Yes, in Ireland you can attempt to renegotiate right up to the point you sign contracts. Issues discovered on a survey that are costly to repair are a common case when this happens. However, it is entirely up to the vendor to accept the new offer or not.
For example: If the surveyor flagged that a flat roof may need to be replaced and the cost of that is €8k to €10k, it is of course acceptable for you to reduce your offer to cover the cost of repair.
When your offer is accepted and you go Sale Agreed, this is your opportunity to do due diligence and ensure that the property is in the condition it appears to be and that it is legally sound. Anything discovered during this phase by either your surveyor or solicitor can change what you feel the property is worth and you are entitled to change your bid based on this.
You should however also consider market conditions. If there were 20 people bidding on a property and you attempt to renegotiate, the buyer could simply say no and offer the property to one of the other bidders. A seller can choose to sell to whomever they want and can choose to renegotiate or not.
When should you attempt to renegotiate?
As a rule of thumb, we recommend only trying to renegotiate for more serious or costly issues which were not disclosed to you when you placed your offer which led to sale agreed.
For example, if the agent mentioned to you on a viewing that the flat roof did need to be replaced and so you were aware of it when placing your offer, then it would not be appropriate to reduce your offer when the surveyor then also flagged it.
However, if the agent claimed there were no known issues and there was no mention of issues with the flat roof until your surveyor flagged it, then it would be acceptable to reduce your offer based on these findings. As above, Sale Agreed is your chance to do your due diligence.
How to negotiate a reduced cost due to issues discovered on a survey
If you do choose to renegotiate, make sure you are clear and honest with the agent. Let them know that the surveyor flagged the flat roof was in disrepair and needed to be replaced you received estimates of €8k to €10k for this work but you are still interested in the property, so are making a new offer of €10k less to cover this work. You may get some pushback, but they will have to take this information and new offer to the vendor, the vendor will then make a decision.
Caution: Don't be too fussy or expect a second-hand property to be perfect!
An older property will have dozens of minor conditional issues. These are part and parcel of buying a property that has been lived in and would be considered normal wear and tear. Examples could include broken door handles, chipped paint, loose cabinet doors and much more. Don't try to negotiate for these small issues. You are not buying a show house and it will frustrate the vendor.
Being armed with this information is vital so you have the full picture of what you are buying and is just one of the many benefits of a survey.
To book your survey, go to GetHouseSurvey.ie and click on "Get Survey Now". At Get House Survey we have the most detailed surveys in Ireland, cover nationwide and have the fastest turnaround time in the market.