Thu 14 May 2015
It could be said that one of the most fraught times in your life is when you move home. For many of us this often means we need to buy and/or sell a property in order to do so.
After the jubilation of having an offer accepted on a property, many hurdles are seen to be placed in front of us in order to conclude the purchase. One of the most crucial factors in the process being the survey. This is a nervous time for both buyer and seller alike. The seller wants their house to be given a clean bill of health; whilst the buyer does not wish for anyone to tarnish the reputation of their next home. In short, a disappointing survey is usually bad news for all – both emotionally and financially.
The Survey report is the professional mechanism to help research a property and its future maintenance requirements and should perhaps be viewed as a tool to assist in better maintaining any property, thus helping to safeguard the buyers investment for the future.
We should all bear in mind that a surveyor’s task is to find possible fault and be critical of the property they are inspecting; it should therefore be of little surprise when an issue is raised within the resulting report. If this happens, do not panic! Bear in mind, unless it’s a new build, no property can be expected to be in near perfect condition, and any highlighted areas within the survey report should be viewed in the context of the whole survey. Many failed property transactions are in part due to a ‘bad survey’; however, with a little bit of understanding, communication and a pragmatic approach, matters can usually be resolved simply.
As a seller, check guarantees and warranties, they may cover something raised in the survey. If issues are raised by the survey, employ the use of specialist contractors in order to supply accurate quotes for works to remedy any problem.
Above all, always involve your estate agent, they will have the experience to reassure both parties and the known contacts required to address any problems which may have arisen. They will help manage any need for flexibility on either side in order to achieve a meeting of minds. A good Agent will be the one who helps get the sale over the finishing line whilst also maintaining good relationships all round.
Richard can be contacted at Sowerbys Burnham Market office.
"We have thought carefully over the weekend about what to do next concerning selling our property, and we both think that for the time being we should stay put due to our situation. We will return to you, as you and your colleagues really are a top notch estate agent and we can clearly see just why you are so successful. Thank you all for your help."