Offer accepted - Survey completed - Valued 15k less than offer

rocketchimp9

Maybe you could do an independent valuation, this would show you if your house is genuinely worth less or if the buyer is trying it on

lovethymini

We were the buyers in a similar situation back in May June this year;- our offer was accepted at 227K, then the surveyor valued it at 216k.

We had a long conversation with the surveyor to understand his reasons for downvaluing the property. We then spoke to the agent who became very defensive (after all - he was the one who valued it higher) and the vendor refused to accept his house had a lower value. Whilst we accepted the surveyor's report and valuation, we also really liked the house. We were no longer comfortable with paying the original price of 227k, so revised our offer to 220k, this was refused, so we walked away. Despite phonecalls from the EA saying that they had a cashbuyer lined up to have the house at 230k, the house was never sold after that and was withdrawn from the market.

If I was a vendor in this position, I would ask that the buyer write a letter detailing their reasons for the reduced offer, so that I could understand the observations made by the surveyor, and then go from there.

Incidently, our own EA was more realistic and we came to a value for our house together, and have sold it twice this year, being on the market for a total of just 3 weeks. The surveyor was very complimentary of the property and the value.

One other point on this - we were initially selling to a couple who was selling to a FTB, who was struggling to find an extra 5k (government funded mortgage scheme was taking ages, long story);- we offered to split the difference ie we reduce our selling price by 2.5k and our buyer reduce by 5k, to save the chain.

new_home_owner_3

Its okay if you can get the people higher up in the chain to drop their price, however if they can only offer the 155 and your vendor will not reduce, you may have to stop where you are.

Thats why i would never offer on a house without having a offer accepted, unless i had a few extra thousand spare as this seems to be normal practice.

Ive seen houses with converted garages and conservatories and to be honest the price it costs to get them done never reflects the price of valuations as these things are personal choices.

have you had the valuation on the property you are buying?

new_home_owner_3

antheawad wrote: »

In my eyes, FTB's have nothing to complain about. The people buying ours now stand to get the house for £20k less than what we were asking for it 6 months ago, and they only need a 10% deposit. What's fair about that?

The easy solution is to wait until your house price goes back up to what you are happy selling it for.

I had my house valued at 180,000 1 and a half years ago, in the end i had it on the market for 145000 and still no luck thats why i currently rent it out, you can ask what price you want all day long, but that does not give you the god given right to get that amount.

The buyers have made the offer and you accepted it, if they want to lower it again its up to you whether you accept it, and in my eyes you can not get much fairer than that.

They might have a 25% deposit if they really want your house and are still willing to pay the amount they offered, it then may mean them having to lower their ltv....