Kicking Myself!

jaqui59

Hi everyone

Im a few weeks into purchasing a property which was on the market for £290K which I offered £280k for, and was accepted.

On looking around at the free valuation sites on the web it appears that what these sites say is that the true market value is around £270,000 … I am now kicking myself because when I called the agent to place the offer, they said to me the vendor doesn't want any silly offers such as £250k/260K but he will look at £270K upwards, but with me being the way I am I thought I would offer £280k to show my extreme interest.

Now ive behaved like a complete nincompoop, and in this current property market (i.e. will the house prices drop even further) im beginning to worry ive offered far too much for this place and am being dogged with constant thoughts on how I can get the vendor to lower the price for me without him getting upset and pulling out … By the way, I do not need a mortgage on this property hence I will not be paying out for a Chartered Surveyors Valuation, and I decided to get a rather expensive Structural Engineers Inspection instead, which doesn’t include a Valuation.

I know I should have researched values first before placing the offer, but its too late now, ive gone and done it, but anyones thoughts and help on this would be hugely appreciated .... Thanks )

gemstars

Hi,

The only way you'll find out what it's actually worth is to have a valuation done. The free serivces on the net are only very rough estimates.

Has anything come up in the inspection which you would need to negotiate on?

ILW

You are not commited until exchange.

Gwhiz

ILW wrote: »

You are not commited until exchange.

Correct. Before you start spending any money I would go back and change your offer if you truly believe you are paying too much,

jaqui59

gemstars wrote: »

Hi,

The only way you'll find out what it's actually worth is to have a valuation done. The free serivces on the net are only very rough estimates.

Has anything come up in the inspection which you would need to negotiate on?

Nothing really major come up, just a couple of large trees in the garden which I have been told to either fell or maintain ... The only other thing is that there is no boundary fencing whatsoever, and the garden is very large.

sympatex

didnt notice this being asked but something like www.ourproperty.co.uk will tell you any recent sales on that road etc which if you're lucky and can find a similar property thats sold on that street in the last year you could gauge what price seems appropriate.
Not many people would buy a property betwen 250 and 260 because of the stamp duty threshold.

franklee

You are spending 280K yet refuse to pay a few hundred for a proper valuation. Now that is stupid. Get a valuation and use that to negoiate price. Or just pull out.

cattie

You can't go on what a lot of these websites say as they are only generalisations.

I've noticed that some of these so called valuation sites are quoting properties in my area at around £25k-£30k less than they are actually selling for.

A valuation & your own homework researching the area & prices being asked/achieved will give you a much better idea of what the property is worth in the current market.

happyhunter

From past experience, the RICS surveyor will always ask the person at the property 'how much are you selling it for?' and will value the property at that price (unless it is way off the market price).

So it will be a waste of money getting a valuation done if your purchase price is close to the market value anyway.

dodgy

Had a survey this morning on our place, that was almost the first question the surveyor asked me.

skiTTish

Do you mean one of these sites that gives the average value for the area ?
As these sites give you the average of all house sold prices over the past 9 years ( for example )then they can never give a true value of a particular house,