Valuation no where near the estate agents figure?

VIGILANT22

You want us to give you all the answers you want to hear!!,,,,but we cant do that...the only reasonable hope you have is haggling the price down...dont lose sleep over this...as i said it's only bricks and mortar...happens to hundreds of people...then when they eventually get their property they say they're glad they missed out in all the others as this one is better!!

howd

I just think that I've got a pretty good argument havent I? It just doesnt add up. Yeah I really hope that the vendor does just agree to the £200K that would be perfect!

I'm just at looking at ways of trying to battle this one, I hope you understand.

opinions4u

Drop your offer to £200k and see what happens.

If they won't drop the price, pull out.

There will be more dream cottages in the future.

VIGILANT22

howd wrote: »

I just think that I've got a pretty good argument havent I? It just doesnt add up. Yeah I really hope that the vendor does just agree to the £200K that would be perfect!

I'm just at looking at ways of trying to battle this one, I hope you understand.

ye but i also know the market and the industry...no point in bashing yr head against a brick wall...if they dont drop the price you walk away...

jenhug

I believe things like this happen for a reason, even if you don't think so at the time. Offer £200k and be prepared to walk away.

surreybased

Hi,

What is the LTV? This does seems to make a difference, banks seem to worry less if you risk losing your money first! The vendors will have a choice, accept the lower amount, get you to increase your spend, or look around for a cash buyer or someone with higher LTV.
We're buying a house which has had 2 sales fall through (seems to be valuation related). We're buying a cheaper house so our LTV is good and therefore it's likely to go ahead. I suspect the house will be valued lower, in the SE we're in a mini boom which can't last but due to schools etc we need to settle, rather than rent (which we have been doing).

The EA might be able to show valuations around this so just wait to see what happens. The sellers should be the one's stressing, it's not a good situaton for them. How long was the house on the market?

howd

Appreciate all of your comments but let me tell you a few extra points worth noting. I have lived around this very sought after area all my lfe and have a good idea of the value of houses in our area. Only last year a 2 bedroom semi detached cottage in this very area sold for £235K. Ours (if we get it) is 3/4 bedroom with good features.

So my question is can I ask natwest to do another survey with another individual from the countrywide surveyors to check the last guy wasnt sleeping?

opinions4u

howd wrote: »

Appreciate all of your comments but let me tell you a few extra points worth noting. I have lived around this very sought after area all my lfe and have a good idea of the value of houses in our area. Only last year a 2 bedroom semi detached cottage in this very area sold for £235K.

Was on the market for £235k and sold for an unknown price? Or actually sold for £235k?

So my question is can I ask natwest to do another survey with another individual from the countrywide surveyors to check the last guy wasnt sleeping?

Yes. You can ask.

They can also tell you that they aren't prepared to do so.

I'd suggest you put something in writing clarifying why you think the valuer has got it wrong. If you have examples of the sale prices of other similar properties this will support your case. The lender can then ask the valuer to reconsider.

I believe that you will hit a brick wall though.

howd

Hi Surreybased,

Thanks for that info. We've got a LTV of 75% and have pumped all of our equity into this next mortgage. We've sold our house and they're ready to exchange.

We were the first to view the house the first day it was on the market and they accepted within 2 days as they knew we had no chain (I'm guessing) and it was a reasonable offer?

Any ideas?

howd

Hi options4you,

I'm not sure what the market price was but it was actually bought at £235K. Thats the part I'm not getting my head around?

Any thoughts?