered Surveyor conducts a house survey, they will be looking at a range of specific areas of the property in detail. These include:
- Structural elements (such as walls, chimneys, flooring, lofts and basements)
- Timber problems, such as wet or dry rot and woodworm
- Japanese Knotweed
- Electrical safety
- Gardens and boundaries
Upon completion of the property inspection survey, your surveyor will produce an analytical report in which any defects (relating to any of the above, or other areas) are outlined with details on necessary repairs. The survey is often accompanied by extensive photographic evidence to supplement the written information in the report.
Dealing With Negative Issues in a Home Survey Report
Finding out that the property you are proposing to buy has structural or other issues can be quite alarming. Nonetheless, it is important to be informed, especially when it comes to a substantial investment such as property.
The Home Survey is designed to provide you with a comprehensive understanding of the current state of the property which, after all, you will be responsible for legally and financially. The results of a negative Home Survey report can be a blessing, allowing you to prioritise remedial works to your new property, and even obtain a lower purchase price. It does not necessarily mean that you can no longer go through with the purchase.
If you have any further questions regarding what happens after house survey results come in, how you can reduce an offer after a survey, or if you simply wish to find out more about a survey on a property you are interested in buying, get in touch. Speak to Robinson Elliott Surveyors today and set your mind at ease.