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I have received an offer for my house subject to contract, can the buyer change the offer after having a valuation done?

Asked on May 24 2010, General in Coventry | Report content

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  • In the English system until exchange of contracts either party has no obligation. My best advice is speed, get the buyer moving quickly, the less time for a change of mind. Obviously if the surveyor down values the property or there are issues raised in the survey the buyer we could look to re negotiate the price. Hope this helps

    Answered on May 25 2010, Report content
  • I attach links to some RICS brochures that might interest you: - If you use a Chartered Surveyor to value your home before selling it he/ she if appropriately instructed will take account of the property's condition when valuing it. This gives you the opportunity to rectify defects before marketing. So when a purchaser sends a surveyor round you should not be in for any nasty surprises. Though if you have not been properly advised the purchaser will be quite entitled to renegotiate for example if defects are found by his/ her surveyor. I attach a link to another booklet re surveys.

    Web reference:

    Answered on May 25 2010, Report content
  • Yes. it can be a lot lower, it's all about what the house is worth, and not about asking prices. House prices have dropped by 15% in the last years, and still going down fast, so buyers will only pay what it's true values is and NOT what a seller thinks he or she would like. Sorry to say.

    Answered on May 26 2010, Report content
  • Under the private treaty method your offer is subject to survey and contract. I'm afraid until the point of exchange the buyer can choose to withdraw or renegotiate.

    Answered on May 27 2010, Report content

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