Jbob Posted May 19, 2016 Report Share Posted May 19, 2016 Some people can be very disillusioned about property. I am well underway with the sale of my house. Thats fine and I am happy with the progress being made. I had an offer accepted on a property which we were chuffed to land. I under took two viewings, one with a builder as on the first viewing I noticed some areas of concern. All seamed well until the mortgage valuer couldn't value the property until I had paid for and commissioned a Damp and Timber survey. I did this which flagged up even more areas of defect that hadn't initially been noticed on the viewings. Got some builders quotes for the remedial works and sent all that to the mortgage valuer. The valuation came back approx 10K under the accepted offer. So I got out my calculator and did some sums and made a revised offer based on the facts and figures approx 15K under the accepted offer so I had enough money to make the remedial works once the property was purchased. That was refused with vendor stating they will not accept less that the original accepted offer and the property has been put back on the market. I am back to house hunting again and having to accept a financial loss on the survey work and solicitors fees. As the title says one step forward two steps back. Needless to say the last few days have been a bit intense Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted May 19, 2016 Report Share Posted May 19, 2016 Better off losing a few hundred quid than having over spent £10,000 and have to pay out £15,000 in repairs etc. You could look at it that you lost whatever you paid out, or you saved yourself £25,000 of hassle. I'm looking at properties myself mate good luck! Quote Link to comment Share on other sites More sharing options...
Jbob Posted May 19, 2016 Author Report Share Posted May 19, 2016 (edited) Thank Llyod90 My mortgage adviser said the same. Made me laugh when I showed the vendors estate agent all the figures. He went very quiet and even he started saying his client is never going to sell the place for what he's asking. Hopefully something will come up very soon. I concerned though that my buyer will start to get itchy feet and pull out too. Hope you have better luck than me with your house hunt. ATB Jbob Edited May 19, 2016 by Jbob Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted May 19, 2016 Report Share Posted May 19, 2016 Thank Llyod90 My mortgage adviser said the same. Made me laugh when I showed the vendors estate agent all the figures. He went very quiet and even he started saying his client is never going to sell the place for what he's asking. Hopefully something will come up very soon. I concerned though that my buyer will start to get itchy feet and pull out too. Hope you have better luck than me with your house hunt. ATB Jbob They're all knobs mate. It's very easy to see what houses go for on the same street area's these days. I've been to a few houses and the estate agents always giving it the big'un. I then tell them the exact price that 3-4 houses on the same street have sold for that year or the year before and ask why this one is so over priced ? They soon start mumbling and spluttering. The same houses I said were over priced are still in the market with price drops (although still too much). All the ones I researched that were well priced sold very fast. Quote Link to comment Share on other sites More sharing options...
lord_seagrave Posted May 19, 2016 Report Share Posted May 19, 2016 Yep, it's tough. But it's true that you need to engage professionals to give you the right advice so that you can make up your own mind. I saw what I thought was a great property with bags of potential in a beatiful setting, but before I made an offer I wanted a professional view and engaged a surveyor. A little shy of a thousand pounds later and the view of the surveyor involves the word 'bargepole'! Needless to say, I would much rather pay several hundred now than tens of thousands later. Ls Quote Link to comment Share on other sites More sharing options...
Cosd Posted May 19, 2016 Report Share Posted May 19, 2016 Like some have said already. Lucky it was spotted and didn't come as a surprise later. I spent three years looking for a house. Came good in the end and now it's all forgotten. I lost one house in the most lovely setting on 3/4 acre. My wife and I was gutted that we saw the house after their sale had fallen through. We made the offer and waited nearly two weeks to be told their original buyer was back on. 6 months later I found out the land is riddle with Japanese knotweed and the house needs rebuilding! Quote Link to comment Share on other sites More sharing options...
Jbob Posted May 20, 2016 Author Report Share Posted May 20, 2016 (edited) I am glad the sale has fallen through. The wife loved the property from the start and it took a bit of time for me to warm towards it. However as things went along and we started to discover the problems and the size of the money pit it was shaping up to be we both started to cool our interest. I think theses things happen for a reason so you end up with the right one in the long run. Edited May 20, 2016 by Jbob Quote Link to comment Share on other sites More sharing options...
AdamW Posted May 20, 2016 Report Share Posted May 20, 2016 The system is wrong, the seller should have these surveys done, after all it's their house! Why should you fit the bill for it! I had the same thing happen a couple of years ago, seller wouldn't accept the offer from the survey. System needs to change. Quote Link to comment Share on other sites More sharing options...
Cosd Posted May 20, 2016 Report Share Posted May 20, 2016 The system is wrong, the seller should have these surveys done, after all it's their house! Why should you fit the bill for it! I had the same thing happen a couple of years ago, seller wouldn't accept the offer from the survey. System needs to change. Totally agree, I think the whole process of buying a property is wrong and leaves both buyer and seller exposed. The same house can have multiple surveys done in a single sale, the only winners are the surveyoyors. Quote Link to comment Share on other sites More sharing options...
AVB Posted May 20, 2016 Report Share Posted May 20, 2016 The system is wrong, the seller should have these surveys done, after all it's their house! Why should you fit the bill for it! I had the same thing happen a couple of years ago, seller wouldn't accept the offer from the survey. System needs to change. Because you are the one wanting to buy the house that's why. Nobody forces a buyer to have a survey (apart from for valuation purposes). You do it in order to reduce the risk of being caught out. It's risk mitigation. Same as buying anything second hand. If the seller does it would you accept a survey done by a third party who you didn't know? I wouldn't. The system isn't perfect but alternatives are just as flawed. Quote Link to comment Share on other sites More sharing options...
