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Can I Reduce My Offer On A House After A Survey?

reduce my offer on a house

Can I Reduce My Offer On A House After A Survey?

You’ve put an offer on your dream property. It’s been accepted, everything is looking good.  Next step is having a survey done. You receive the surveyors report but it’s thrown up a few issues – is it within your rights to reduce your offer?

In short, yes. Your offer remains ‘subject to contract’ (STC) and you can change your mind at any time.  

The results of the survey may form part of the contract, especially if you request the vendor carries out repairs / alterations – the value of the property is dependent on the findings of the report. There is every chance neither the vendor nor estate agent would have known about any problems beforehand.

One of the best ways is to be open and honest with both the agent and vendor. Any costs associated with rectifying any problems is a fair reason for renegotiating. If possible, try and see them face to face. Take the report and together, go through any problems that need sorting that you weren’t aware of.

When renegotiating, it’s important to listen to their points and be open to compromise. Trying to find another buyer this far along the process can be costly for them. The sooner you can discuss problems with the vendor and / or agent, the better. It is very possible the vendor will be trying to buy too and will be looking for a swift solution.

It’s also important to be honest with yourself. Are any of the fixes deal breakers? Are you willing to lose the property completely if the vendor stays firm on the price already agreed? Is the potential saving worth losing out completely, or could you have it sorted yourself, even if inconvenient?  

Ultimately, a property is only worth what someone is prepared to pay for it.

If you would like further advice about how I can help you, please get in touch.

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