Survey valuation less than offer

poppy10_2

How would it weaken his negotiating position?

AMILLIONDOLLARS

LandyAndy wrote: »

Honourable or Horrible?;):D

Thanks for pointing out my spelling error!!! Honourable:rotfl:

Is more like it!!!

AMD

lovethymini

We're in the same position as you;- sale price 227.5k, surveyor valued at 216k.

EA disputes this, citing comparable properties, but surveyor correctly explained that the other more expensive properties were larger.

So at the moment, we're told our solicitor to hold fire until we sort this out, and we've given the EA an opportunity to present his evidence to support his (higher) valuation to the surveyor.

We originally offered much closer to the surveyor's valuation, but there were other offers on the table and it was very difficult for us to conclude the property's worth to ourselves. The EA is now hanging those other offers over our heads but I feel they're irrelevant because surely their surveyor's valuation would conclude the same as ours.

At the moment we feel we don't want to go above 216k - unless the surveyor raises his valuation. The vendor did a good job of putting fresh paint on the walls and cream carpets on the floors but failed to service the boiler and update the electrics so additional money would need to be spent catching up with the maintenance on the house.

NB The mortgage company would base their valuation of the property on the surveyor's price and not the purchase price, therefore, it's vital the surveyor's valuation reflects the purchase price, otherwise the LTV would be inaccurate - potentially causing future issues.

We've got our business heads on with this and are prepared to walk away from the sale rather than pay more than the property is worth.