Reducing offer price at last minute before exchange

mbga9pgf

Do It!!!!!!

mike5678

silvercar wrote: »

Why would a seller, with an offer on the table, pay for a private valuation?

You read it the wrong way around, he paid for a valuation survey the week before putting it on the market. This is the document that I have just had disclosed to me.

silvercar

mike5678 wrote: »

You read it the wrong way around, he paid for a valuation survey the week before putting it on the market. This is the document that I have just had disclosed to me.

My mistake. I still don't understand why someone would pay for a valuation when estate agents will offer suggested prices free and there are plenty websites available for comparable achieved prices.

Fire_Fox

The vendor's solicitor is going to be in deep doo-doo; that's got to have been an error. Go for it OP, and use the cost of extending the lease as your reason.

G_M

Mortgage valuations, although paid for by the buyer, are done on behalf of the bank. This is to protect their investment by ensuring the house is worth (at least) as much as is being paid [or borrowed]).

I speculate, but the lower valuation was probobly done for a previous buyer who had agreed to pay the lower price (but later pulled out), and who's valuation therefore confiirmed it was worth (at least) £170K. These valuations VERY RARELY are for more than the agreed sale price (but often lower).

I can think of no credible reason why the seller would have paid for a formal valuation.

In reality of course as we all know, a property is always only worth what a buyer is prepapred to pay....

What you decide is up to you, you're under no legal obligation to Exchange.

Depends how you feel about messing about with 4 family's lives, with renaging on a price you originally felt was fair, which has been confirmed by your own valuation, and also depends how attached you are to moving.

Personally, if I was your seller I'd want to tell you where to go, but I guess that would depend how desperate I was to sell....

ILW

If I thought I could legally save myself £10,000 i would give it a try.

mike5678

G_M wrote: »

Mortgage valuations, although paid for by the buyer, are done on behalf of the bank. This is to protect their investment by ensuring the house is worth (at least) as much as is being paid [or borrowed]).

I speculate, but the lower valuation was probobly done for a previous buyer who had agreed to pay the lower price (but later pulled out), and who's valuation therefore confiirmed it was worth (at least) £170K. These valuations VERY RARELY are for more than the agreed sale price (but often lower).

I can think of no credible reason why the seller would have paid for a formal valuation.

In reality of course as we all know, a property is always only worth what a buyer is prepapred to pay....

What you decide is up to you, you're under no legal obligation to Exchange.

Depends how you feel about messing about with 4 family's lives, with renaging on a price you originally felt was fair, which has been confirmed by your own valuation, and also depends how attached you are to moving.

Personally, if I was your seller I'd want to tell you where to go, but I guess that would depend how desperate I was to sell....

This is exactly what I've been thinking. These people are strangers and I have no emotional feelings towards any of them, this is a business transaction and nothing more.

That is a good point about why the vendor has this survey done, when I came to buying it, it was at the point where he had just put it on the market with a new (more expensive) estate agent and left and given up on the previous estate agent.

oldone_2

What would you have done if this newly 'discovered' valuation had been £200,000. Would you have gone to the vendor and said you want to pay them more.

mike5678

oldone wrote: »

What would you have done if this newly 'discovered' valuation had been £200,000. Would you have gone to the vendor and said you want to pay them more.

I'd have kept quiet.

harib0uk

G_M wrote: »

In reality of course as we all know, a property is always only worth what a buyer is prepapred to pay....

This ^

You were prepared to pay the £180

Valuations are very wide and you can quite easily have £30k difference in price with different valuers.

Last re mortgage I had the guy that came round to value it asked me what it was worth, he didn't even know the area and after looking at the property he said he was off to check with the local estate agent.

Re mortgage before that the guy didn't even come in side the property.

Take valuations with a huge pinch of salt...