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Thread: House purchase: response to valuation

  1. #1
    Master helidoc's Avatar
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    House purchase: response to valuation

    Could I ask the TZ collective for advice?

    We’ve found a house to buy after viewing a lot of unsuitable stuff. We really like the house.

    We are not in a chain as currently renting. Our offer was accepted about 6 weeks ago and we have had the searches done and a structural survey and mortgage valuation

    The issue is that the mortgage valuation has come £25k under our agreed offer, and represents about 5% less

    I thought our offer was a bit over, maybe 6-8k, but in the long term I didn’t feel that was a big issue. I’m very unsettled about the valuation. The revised LTV won’t affect our mortgage deal

    I think these are my options:

    1) Pay the agreed price, get the house, feel miserable about £25k

    2) Reduce the offer by £25k, the vendor may tell me to get lost, and we may lose a house we like

    3) Some compromise, eg split the difference


    I don’t really think I can leave the offer as it stands. I don’t mind paying a bit over, as it doesn’t matter in the long term and 6 months extra rent has a cost.

    The vendors are decent people and I don’t want to mess them around. The valuation is an unexpected curve ball, and I could use some sage advice.

    Thanks

    Dave


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  2. #2
    House prices may fall. They are propped up at the moment due to the historic low interest rates and some voter-sensitive tax and planning concessions. At least one of these will change. The UK economy is growing at the weakest rate since 2012 for various reasons (he writes, cautiously...)

    Which means the loan companies need to be conservative - it is not a given that house price inflation will continue, covering their risks as it did so in recent history. "It doesn't matter in the long term" is no longer a given for lender, nor borrower.

    That all said, if you like the house and £500K is an amount you can comfortably pay, bearing in mind your long-term job security and that interest rates will rise, then as you mention, 5% isn't much. About what some lose in depreciation on their car in a year or two. And it's better than renting for ever. If the market price falls, as it well might, you still have somewhere to live. So another option is perhaps 4) Pay the agreed price, and not feel miserable...

  3. #3
    Master Tony's Avatar
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    It seems as though you're well-armed for a price renegotiation. The vendor will fear they will have the same problem again, and you're almost the ideal buyer (no chain).

    If things go on as they are, the economy will crash and house prices will crash with it. The vendor knows this too. Why pay more than you need to?

    If the vendor refuses to negotiate and you feel you want to go ahead anyway, you haven't lost anything. If you don't ask, you'll never know.
    Last edited by Tony; 24th June 2018 at 07:19.

  4. #4
    Master blackal's Avatar
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    What you have - is merely your potential mortgage lender giving you (specifically) - a valuation for mortgage purposes. It carries no weight outside that relationship.

    it’s akin to complaining to the seller “my lender won’t lend me enough - can you reduce the price?”

    Get an independent valuation (like you might do if you didn’t require a mortgage) and offer that, but really - that’s something to do at the start, not after you’ve gone to the lender.

  5. #5
    The lenders valuers will have good comparables. My experience (as a mortgage underwriter) is that purchase valuations seldom fall below the purchase price and the deal in itself offers some loose type of comparable. If arms length transaction.
    I think that you do have a case to negotiate a part reduction without seeming too mercenary. You can show the valuation to the agent and gauge their reaction. They won’t want to loose the sale. Buyers are at a premium at the moment. If you ask and they say no you can make a decision then.
    However that said, if it’s the house you really want and you can swollow paying over the odds then I would probably go for it.

    Andy

  6. #6
    Grand Master seikopath's Avatar
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    I don't know much about buying property per se , but in general terms my attitude to buying things has changed alot over the years.
    Up until maybe ten or fifteen years ago, i would always want the best price for anything. If I didn't think it was a bargain i would walk.
    Now however, i think if you really want something, then price isn't so much of an issue. Sometimes it's worth paying what seems like over the odds at the time. Having a nice home affects all areas of your life. Having said that, on cold paper 25k sounds like a big chunk. . I guess it boils down to : how much £££ would you not be prepared to lose this house over? If the sellers are nice then there may be room for negotiation. In your post you don't mention how long their property has been on the market for example. Good luck, Dave
    Last edited by seikopath; 24th June 2018 at 07:47.
    Good luck everybody. Have a good one.

