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Bad House Survey Report? What next?

Sunday, April 29, 2018

A survey report can make or break a property deal. Buyers often get cold feet if problems arise from a survey and it can lead to sales falling through. Equally a bad survey report read wrongly can make a small, solvable problem seem like a insolvable issue and prevent people from owning their dream home. But a 'bad survey' doesn’t have to mean the end of a sale. Here’s what you should do next.  

Speak to your surveyor

Ask your surveyor to go through the report with you so you get a comprehensive overview of the condition of the property and understand what the issues are and their implications. 
Some surveys are more thorough than others. Most rank the problems in order of severity and urgency. A homebuyer’s report rates defects with a traffic light system while a full building survey is more thorough and goes into detail about the defect itself and advises you on the next steps you should take.
If the report has flagged something that needs further investigation, the surveyor should be able to tell you what they mean, whether it is a major or minor issue, and recommend what to do next. For example, whether you need to call in a builder, get a specialist involved or if it is just something you can speak to the seller about.
Your surveyor should answer any questions you have regarding the survey report at no extra cost.

Do you need a second expert opinion?

Now that you have your survey report and have spoken to the surveyor, you may feel reassured and informed enough to proceed with the purchase. If not, now is the time to call on the experts to investigate further.
Find a specialist, tradesman or builder to give their opinion on the severity of the problem and how quickly it would need remedying. They can put things into perspective and help you feel more positive about your dream home. Or they may scare you off completely. But at least you’ll have had the reassurance of a second opinion before you walk away.

Find out how much it will cost to fix the problem
Get at least two quotes, so you can compare scope and price. Always use someone impartial – i.e. not a tradesman that the seller or their estate agent recommends. Get an idea of whether you could do the work over time (and so save up/budget for it) or whether it needs doing urgently.
Try to get quotes in a timely fashion so the seller does not get frustrated and starts looking for another buyer.

Will the survey pick up on every major issue?
Think of it as a tool that you can rely on but be aware that things can slip through the net. More often than not, surveys aren’t invasive and it isn’t possible for surveyors to look in every nook and cranny. But they should highlight all the major issues.

Can I reduce my offer as a result of the survey?
When it comes to how big a discount you can get, there are no rules. It depends on how much the seller wants to sell and comes down to negotiation. If you’re buying in a market where properties are in short supply, your seller is in a better position, so they could refuse to give you any discount.
Don’t be shy about renegotiating on the price but keep it sensible and in line with costs of the work needed.
The final deal will come down to whether you can afford the house at the price acceptable to the vendor, with everything that needs fixing.

Best advice is to ask lots of questions and take a practical cool headed approach to finding a solution. Communication and information is key. 

Article taken in part from www.hoa.org.u.uk

Important Information
All property sales and the financial advice that surrounds them are as unique as the people engaging in the transaction. It is important to not make a decision without seeking professional advice. If you want to sell your home and are considering redecorating before marketing, speak to one of our Property Professionals to get the best advice for presenting your home for sale before making any investment.
 

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