Survey valuation less than offer

pawpurrs

Did you show the vendor the valuation?
Depends on whether you agree with it or not, valuations are not a precise formula, if you pull out, the next person to offer could not have a problem with it being downvalued or they could encouter the same, as you are a cash buyer, I take it it wasnt a mortgage valuation?
What else could you get for the stated valuation, do you think that the valuation is pesemistic or not?

AMILLIONDOLLARS

Do you have a rough estimate of how much the remedial work will cost? I would trying and present them with some quotes, if the work came to say £10k with your £385k on the table £395k would look better to them. I think it will boil down to the cost of having the work done.

AMD

suisidevw

'Close to the asking price'.

Are they serious? If they aren't considering your £385k, get out IMO.

ShelleyC_2

Whilst you have paid money out already if they are not prepared to go with valuation I'd walk away (if your wife will let you )

AMILLIONDOLLARS

suisidevw wrote: »

'Close to the asking price'.

Are they serious? If they aren't considering your £385k, get out IMO.

Don't forget this is a distressed sale, these unfortunately people have to try and get as much as they can for this property. It is an interesting dilemma, because on the Debt Free Wannbe Board, the advice to them would be to hold out for as much as they could get to limit their debt liability in the long run.

I think Noff is hourable, as he is trying to be as fair as he can be in this difficult situation.

AMD

LandyAndy

ShelleyC wrote: »

Whilst you have paid money out already if they are not prepared to go with valuation I'd walk away (if your wife will let you )

I think a bit of undue influence is at work here too.:D

If they don't take £385k walk away. I don't suppose they are beating off buyers with a sh1tty stick.

LandyAndy

AMILLIONDOLLARS wrote: »

I think Noff is hourable

Honourable or Horrible?;):D

silvercar

Ho

wever the survey valuation has now come back and has valued the property at 385K (50K less than what we offered). It also has 4 urgent things that need attention including suspected timber and damp which the surveyor has implied that the value may be less if their is a cost to sort out the problems (I had a homebuyers survey so further investigation is required).

The true price now is £385K.

The £385k reflects the condition of the property. So, if this is accurate (I consider valueing an art not a science) then you should be prepared to pay £385k for it in the current condition.

I am going to say that I am prepared to pay no more than 385K and that is on the understanding that the 4 urgent things that need to be addressed are no more expensive to rectify than the surveyor has taken in to account when making the valuation. If the cost of rectifying the problems is more than has been accounted for then the offer would be reduced by this cost.

This is not necessarily true. If having the work done would cost you £30k and the property would then be valued at £425k, would you be prepared to pay £425k for the seller to do the work? If so would you pay £395k now if you KNEW the work would only cost definitely only cost £30k.

The only thing set in semi-concrete is the current valuation of £385k.

poppy10_2

TTFO.

And ask your wife to browse this forum for a bit, we'll soon put her straight.

Oh, and can we have a rightmove link now?

AdrianW2

poppy10 wrote: »

Oh, and can we have a rightmove link now?

It's not in the OP's interest to post a rightmove link. It weakens his negotiating position if the EA knows what's going on. It also weakens his position when he comes to sell the house if the whole world knows his situation.