  7. #7
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    A house, or anything that is up for sale for that matter, is only worth its monetary value to the person who is prepared to pay for it. You’ve looked at a lot of unsuitable properties so this is obviously a house you would be happy in and you are prepared to pay the asking price. However, your heart is ruling your head in this case (which is not a problem if you can comfortably afford to pay for it) but I would seriously consider speaking to the vendor and tell them that you are 'concerned' at the valuation and ask whether they would be prepared to renegotiate the price. Entirely up to you and you can always pay the asking price or walk away. You could also try a bluff and phone their agent and say "Sorry, we're going to have to pull out due to the valuation" and see what they come back with. You can always change your mind and go back to them if they don’t come back to you with anything. We’ve had a few houses that we’ve been in love with fall through when we were looking and thought that we had lost out on the home of a lifetime but you know what - you ALWAYS find better one. Do you know anyone living in a house that is not as good or better than one they lost?

  8. #8
    You absolutely should use this to re-negotiate the price. I've done this twice based on having a survey carried out.

    I've never tried to cut all the to the new valuation amount, however, as that makes you come across as a bit unreasonable so come up with a compromise which works slightly more in your favour if possible (as that'll give them room to come back with a 50/50 compromise if that's what you'd be happy with).

    Was there a survey with some points on it that needed attention such as a new roof or something? That's what I explained to my sellers each time and came to a happy compromise. They'll know that this will happen with another buyer should things not work out with you so there's little point in them digging their heels in.

  9. #9
    Master
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    Think how much you'll need to earn to pay it. Remember, this is the extra part, so the part that will incur the most interest. Then think how long you'll have to work extra to pay it and the interest (you might need to earn 60-70k)

    It might not seem a lot now, but it if you're working a year extra instead of retiring you might regret it

  10. #10
    Master blackal's Avatar
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    You can also go and view a house, and say to yourselves “The kitchen and bathroom need gutting completely - immediately”. And factor that in to your offer.

    Another couple can come along and think: “we can do up the kitchen and bathroom along the way”

  11. #11
    Master
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    If you are not happy with the price now given the valuation, you should renegotiate. Otherwise you may always feel hard done by, and that is no good for what is most likely your largest purchase.

    If you are prepared to lose the house over it, then try it. Also remember that the seller is always trying to make the absolute most from a sale, and their estate agent is also paid to do this. If the valuation came in lower than what you offered, the estate agent quite possibly knew it was over priced.

  12. #12
    I'd be a bit miffed if I was the seller. Presumably you did your homework about the market value when you made the offer so why should the seller except less because your mortgage company thinks it's worth less than you expected?

    The seller will also be incurring solicitors costs becuase you committed to buy the house.

  13. #13
    Master
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    In your case I would want to know if there is an underbidder. If the vendor has someone who offered say 5k less than they may just move to their offer.

    Is it a valuation or a survey? As mentioned above if a survey points out some issues thay need addressed you may have a genuine and valid bargaining counter.

    But at the end of the day you buy a house to live in with your heart more than your head. A house is only worth what someone is willing to pay for it, much like a watch. By all means approach the vendor in a courteous manner and try to negotiate a discount, but only you know what the house is worth to you.

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  14. #14
    Grand Master Saint-Just's Avatar
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    Quote Originally Posted by watchcollector1 View Post
    I'd be a bit miffed if I was the seller. Presumably you did your homework about the market value when you made the offer so why should the seller except less because your mortgage company thinks it's worth less than you expected?

    The seller will also be incurring solicitors costs becuase you committed to buy the house.
    It doesn’t really matter if the seller is miffed.
    Unless the buyer has circumstances that justify a lower valuation (technical caveat, no idea if it happens) it is likely that most mortgages will come up with a reasonably similar valuation and therefore the seller will face this problem again. He has a chain-free buyer, he really should negotiate.
    Of course this doesn’t mean he’ll accept a £25k discount...
    'Against stupidity, the gods themselves struggle in vain' - Schiller.

  15. #15
    Craftsman
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    Quote Originally Posted by watchcollector1 View Post
    .....The seller will also be incurring solicitors costs becuase you committed to buy the house.
    The seller shouldn’t have incurred any real costs at the moment.

  16. #16
    Master blackal's Avatar
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    Can’t help thinking that if the seller was a member on here, asking for advice - it would be a bit different.......

