In this article, we are going be looking at the options that are open to a property buyer if their pre purchase survey, or RICS Home Survey flags up issues that they weren’t aware of.
DON’T PANIC
First and foremost, don’t panic. It’s very usual for property surveys to locate issues that the buyer wasn’t aware of. In many cases, the seller may not even be aware of these issues themselves.
UNDERSTAND THE ISSUES
We would advise that you discuss these issues with the Surveyor to ensure that you fully understand the extent of the problem, the remedial options that are available and importantly the costs.
Once you have an understanding of these, at this stage we would suggest that you share the report, or the section of the report that addresses the issue with the selling agent.
OPEN DISCUSSIONS
The aim of advising the selling agent of the issue is that they open discussions with the seller to inform them of the adverse findings.
The seller will need to have a full understanding of the problems along with the cost implications that they place upon the deal.
In knowledge of all the facts, if the buyer does opt to make a revised or reduced offer to account for the surveyor’s findings. In knowing the property issues, the seller will be able to make the informed decision as to whether they want to enter price negations post survey.
If there is an agreement to negotiate to account for the necessary remedial works, it’s a relatively good outcome as while there are property issues that need to be addressed, the buyer will not be left to carry the full burden of these.
WALKING AWAY FROM THE DEAL
This isn’t an ideal outcome, however there are instances where the surveyor’s findings are of such grave concern to the buyer that they opt to walk away.
This will leave the buyer in need of locating a new property and in due course completing another survey.
This will also leave the seller in the position where they need to locate a new buyer.
It does happen and, in some cases, cannot be avoided.
Our advice is that when the results of a survey lend themselves to this scenario, all parties communicate and work together to ensure there is a full understanding of each parties position.
We offer two types of pre purchase surveys here at Stokemont, RICS HomeBuyer Reports also commonly referred to as a Level 2 Survey and a Full Building Survey, commonly referred to as a Level 3 Survey.
If you want to discuss which survey is the most appropriate for the property you’re considering purchasing, please give us a shout and we will be happy to advise and present a service quote.
For those readers who know what survey they need and simply want a quote, we’ve got an industry first instant quote you can use at your convenience now!
