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Monday, 15 July 2013

Home Buyers Surveys - Worst Case Scenario's

I may not end up buying the house I have had surveyed & conveyancing done on. That's the worst case scenario.

My offer was accepted on the basis that the vendor gets professionals in to do the outstanding maintenance & a thorough clean after the current tenants have left. However the list of work to be done is much more comprehensive than I saw for myself - I am really pleased that I didn't stint on survey costs. My solicitor has sent the report to the vendors solicitor for written agreement to abide by the conditions. The vendors other option is to accept a lower price & I have to get the work done. That would mean getting 3 estimates for everything so I know how much to reduce the price I'm paying & having the work done while I live there. That's the second worst case scenario.

So exchange will be delayed until I know what the vendors response is. At that point I have to decide what to do. If he refuses to get the work done or lower the price the worst, worst case scenario is that I have to move on the 29th August, maybe to a rental, or more likely put my stuff in storage while I try to find a rental & live temporarily with my daughter or a friend who has offered. I'm grateful that I do have that option, but it isn't ideal for me or them. I have decided that I'm not prepared to pay the agreed price if the vendor won't comply with our agreement. I know the house is already overpriced.

The trick is to accept the worst case scenario & hope that it won't happen. The difficulty is envisaging how someone else might respond / react to the circumstances. My purchasers have already reacted in a way that completely shocked me & I would never have envisaged, so it's all a bit of a shot in the dark.

Sometimes this all feels like continual fire fighting. I just hope there is enough water left in the hose to get through all of this!




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