  17. #17
    Master TKH's Avatar
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    valuers often 'low ball' to cover their own arse /pi which is irrelevant at your LTV..... most just go off prices paid locally which is not very property specific, nobody can value to within 5%

    if they had valued it 25k more would you increase offer ??

    in % terms its small.

    how would you feel if you lose it ?....start all over again looking more unsuitable stuff wishing you had just cracked on.

    is there somebody else out there who would pay what you have paid ?

    have a go at a chip by all means but don't lose it if you love it 'act in haste repent at your leisure'...from experience..

  18. #18
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    The market is pretty flat at the moment, you are in a strong buying position I would speak to the agent & try brokering a 50/50 split. I would think the agent would want to get it signed off although some might want to play hardball.

    Good luck

  19. #19
    Quote Originally Posted by Saint-Just View Post
    It doesn’t really matter if the seller is miffed.
    Unless the buyer has circumstances that justify a lower valuation (technical caveat, no idea if it happens) it is likely that most mortgages will come up with a reasonably similar valuation and therefore the seller will face this problem again. He has a chain-free buyer, he really should negotiate.
    Of course this doesn’t mean he’ll accept a £25k discount...
    Not necessarily, a different surveyor / mortgage company may give a different valuation. An offer is an offer, everyone can see what previous properties have sold for when an offer is made so unless the market has definatley dropped since what justification is there to change the offer?

  20. #20
    Quote Originally Posted by Motman View Post
    The seller shouldn’t have incurred any real costs at the moment.
    Ok fair enough.

    They've taken the property off the market for 6 weeks though based on the offer presented.

  21. #21
    Craftsman
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    As your LTV, and there for rate, won’t change buy the house. The valuation by the lender is irrelevant.

  22. #22
    Grand Master Saint-Just's Avatar
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    I don’t think you really need a justification to change your offer. It’s not exactly a gentleman’s market and most sellers wouldn’t hesitate to accept a higher offer if another buyer made one.
    But in this case the extra £25k that the buyer needs to finance outside the mortgage is a reasonable justification anyway. Again, the seller is under no obligation to accept. The buyer will then have to decide what is more important for him.
    'Against stupidity, the gods themselves struggle in vain' - Schiller.

  23. #23
    Master helidoc's Avatar
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    Thanks all. That was a lot of feedback in a very short space of time!

    Appreciate it

    Dave


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  24. #24
    Craftsman
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    What do you know about the seller, what is their circumstances ?
    Are they an older couple looking to downsize for retirement ?
    Are they looking to buy a larger higher price property ?
    How long have they been tryig to sell the property ?
    What is their urgency to sell ?

    I think you need to know this information before you sit down with the seller and advise them what their property has been valued at. Tell them you like thr property but you need to pay a price closer to its actual value and see what they say. Answers to the above questions will give you an indication before you have the talk.

  25. #25
    I would show the valuation to the sellers , explain other buyers would probably come up to the same valuation if they sold to someone else . Ask to split the difference . £12.5k off for them and you’re paying £12.5k above valuation.

  26. #26
    Master Lampoc's Avatar
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    You made an offer you were happy with 6 weeks ago which was accepted and now you want to renegotiate? Sorry, but if I was the seller I'd be absolutely raging if you came back now with a lower offer.
    Can I ask about the original offer? Was the house on the market long? Was your offer above/below/close to the asking price? Were there any other offers?

  27. #27
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    The mortgage valuation is supposed to be a fair reflection of what the property would sell for effectively excluding you as a potential purchaser, so the lender understands the level of security they truly hold if you default and the property is re-sold.


    First up it is totally wrong to say valuers lowball to cover their arse. There is still competition from lenders to get business and in turn for a valuer to come up £25k short of an agreed price merits proper consideration as that is NOT the news the lender wants to hear either and they would quickly stop using a valuer that constantly lowballs numbers and in turn frustrates new loans. In fact it is more common for lenders to push valuers as far as possible which helps LTVs.


    If this valuer has done their job properly it means they think the underbidders would be £25k shy. That also means the seller should be concerned as whilst any chip from you would be against the spirit of what was agreed, their option is to deal with you on revised terms or deal with the underbidders at the level they are truly at.


    In this instance I would go the selling agent and tell them the valuation has flagged a problem. Tell them that since it is £25k you cannot ignore it and that you would like to arrange to put the valuer in touch with them to talk about market comparables and the specific marketing of the property you are buying. The lender should be happy with this approach.

