Urgent Help!!!!!!!!!!!!!!!!!!!!!!!!

Gorgeous_George

Dan_1976 wrote: »

Can you get the 5k from the chain, everybody drop. I have seen it happen for more than that. Also 5k is an unusual amount to drop by, have you made sure its not a typing error, they do happen!

This is where I think we need a 'Chain Manager' to be appointed to take charge of the game.

GG

brit1234

Why should they overpay especially as the price is set to drop further. You are better off getting a £5k reduction on the property you want to buy.

If I was after a property and saw the true value price was under the asking price there is no way I would over pay. Maybe people would when we were in the property bubble, but that has burst and we have years of falls coming.

suzy83

Hi, i no a friend that put an offer in for a house for 225K the house was on the market around 275k (i think). They went to valuation and the survey came back valueing the property at 215k. They asked the vender to accept a lower offer but he refussed and said he would put it back on the market. My friend said to the vender to meet half way but still they would not budge. In the end my friend proceeded with their original offer of 225k.

I hope things works out for you.

itsakidsworld

brit1234,

there is no "true value" of any property- that is the whole point of buying and selling. The sellers have placed the property on the market at £220k and had an offer of £205K which they accepted.

It is not as if it is a property on the market at £800K and valued at £400K
is it.

The valuer will have asked the purchasers how much they are buying the property for- so gaining valuable insight into the current estimated value. They will then use this knowledge to inform the buyers lenders that in their "honest and professional opinion" the property is valued at £200K and not £205, thus giving the lenders more security but leaving the sellers with one great big headache. They never explain to the lenders that they the property was on the market at £220K and has already dropped- no, no that would not be allowed would it?

I would have loved to have seen a report on the valuation had the agreed price been £220K- I would bet it would have been £210K or £215K.

You are correct this is a falling market we are in but no one knows when the bottom will be reached. It may have already, it may be a while yet but one thing is 100% certain- valuers have the most toughest job at the moment and always, always caution on the negative side.

BRADDY_3

A big thanks to everybody for all the help and advise.

I told the estate agent that we had agreed a sale of £205k, all our monies have been worked around that. If they werent going to pay what they had offered we would be pulling out.
10 mins later the buyers said they would still offer £205k, so everything is still on track (fingers crossed lol).
Talk about beeing stressed over 5k

poppy10_2

BRADDY wrote: »

10 mins later the buyers said they would still offer £205k, so everything is still on track (fingers crossed lol).

What happens if their mortgage lender isn't happy with them overpaying by £5k on your house?

Gorgeous_George wrote: »

This is where I think we need a 'Chain Manager' to be appointed to take charge of the game.

GG

Sarah Beeney to the rescue?
http://www.completingchains.com/how-it-works

Ian_W

What happens if their mortgage lender isn't happy with them overpaying by £5k on your house?

Nothing. The lender decides the valuation on which they're prepared to lend (eg. 90% 0f £200K = £180K), the purchaser decides whether they are prepared to pay more as it's their money, not the lenders, that is at risk.

suzy83

Good luck!!! i hope all works out for you

Gorgeous_George

I'd still offer £6K less for the house that you are buying

You get nothing if you don't ask.

GG