Cosd Posted May 20, 2016 Report Share Posted May 20, 2016 (edited) Because you are the one wanting to buy the house that's why. Nobody forces a buyer to have a survey (apart from for valuation purposes). You do it in order to reduce the risk of being caught out. It's risk mitigation. Same as buying anything second hand. If the seller does it would you accept a survey done by a third party who you didn't know? I wouldn't. The system isn't perfect but alternatives are just as flawed. Im both a seller and a buyer and can see many flaws from both sides. Surveyors are liable for their reports, why wouldn't I trust a survey carried out by the seller? As it stands the system allows either party to opt out scott free regardless of expense accrued by the other side, I think the process needs some sort of penalty to either party to stop people being out of pocket. My argument isn't one sided at all. Edited May 20, 2016 by Cosd Quote Link to comment Share on other sites More sharing options...
Mungler Posted May 20, 2016 Report Share Posted May 20, 2016 It has been argued before that sellers should get a surveyor's report to sell with their house but obviously it can't work - if a seller didn't get the right report they would just go expert shopping until someone makes the report they want, anyone buying would need a lawyer to interpret the report to unpick any reservations, limitations or weasel words and after all that there is no privity of contract between the buyer and the surveyor and so suing the surveyor if he got it wrong would involve all concerned executing some form of legal assignment of rights to sue. Quote Link to comment Share on other sites More sharing options...
Granett Posted May 20, 2016 Report Share Posted May 20, 2016 I feel your pain. A couple of months ago we made an offer subject to survey, and the surveyor came back and showed me pictures of the massive fire damage to the roof timbers. Got a structural engineer's report and estimates for the cost of the remedial works and put in a revised offer that was refused. My wife had fallen in love with the place so we upped our offer so that we essentially split the difference. That offer was accepted. Then, on the day we were sending the deposit over, we got a forwarded email from the estate agent (too much of a snivelling coward to call us) from the seller saying he'd changed his mind and didn't want to move anymore. Waiting to see what happens (ie, whether we need to use the snivelling wretch of an estate agent again) but when the dust settles I'm considering suing the seller for the cost of the structural engineer's report and the cost of the mortgage co's survey. (Amazingly, the mortgage co's surveyor completely missed the fire damage (which the structural engineer said meant that the building was not satisfactorily robust) - Just goes to show: that valuation survey really isn't worth the paper it's written on!) Quote Link to comment Share on other sites More sharing options...
Mungler Posted May 20, 2016 Report Share Posted May 20, 2016 Waiting to see what happens (ie, whether we need to use the snivelling wretch of an estate agent again) but when the dust settles I'm considering suing the seller for the cost of the structural engineer's report and the cost of the mortgage co's survey. You can't - "Sold subject to contract". No contract = no ticky no washy Quote Link to comment Share on other sites More sharing options...
Granett Posted May 20, 2016 Report Share Posted May 20, 2016 You can't - "Sold subject to contract". No contract = no ticky no washy Not correct. Quote Link to comment Share on other sites More sharing options...
leeds chimp Posted May 20, 2016 Report Share Posted May 20, 2016 Not correct. Oh please explain why....? Quote Link to comment Share on other sites More sharing options...
Mr Potter Posted May 20, 2016 Report Share Posted May 20, 2016 You can't - "Sold subject to contract". No contract = no ticky no washy Not correct.Fight,fight,fight,fight,fight... My money's on Mungler, after all he is a legal eagle! Quote Link to comment Share on other sites More sharing options...
AVB Posted May 20, 2016 Report Share Posted May 20, 2016 Fight,fight,fight,fight,fight... My money's on Mungler, after all he is a legal eagle! Me too. He also follows the Chuck Norris approach to dispute resolution. Quote Link to comment Share on other sites More sharing options...
figgy Posted May 20, 2016 Report Share Posted May 20, 2016 I see some windmilling n the near future on here from our shadow boxing pussycat My wife and I over the years have been very lucky with property where estate agents have told us a property we were interested in has had other buyers conduct a survey and the results were not good. On other properties we have viewed some structural issues have been apparent leading me to ask some questions of the seller, most will either squirm or pretend they know nothing when you can see they do know, the odd ones are very truthful and explain what surveys have revealed. Best of luck and I've always thought a house sale falls through for the right reasons. Quote Link to comment Share on other sites More sharing options...
Mungler Posted May 20, 2016 Report Share Posted May 20, 2016 Not correct. Bet you £50 to charity that I am. Quote Link to comment Share on other sites More sharing options...
Mr Potter Posted May 20, 2016 Report Share Posted May 20, 2016 Bet you £50 to charity that I am. Never mind betting, kick him in the ********.. Quote Link to comment Share on other sites More sharing options...
Mungler Posted May 20, 2016 Report Share Posted May 20, 2016 Kerrrpoww http://www.theguardian.com/money/2013/jul/24/formal-offer-property-still-advertised Quote Link to comment Share on other sites More sharing options...
felly100 Posted May 20, 2016 Report Share Posted May 20, 2016 http://cdn.smosh.com/sites/default/files/legacy.images/smosh-pit/122010/batman-shark.gif Quote Link to comment Share on other sites More sharing options...
oowee Posted May 20, 2016 Report Share Posted May 20, 2016 (edited) When you are buying there is always another house. I have always moved out into rented to ensure a sale and recover the costs (or some at least) on a better purchase price. Before living here I was in Milton Keynes and there the market is very competitive as there are many similar houses and areas. Moving to the country was a bit of a shock as most of the houses are very different and so not easy to compare on price. I am sure loosing the purchase will work out for the best. Edited May 20, 2016 by oowee Quote Link to comment Share on other sites More sharing options...
Dekers Posted May 20, 2016 Report Share Posted May 20, 2016 This sadly is all part of house selling/buying. This is common! Quote Link to comment Share on other sites More sharing options...
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