    The valuer will then have the opportunity to consider any new evidence including disclosure of other bids on this property, as it all builds the picture of likely outcome without you as a buyer. It is possible the agent and the valuer will know each other anyway if they are both active in the same local market. That's why getting a local valuer is important, they would not want to screw a perfectly good deal up for no reason as the situation could be reversed on another sale.

    If you take this approach then there is far more chance the vendor will recognise you are attempting to be reasonable. Equally it is a "soft" way of approaching the thorny subject of price. If you jump straight in with a big chip and the valuer has got it wrong you will lose your purchase. If what comes out of it is that you are genuinely some way ahead of the pack, it will pave the way for a re-negotiation and the prospect that the valuer might increase the number based on new "evidence". Equally if you are some way ahead, the sellers agent should be expecting the conversation and advised their client accordingly!

  28. #28
    Master
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    A similar thing happened to me in 2000. I found my dream home and agreed to pay 190k. Valuation came back at 180k. Mortgages are based on the valuation or purchase - whichever is lower and that knocked me into a higher LTV product and back then MIG (mortgage indemnity guaranteed or higher loan fee) still existed so the cost to me was quite high. I wanted to be fair but also I didn’t want to pay over the odds. I also knew that I’d want to live there for a long time. We agreed 185k. Im still here now, with all the work done it’s probanly quadrupled in value and the 5k, whilst a huge sum back then, is long forgotten (until this thread reminded me anyway :-) ).

  29. #29
    Master helidoc's Avatar
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    Quote Originally Posted by Lampoc View Post
    You made an offer you were happy with 6 weeks ago which was accepted and now you want to renegotiate? Sorry, but if I was the seller I'd be absolutely raging if you came back now with a lower offer.
    Can I ask about the original offer? Was the house on the market long? Was your offer above/below/close to the asking price? Were there any other offers?
    The house went on the market in March for 499950. Dropped to OIRO 475 in early May, we offered 465.

    I would much rather that the valuation came in at 465!. It was done by a very reputable local surveyor as part of a structural survey. The survey was generally positive, although a builder has gone in to give me costs on the small number of things that need doing

    I didn’t want this, but I now have to respond in some way to a valuation that is £25k lower. I think another valuation would be the same, and also that any other purchaser is likely to find the same valuation issue.

    If I do revise the offer, it isn’t like it is without reason.

    Dave


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  30. #30
    Master
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    Quote Originally Posted by Lampoc View Post
    You made an offer you were happy with 6 weeks ago which was accepted and now you want to renegotiate? Sorry, but if I was the seller I'd be absolutely raging if you came back now with a lower offer.
    Can I ask about the original offer? Was the house on the market long? Was your offer above/below/close to the asking price? Were there any other offers?
    You’d be absolutely raging? I’d be more raging if I’d bought a house and then found out I’d paid 25k more than it’s worth. Properties get ‘valued’ for a reason, to find out the ‘value’. It’s not based on what the vendor or estate agent say, it’s based on an independent valuation. Not 100% right every time (like everything in life), but they are generally accurate based on comparables, previous sales etc.

  31. #31
    Grand Master seikopath's Avatar
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    It's all up to negotiation. As has been said, you need to find out the sellers position. I would just lay my cards on the table and see what they have to say.
    Good luck everybody. Have a good one.

  32. #32
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    The difficulty with trying to value a property regardless of comparables is that the only true price is the "strike" price, namely when a buyer makes an offer an the seller accepts an hard earned is handed over.

    The surveyor can get close but £25k seems a bit of a difference. You must have done your own research before making an offer and presumably were happy ? Is the house unique or unusual from other houses in the area ?

    With regard to lowering the price that's part of the house buying process an why you have a survey. All offers are considered to be subject to survey ........ unless you are a cash buyer and don't bother

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  33. #33
    Master
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    I had a similar thing when I bought in 2008 when prices dipped.
    Mortgage valuations always go under market to enable the valuer to cover themselves for any liability. Lenders right now (with falling prices) will also want to cover themselves with a low valuation. Basically the ‘valuation’ you have from this source will be below market value by 5-20% given market conditions (potentially falling prices) and in no way represents ‘market price’.
    So you can try renegotiation but be aware that you could p*** off the seller as if they understand the different valuation bases then they will think you are trying it on. If you want to renegotiate the price then use another excuse.
    Personally if you believe you have agreed a reasonable market price and you like the house then I would get on with it.
    Last edited by JP28; 24th June 2018 at 11:41.

