Valuation no where near the estate agents figure?

howd

I appreciate your comments but surely if they put the house back on the market then the next surveyor is going to come along and quote the same price of £200K? How could they differ so much?

Also, any pointers to other discussions similar to this would be great as I cant find any?

milliemonster

As already stated, I very much doubt Natwest will be prepared to send in another surveyor. If they have valued the house at £200k, then you have the choice of either seeing if the sellers will reduce their asking price to this, if not then your choice is to either back out or stump up the extra £30k yourself?, the sellers may not be able to afford to drop their asking price depending on what they need to move so may pull out altogether, its all ifs and buts really until the estate agents come back to you.

Personally I would not pay anymore than what the house has been professionally valued at, irrespective of if this means the sale falls through

howd

The point that I'm trying to make is the following:

They simply wont be able to get the money they want for it if other surveyors value the house at £200K????? This would apply to any buyer that needs the survey done??

VIGILANT22

Ye but another surveyor might not value it at 200k...also if someone was only applying for a mortgage for 50% ltv ..it could make a difference...i am afraid borrowers are at the mercy of surveyors, underwriters and lending criteria none of us can get our heads around.....Try and negioate the price down..if not walk away...after all it's only bricks and mortar....

howd

I can't see many people wanting the house with negative equity? If its the case that they put it back on the market surely they wouldnt put it back up for £240K having being told that it was priced by natwest at £200K???? Besides which if another surveyor does sign it off at £230K surely I've got an argument with Natwest to say a £30-40K difference isnt normal???

VIGILANT22

But you wouldnt know what another surveyor valued it at as you wouldnt be buying it???
The EA wont have any influence with the surveyor!...that's like a red rag to a bull...EA's are salesman..
You never know the vendor may drop the price.......

howd

But come on surely any reputable surveyor representing big lenders will still price it in and around the £200K mark if the guy for natwest did?

nic_santorini

this happened to us and we could not change our product from the bank, so we lost the house, because they wanted that amount for it and would not budge, it was a fab home and it sold for the full asking price just a week later, I was gutted, but did not have the cash to make up the shortfall. We tried to haggle but the estate agents are on a percentage, so they are not want to lose around £600 in fees because of the £30k difference and neither are the vendors. Countrywide are a pain in the !!!! quite frankly and also slowed down our eventual purchase. I wish you luck.

howd

Lets not forget that they seem pretty desperate to move, Will they go through pulling out of their new house and going through the whole rigmorol again of putting it back on the market to only find out that the next survey comes in too low?

howd

Hi Nic,

Many thanks for your feedback and I'm sorry to hear you lost the house?

This is my wife and I's dream cottage and we dont want to lose out on it. Did you ask the bank for another survey at all? If you could turn back the clocks would there have been another way you would have managed the situation?

They want to exchange in just over 2 and half weeks.

Any help would be grateful!