Estate agent request, what should I do?

djkav

djkav

djkav

Soldato
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Hi,

I had an offer accepted on a purchase. I had a structural survey commissioned, which has thrown up some potential problems.

The survey said that the property was reasonable for the agreed price. Due to some of the problems and associated costs, quotations should be sought and used to renegotiate the price to reflect the work.

I have informed the estate agent, and put in a new lower offer to reflect the work that needs doing.

Now the estate agent has replied:
"Could you please e-mail me a copy of the Survey report over please so I can use it to fight you corner with the reduction."

What should I do, because I thought the estate agent is on the vendors side?

I guess I could just copy the relevant bits. I'm not too happy about the estate agent getting a copy of my report I had commissioned. They may use it with the vendor against me, or keep it for their use.
 
either you want to use the report in your favour or not (did the survey highlight anything against you?), theyll want to see the original document more than likely otherwise they may think youre pulling a fast one.
 
They are working on behalf of the vendor as you rightly said. I would work out how much you need to spend and make a lower offer, I probably wouldn't send across the report either.
 
Thing is, if the survey states that the property is reasonable for the agreed price i'm not sure how you can use it as a price reduction tactic.

Surely its saying the house is well priced given the work needed.
 
Hi there,

If there are works needed that need to be reflected in a price reduction then I personally would forward the report to the agent so that the vendor can see it.

Otherwise it is just a verbal conversation.
If it was me selling I'd want to see some written proof of what you are claiming needs attention.

Also, most surveyors reports are bottom covering exercises, when was the last time you updated your electrics and boiler? Probably not for 5 years in most cases.....

A lot of it depends on the work needed involved, the age of the property and the actual price agreed.
 
The surveyor's report likely has a confidentiality clause. You'll need to get the permission of that surveyor before releasing the report to a third party.
 
Reasonable request imo, end of the day although the estate agent is working for the vendor they will only get their commission if the property sells so if interest has been flat then it's in their interest to make sure you do buy it even if the offer is lower. Lower commission is better than no commission!

Up here you still have to get a home buyers report done and made available as standard.
 
Totally reasonable to request it. How is the vendor meant to believe you regarding the works if they have nothing confirmed?

The estate agent will likely be on a fixed fee commission so will want to shift the property on asap.

Even if they are on a percentage commission, the difference in what they potentially lose will be negligible. This is why generally, they cannot be trusted if you are selling.

Anyway, what works have they found that need doing? Remember that a surveyor is paid to find stuff so quite often they can be a little over cautious with reporting.
 
You entered a legal contract to purchase the house at the agreed price subject to the survey. If you don't want to pay the agreed price you will need proof Of the issues.

You dont have to give the report but then you have no basis to reduce your offer, that originalprice is binding.


And as others have said, the agents main priority is to sell the property asap with minimal fuss regardless of commission. ive heard of agents pay thousands of their own personal money when seller and buyer couldnt agree and they paid the difference to ensure the sale!
 
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D.P. said:
You entered a legal contract to purchase the house at the agreed price subject to the survey. If you don't want to pay the agreed price you will need proof Of the issues.

You dont have to give the report but then you have no basis to reduce your offer, that originalprice is binding.
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Of course it's not, it isn't binding until exchange of contracts.
 
End of the day the agent is working in their own interest which means getting a sale.

They need the vendor to supply the property for sale, and a buyer to snag it.

The difference in what they'll make in commission after the lower price is paid will be minimal.
 
Excerpts from the report:

Overall, the property is considered to be a reasonable purchase at the agreed price. However, I strongly urge you to undertake the further investigation works recommended and obtain all relevant quotations as soon as possible as repair costs could justify a further renegotiation of the price.

The window frames are now of some age and are defective in a number of places. Defective opening lights were noted to the front and rear bedrooms and to the bathroom and landing window. Slight flex was also noted to the front bedroom window frame and it is therefore considered to be a more cost effective measure to carry out complete replacement. I recommend you obtain a report and quotation from a contractor for the work outlined.

There is a brick and timber porch to the front of the property constructed under a flat felt covered roof. This structure is now of some age and comment has already been made regarding the onset of rot to the front door frame. The PVC damp-proof course has been located above internal floor level and has therefore been installed incorrectly.

The front door is of timber construction with an aluminium sliding patio door to the inner porch. There is also an aluminium double glazed door to the dining room leading to the conservatory.

All doors are now dated with the onset of rot noted to the bottom of the timber frame on the front porch. Both sliding patio doors operated satisfactorily although these are now of some age.

There is a PVCu double glazed door to the kitchen. The kitchen door is a poor fit and appeared to be warped. Gaps are evident when the door is closed.
The most cost effective measure is likely to be complete replacement.

A poor seal/fit was noted to the french conservatory doors and again it is likely that the most cost effective repair will be to carry out complete replacement.
Click to expand...
 
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Get quotes to remedy the above. Adjust your asking price accordingly and see what happens. It's all a game, if the vendor is desperate to sell and you've given them what they see as a good offer they might budge or offer to fix some of the problems. Were there any other offers on the table when yours was accepted?

At the end of the day, it's you and not the surveyor that needs to decide whether you consider the property to be a reasonable price. If you love the place and need to move, you might justify sucking up the repair costs. If you think you've overpaid, you might use this to try to get a better deal.
 
tom_nieto said:
Get quotes to remedy the above. Adjust your asking price accordingly and see what happens. It's all a game, if the vendor is desperate to sell and you've given them what they see as a good offer they might budge or offer to fix some of the problems. Were there any other offers on the table when yours was accepted?

At the end of the day, it's you and not the surveyor that needs to decide whether you consider the property to be a reasonable price. If you love the place and need to move, you might justify sucking up the repair costs. If you think you've overpaid, you might use this to try to get a better deal.
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I don't think there were any other offers recently. I'm not in any pressure to move.
 
Adam said:
Of course it's not, it isn't binding until exchange of contracts.
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Maybe not in the UK, certainly is in other countries like the US, you put in an offer, it gets accepted, you have now entered a legally binding contract. If you then fail to make the purchase (upon a spotless survey report then you face legal and financial consequences, in the US you will be charged a fee of around 3-5% of the house value - and that is legally required the moment you give an offer that is accepted, or accept a counter offer, even when made over the phone. The only escape clause is when the survey report returns issues that needs to be rectified (which is almost always the case), then a new renegotiation can take place and the contract is dropped if no agreement can be made to the new valuation. I'm prety sure scotland has similar laws that protect buyer and seller.
 
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D.P. said:
Maybe not in the UK, certainly is in other countries like the US, you put in an offer, it gets accepted, you have now entered a legally binding contract. If you then fail to make the purchase (upon a spotless survey report then you face legal and financial consequences, in the US you will be charged a fee of around 3-5% of the house value - and that is legally required the moment you give an offer that is accepted, or accept a counter offer, even when made over the phone. The only escape clause is when the survey report returns issues that needs to be rectified (which is almost always the case), then a new renegotiation can take place and the contract is dropped if no agreement can be made to the new valuation. I'm prety sure scotland has similar laws that protect buyer and seller.
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It may well be that way in other countries. But im the UK. I'm not really bothered what other countries do.

The buyer or seller can pull out of the sale any time before the signing of contracts (England/Wales), or in Scotland, the missives.
 
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