  34. #34
    As I read it, you have agreed a figure with the vendor, so there are two honourable courses of action available:

    1. Proceed as you had agreed, and feel good about the price you paid on that basis; or
    2. Withdraw.

    The idea of chipping on the basis of a valuation (rather than, say, on a structural point arising from survey) is infra dig, in my view.
    Last edited by JGJG; 24th June 2018 at 13:24.

  35. #35
    Master
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    Quote Originally Posted by JP28 View Post
    I had a similar thing when I bought in 2008 when prices dipped.
    Mortgage valuations always go under market to enable the valuer to cover themselves for any liability. Lenders right now (with falling prices) will also want to cover themselves with a low valuation. Basically the ‘valuation’ you have from this source will be below market value by 5-20% given market conditions (potentially falling prices) and in no way represents ‘market price’.
    Not in this country they don’t and never have.

    For clarity I have half a dozen mortgage advisers in my firm so we see 40, 50, 60 or more every month depending on purchases, remortgages etc. Despite what some have said surveyors aren’t down valuing to be cautious at all. I would say 95% of valuations are stacking up and generally most of the ones that come back lower are on remortgages when the owner has come up with what they think it’s worth (we all overvalue are own home). It’s also not that easy to get a valuation overturned by a lender - you need to come up with your own comparables and put quite a bit of work in.

    We had one recently for a client in London whose 1.2m valuation came in at 900k. 3 agents had valued it at 1.15m to 1.25m and similar properties had sold at those prices. We got it overturned but took a lot of time and hassle. That’s a very rare example though, normally it’s 5k or 10k.

  36. #36
    Craftsman will852's Avatar
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    I had a similar situation only a few months ago.

    Agreed an offer.
    Lending Bank agreed with the value of the offer but the surveyor valued the house at £20k less.

    We decided to go straight in with the split the difference route as we didn't want to upset the vendors and have them tell us to scram.
    They ended up agreeing to the re-negotiation surprisingly swiftly.

    Good Luck!

  37. #37
    Grand Master hogthrob's Avatar
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    I thought it was normal to re-negotiate the price post survey (if anything came up)?

    Also, this is the surveyor's valuation. Isn't that different to the mortgage lender's valuation?

  38. #38
    Master helidoc's Avatar
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    Quote Originally Posted by hogthrob View Post
    I thought it was normal to re-negotiate the price post survey (if anything came up)?

    Also, this is the surveyor's valuation. Isn't that different to the mortgage lender's valuation?
    I think the surveyor has given a professional opinion on both the house structure and the value. HSBC are accepting that professional opinion for the purpose of the valuation

    Dave


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  39. #39
    Master helidoc's Avatar
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    Quote Originally Posted by will852 View Post
    I had a similar situation only a few months ago.

    Agreed an offer.
    Lending Bank agreed with the value of the offer but the surveyor valued the house at £20k less.

    We decided to go straight in with the split the difference route as we didn't want to upset the vendors and have them tell us to scram.
    They ended up agreeing to the re-negotiation surprisingly swiftly.

    Good Luck!
    That is helpful, thank you

    D


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  40. #40
    Grand Master AlphaOmega's Avatar
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    Short story from me. Not sure if relevant but may be. Ties in with Dave's thinking.

    Ten years ago.

    We had found a house we thought was ok. It was nice but not perfect. Then out of nowhere, the ideal house popped up. We'd been looking for six months.

    We went round, loved it. Loved the owner.

    All set.

    Then, I decided to offer a lower price.

    Instead of putting in a bid for the offer, which my gut told me was a bit OTT, we went in with a figure hoping that the seller would negotiate.

    She told the estate agent to poke the offer and promptly sold it to a builder.

    Lesson for me - if you want something, it may be worth paying a little more.

  41. #41
    Master helidoc's Avatar
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    When the valuation issue appeared I flagged it to the agent and asked them, for reasons of transparency, to let the vendor know.

    It’s tricky. I don’t want to lose the house, and I don’t mind paying “over” but not £25K over. I think I ought to negotiate, but the way I do this, and the tone I adopt is very important.

    I accept the agent works for the vendor, but I may discuss it with them, and see if they can suggest a way forward. Definitely gentle negotiation, not all guns blazing, take it or leave it!

    D


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  42. #42
    Master TKH's Avatar
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    Dave

    some sound advice and great input from many but at the end of the day its 'your' life your decision and it will only affect you long term, some decisions are lonely ..haha

    per previous.

