If your surveyor flags serious issues, what can you do?
Thankfully, the large majority of issues found on surveys are minor and would not likely change your mind about proceeding with the sale.
But occasionally the surveyor will identify a larger, more serious issue. This could be some structural cracking, issues with the roof, an outdated boiler or signs that the property might need to be fully rewired.
All of these issues could be costly to fix, so if they do show up, what can you? Well, to simplify it, you have 4 options; Proceed with the sale, Negotiate the price, Ask the vendor to fix it, Pull out of the sale
1: Proceed with the sale
Depending on the issues, your own personal circumstances or your plans for the property, you may decide to just continue with the sale. This is absolutely your choice, but do seek advice from your solicitor, an engineer or builder or other professional - depending on what the issue is!
2: Negotiate the Price
Say for example the surveyor flags the roof is in a dangerous condition and will need to be replaced. Then a builder quotes €25k to replace the roof. You can approach the estate agent with the quote and say you want to continue with the sale, but want €25k taken off the price.
The estate agent will then take the new offer to the vendor who will make a decision. They may accept the lower price (and be happy to not have to deal with the roof) or they may simply refuse.
3: Ask the vendor to fix the issue
Depending on the issue, you may ask the vendor to address it before the sale is complete. For example, if the heating is broken, you can ask that is fixed and in good working order before the sale is complete. You can even require your solicitor to include these in the contract.
However, like negotiating the price, the vendor does not have to agree!
4: Pull out of the sale.
If the issues are too costly or too serious and you don't want to proceed with the sale anymore, you can simply pull out and get your booking deposit back.
Remember the purpose of Sale Agreed is to do your due diligence and make sure you want to proceed with the sale. If you don't then that is your choice, but always discuss with your solicitor and most importantly - trust your gut!