What To Do After a Bad Survey Report
Getting a bad survey report can ruin your chances of selling your property because buyers don't like buying a property that has a bad report. However, it is important to understand that a bad report does not mean the end of the sale. There are a few things you can do to salvage the deal:
Consult a Surveyor
You should ask your surveyor to go through the report with you so that you can understand the condition of your property, the issues and their implications. If you have ample time, you can ask the surveyor to walk around the property explaining the report to help you understand everything on the report.
Some surveyors are more thorough than others when giving a report, you may find that some rank the problems in the order of severity and urgency. Depending on the surveyor you are working with, you should be able to determine the urgent problems so that you can decide how you will deal with them.
The defects in a homebuyers report are rated using a traffic light system while a full building survey is thorough and goes through each finding in detail. If the surveyor has flagged that something needs further investigation, you are within your right to ask the surveyor the severity of the issue.
Common Survey Problems
Japanese Knotweed: this is an invasive plant that has underground roots that damage anything they come across. If a property has knotweed, it cannot be mortgaged. However, if you are willing to buy such a property, you should ensure that owners have a treatment plan in place.
Subsidence: subsidence happens when the ground underneath the property moves. Since this affects the stability of the house, wall and floor cracks are evident. You can try fixing the problem by consulting a structural engineer.
Rot: dry rot can affect the timber causing severe damage and loss. If a property has dry rot, you should confirm the extent of the rot with your surveyor.
Woodworm Infestation: this infestation is caused by beetle larvae that burrow into the timber leaving round small holes; when timber is affected by these larvae, it becomes weak and come under risk of collapsing.
Damp: this can occur on the floor, walls or the ceiling. It can be treated although its severity can determine its cost of treatment.
Explore more:
What is a Mortgage Valuation Survey?
What Is a Home Condition Report?
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