    I guess you have to have a go at getting a 'chip' and you do have ammunition / grounds and a 3rd party (valuer) to deflect any discomfort or awkwardness if thats an issue.

    but I would repeat how would you feel if they put it back up for sale and somebody paid the same 465k ? and you lose it (i'm assuming you love it?)

    If I'm correct from earlier posts your mortgage is low LTV and thus unaffected by the valuation anyway.

  43. #43
    Quote Originally Posted by Devonian View Post
    You’d be absolutely raging? I’d be more raging if I’d bought a house and then found out I’d paid 25k more than it’s worth. Properties get ‘valued’ for a reason, to find out the ‘value’. It’s not based on what the vendor or estate agent say, it’s based on an independent valuation. Not 100% right every time (like everything in life), but they are generally accurate based on comparables, previous sales etc.
    But it's your responsibility to offer what the property is worth in the first place. If you offered too much that would be your fault.

    A house is worth what someone is willing to pay. Would the op have been happy to pay more if the seller said they had received a higher offer since taking the house of the market?
    Last edited by watchcollector1; 24th June 2018 at 13:32.

  44. #44
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    OP. How long had the house been on the market before you put your offer in?

  45. #45
    Grand Master seikopath's Avatar
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    Quote Originally Posted by helidoc View Post
    I don’t want to lose the house, and I don’t mind paying “over” but not £25K over.
    You're not paying 25k over asking price though are you? It's not like you are being gazumped.

    You would be paying 25k more than a mortgage valuation. That's just a valuation.

    The house was in the market for 500 originally, then dropped to 475 and your offer of 465 was accepted. So you could say you are paying 10, or even 35k under!

    Glass half full or half empty?

    Don't get stuck on the figures. You need to do your own sums, decide what the house is worth to you and then enter negotiations.

    Its true that you made an offer that was accepted, but given the circumstances i think any reasonable vendor would understand that your position may have been dependant on the mortgage valuation.

    Their response just depends on what other offers they may have had on the table. But generally, I would expect a bit of flexibility from sellers these days. Hopefully you'll both get the result you want


    Good luck. Dave
    Last edited by seikopath; 24th June 2018 at 14:28.
    Good luck everybody. Have a good one.

  46. #46
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    Quote Originally Posted by watchcollector1 View Post
    But it's your responsibility to offer what the property is worth in the first place. If you offered too much that would be your fault.
    Sorry but that’s wrong. You offer what you think it’s worth but unless you are a surveyor you can only go on information available (what house next doors old for, others similar for sale etc etc). Valuations protect two parties - the lender wants to make sure it’s adequate security and the buyer wants to make sure . . . . . They aren’t paying for something it’s not worth as well as the structure of the property. Next you’ll be saying it’s your responsibility to make sure the deeds are correct and the searches are fine, not the Solicitor.

  47. #47
    Master blackal's Avatar
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    He offered what he was happy to offer, to take it off the market, after securing a couple of reductions already (if I’m reading it right).

  48. #48
    Master helidoc's Avatar
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    Quote Originally Posted by watchcollector1 View Post
    But it's your responsibility to offer what the property is worth in the first place. If you offered too much that would be your fault.

    A house is worth what someone is willing to pay. Would the op have been happy to pay more if the seller said they had received a higher offer since taking the house of the market?

    Gazumping and gazundering are features of rising and falling markets. This is an unexpected valuation finding, and to be honest, chartered surveyors are valuation professionals, not buyers.

    A down valuation is a relatively unusual event, and that is what I feel I have to respond to.

    D



    Sent from my iPhone using Tapatalk

  49. #49
    I would go into a couple of local agents and ask them if they think the price is fair or warm. These guys know their own market well and will give you a good idea. Also look on the sites like zooplankton which I think give you prices of any previously sold houses and what they went for.

    Like someone said above the mortgage valuers often low ball to protect their arses, so the price they put on it may not be the genuine value.

  50. #50
    Master blackal's Avatar
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    Quote Originally Posted by helidoc View Post
    When the valuation issue appeared I flagged it to the agent and asked them, for reasons of transparency, to let the vendor know.


    Sent from my iPhone using Tapatalk
    I don't think that was "transparency" - that was preparing the ground for a low-ball new offer.

    The mortgage lender's and your negotiations are no business of the vendor.

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