Receiving the survey report marks a significant step in the property selling journey. But what should you do if it uncovers unexpected issues? Here’s how to handle a challenging survey report with confidence and clarity.
Selling a property involves numerous milestones and emotions, with the survey report being a crucial checkpoint. It signifies the buyer’s commitment, financial readiness, and eagerness to move forward toward completion.
However, encountering setbacks in the survey report can be disconcerting. While it’s the surveyor’s duty to identify potential concerns, receiving the news from the buyer can still be unsettling. So, how can you effectively manage this aspect of the process?
The objective is to maintain momentum in your sale. While a less-than-ideal survey report may pose challenges, it doesn’t necessarily derail the transaction. Your initial step is to fully grasp the issues raised. Ideally, your buyer will share the report with you, enabling you to pinpoint their specific concerns. Once you understand the details, you can strategize on how best to address them and keep your sale on track.
Understanding your buyer’s perspective is paramount. Are they seeking a price adjustment or renegotiation? Or are they primarily concerned about unforeseen maintenance issues? Here are your options for addressing this situation:
Acceptance
Consider accepting the reduction suggested by the survey. This typically involves agreeing to a price adjustment based on the estimated cost of repairs or highlighted issues.
Renegotiation
Explore the possibility of negotiating a revised deal with your buyer that addresses their concerns without necessarily reducing the sale price. Providing quotes from contractors can offer transparency on repair costs and reassure your buyer.
Proactive Repairs
Instead of reducing the sale price, you might opt to undertake the necessary repairs before finalizing the sale. This proactive approach can be cost-effective in the long run and enhance buyer confidence in the property.
Status Quo
While less common, you may choose not to make any adjustments and see if your buyer proceeds with the purchase. However, be mindful of the risk that the buyer may withdraw, potentially necessitating finding a new buyer.
In an ideal scenario, the survey report would reveal no significant issues. Yet, as properties age, it’s common for some concerns to arise. Remember, the purpose of the survey is to inform the buyer, not to discourage the sale. Most surveys will identify areas for attention—the key is ensuring your buyer remains confident and committed to the transaction.
If you require assistance navigating a survey-related issue in your property sale, our team of property professionals is here to help. With expertise in managing the intricacies of property transactions, we can provide guidance tailored to your situation. If you’re considering selling your property, we’d be delighted to offer you a free market appraisal. Contact your local managing partner, and we will arrange a time to discuss your needs. We look forward to hearing from you.
