Homebuyer Reports Can be Used as Renegotiation Tools

Posted on December 28, 2016 Categories: Finance, Getting a Survey, Moving Home

Getting a survey will help you to plan for the future by informing you about the condition of the building and avoid unexpected and costly renovation in the future. A huge bonus of getting a survey is that it can give you the opportunity to try possible renegotiation of the price with the seller. This is particularly relevant with Homebuyer Reports, as they are usually used for homes in a reasonable condition, where defects may be harder to spot.

If there are serious problems with the house that will cost you money after you have moved in, you can try renegotiation and get a cheaper deal.

How will I know if the problem is serious enough to renegotiate?

You would find it difficult to find a house where defects would not be found by surveyors – it is their job to find them after all! The report will highlight any serious problems with the property and, if any are found, you will receive guidance from the surveyor on how to deal with them. There will be some problems that the surveyor will not be able to help you with, such as electrics. In these circumstances, the surveyor will advise you to ask a qualified electrician to inspect the property.

Our surveyors will call you within 24/48 hours of the survey being carried out to go through a brief overview of the inspection and to highlight any serious issues.

How do I renegotiate?

If you have identified any serious or costly issues with the property, talk to the seller and ask them to look into the problem, obtain specialist reports, and explain it in detail. That way, both you and the seller will have access to a clear analysis of the problem and fair renegotiations can take place.

Do negotiate on the price, but keep it realistic. It will depend on interest in the house, how quickly the seller wants to sell the house and the location. Assess the circumstances and offer a lower price that the seller is likely to accept – don’t miss out by trying to haggle too low!

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