Value under my offer

kayleigh

I offered 88k for a flat subject to survey in Glasgow Scotland - as a buy to let - it has surveyed at 85k.

Never had this before - they normally seem to survey at what I offer.

What is the procedure - do you now go back to the seller and offer the survey price - or do you negotiate for something in between.

really want the flat - been looking for something that I find suitable for so long. My initial offer was 86k - but he rejected - said he wanted 90k - we eventually agreed on 88 - scared he will just pull out unless I give him what he wants - the joys.

Any suggestions?

nelly_2

is this the lender survey?

This is happening a lot lately the banks are getting ready for the drop in prices, or, it seams, actually starting it themselves which is nice of them.

Malky

You've already answered one of your questions yourself. Valued at 85, seller wants 90 and you met in the middle at 88. As for reducing your offer to meet the survey price, that's not going to happen. If your seller already knocked back 86, why would they accept 85? I can't see your seller pulling out at 88 unless someone comes along and offers 90 but it's a chance you take. Worse still, it could go to a closing date and then you have no chance at 88.

jennifernil

Valuation below offer price is not unusual in Scotland. The valuation supposedly reflects what the lenders could expect to achieve if they had to reposess and sell. If you were happy to pay 88 then this need not change that.

puffinmuffin

Hi,
Are the bank witholding money because repairs are needed? Our house surveyed at 2k lower than we were paying due to some work needed, as we knew we were getting a good price on the house we agreed to go halves on the major repairs (we had the costs of the repairs varified by a builder)

lynzpower

i had this with my new build shared ownership flat, I just found the extra money ( well my parents did) as the HA were unwiling to shift. Totalling up all the money I would have lost on survey, arrangement fees solicitors etc, It would have been more than the 2k I was undervalued at. Amazing really as on my road there is nothing going for less than 240 now..

kayleigh

What a day - the guy refused to drop his price below what we had agreed (I would have done the same to be honest) - and since it was a BTL purchase - I am already coming up with 20% for the deposit - so I pulled out.

Offered for another flat I looked at - they accepted - surveyed at 2k over my offer - so we have gone ahead - entry date in 6 weeks.