Valuation no where near the estate agents figure?

VIGILANT22

yes but some people do pay more than the market vakue of the house if they have the spare cash and they want the property....during the boom people were paying thousands over valuation...hence the reason we had all the 125/130% mortgages........

howd

Hi Vigilant22,

Many thanks for your consistent positivity........

SouthCoast

You could pay for independant professional advice:

http://www.rics.org/

VIGILANT22

howd wrote: »

Hi Vigilant22,

Many thanks for your consistent positivity........

Do you want fact or fiction?

howd

more fairytailes from you will be fine thanks a lot!

VIGILANT22

ah well if you think that is fairytales...good luck

howd

sorry but i'm just really frustrated, didnt mean to be sarcastic.

inca_2

There isn't really a great deal you can do. It is unlikely another valuation will be agreed. The thing you're not looking at is the strong negotiating position you've got. They want to exchange in just over 2 weeks. That means they not only have to find another buyer, they need the buyer to get a valuation done and a formal mortgage offer in place within this time in order to exhange contract by this time. It is not at all unusual in the current climate for a property to be substantially down valued from the asking price and estate agents are used to vendors needing to drop their price for a sale.

Don't forget, if I've read correctly you viewed the property as soon as it went on the market. The property would have been put up for sale at maximum price and usually the price will be lowered as time goes on to secure a sale so it is likely they were expecting some kind of lower price anyway. The only thing you can do is speak to the estate agent tomorrow, tell them that there is nothing you can about the valuation so you can only offer 200k and if the vendors cannot agree with your offer then you will have to pull out as you won't be able to get a mortgage for the inflated value. Then wait for the phone tennis to begin!

Jonbvn

OP you are between a rock and a hard place. it is clear by your posts that you are becoming emotional about this house purchase, which should be avoided.

I think you have a less than 5% chance of Natwest doing a new survey and increasing the valuation. The outlook for the property market is very uncertain, and they are just covering their backs. At the end of the day, it is their money and you cannot force them to lend it to you.

Given the above, your only realistic option is to ask the vendor to lower their price. If they refuse, then you must walk away. At the end of the day, this is just a business transaction.

joolley

I never understand why people come on these boards looking to hear what they want to hear and respond negatively to posters who don't play their game.

The house is valued at what the surveyor says. You can ask Natwest all you want, they'll ignore you. You can waste more money and get an indepedent opinion, Natwest will most likely ignore it. They have their surveyors for a reason.

There will be other houses or you cobble together and extra £30k.

There is no perfect house. There are loads of houses that could suit specific families all over the place. Getting hung up on a 'dream house' has nothing to do with having somewhere to live. It's like shoes. Functional Clarks or Jimmy Choos. Both do the same thing. I looked for 3 years for the perfect house with kerb appeal, 4 bedrooms, study, 3 acres bal bla bla. I just bought soemthing totally different because it suited our needs and we could grow into it. I also lost out on a 2 1/2 acre building plot in a national park. Why, cos the seller wanted £75k over valuation and £175K more than what he paid 3 yrs ago. I wanted it, a great family home could have been built there, but I'm not stupid. He went to closing and got no offers.

It is easy here in Scotland (I previously owned property in Camberley, Surrey so know the English system too). Here the surveyor values the house FIRST before it goes on the market. The home report (your HIP) is available before you see the house with the valuation in it. Properties cannot be marketted without this - unless on for sale before Dec 08.Therefore the value is known before you offer. Easier all round.

joolls