House valued at less than offered...

ukcarper

Just because the survey valued it a £105k doesn’t means thet's what’s it's worth you obviously thought it was worth £110k without the faults so I would just offer £110k less the cost of repairs. But I wouldn’t take the surveyor’s estimate as right you need to get some estimates for the work . 7k sounds a bit cheap to me.

Sonofa

domcastro wrote: »

karma - what so you get bad karma if you pay 105 for a property worth 105?

That wasn't what I said, I said reduce the offer to the revised valuation of 105k now that the repairs are known. I said why offer less than the house's value in current condition.

domcastro wrote: »

As far as I'm concerned gazundering is legit and fair if the valuation comes back less than the offer.

That isn't gazundering it's renegotiation based on further information being made available and on the opinion of a professional valuer, not some wide boy, unqualified estate agent.

brightonman123

was your offer made subjext to a survey?

I would keep same offer, but request vendor make house safe as per survey, BEFORE completion.

Work needs doing- best get it sorted before you get lumbered
(er, move in)!

Moldy

Hi all,

thanks for the many bits of advice.

I am happy to pay £110k for this house with a decent roof and no damp problems. I am concerned that fixing this will cost more than £7k particularly when we may find more damp after replacing the floor. Should I show the estate agent the valuation page that states the value at 105k, the repair estimate at £7k and the repaired value at £115k?

Rob

lostinrates

Sonofa wrote: »

Hello '!!!!!!'
........
I for one will continue to believe in Karma. And on this basis I suggest you bend over and brace for what's to come.

fwiw I'm not quite sure karma works quite that way

Sonofa

lostinrates wrote: »

fwiw I'm not quite sure karma works quite that way

No? Maybe I was getting it confused with the Kama Sutra then?:rotfl:

wolfman

I'd drop the offer by £7k if you didn't notice the repairs needed upon your initial offer.

You thought it was worth £110k. You've been highlighted £7k's worth of repair via a survey. You review the survey and adjust your offer. That's what it's there for. £103k offer, not so bad.

As mentioned by other £7k may be on the light side for repair costs. You may want to allow for more, or if unsure get a quote from a builder.

Not really sure how karma comes into it, or how you'd get bad karma for dropping your offer after a survey highlighted problems.