House valued less than offer..

ciano125

seraphina wrote: »

Suspect EA is telling porkies...

Do they do that??! Well I never! Have they got ANY morals?!

ciano125

By the way, as a Member of the RICS myself, I can assure you that I wouldn't take kindly to an (unqualified) estate agent telling me how to do my job and certainly wouldn't amend my valuation for him. I'd probably tell him that he should be better at his job and not tell his clients that their houses are worth more than they are.

bargain_hunter25

The EA told us that the surveyor would increase their valuation to £130000 if both ourselves and the vendor were happy. We said we were happy as the increased valuation would give us the money we need and we would of planned to live there at least 5 years or so and we are also throwing money away renting anyway etc but they insisted the vendor could not go below £135k. At this time the valuation still stands at £125000 though. They claim it was a valuer that works for the EA that called the banks valuer to present some comparables etc.

The EA said that she had been instructed to put the house back on the market, then again, this could just be another tactic to get us to meet the vendors price as we dont have much experience with their tactics.

In response to DSG, a letter in writing was not done as we wanted quick turn around so our justifications for an offer were all noted in an email which was followed up by a phone call.

Alias_Omega

Hey buddy,

Hold in there. You can always make the offer of £130,000 and carry on looking.

Its like buying a car, one side has to move or a deal wont be made. If they want to sell the house, they should move with the price.

Good luck,

Alias

Fire_Fox

ciano125 wrote: »

By the way, as a Member of the RICS myself, I can assure you that I wouldn't take kindly to an (unqualified) estate agent telling me how to do my job and certainly wouldn't amend my valuation for him. I'd probably tell him that he should be better at his job and not tell his clients that their houses are worth more than they are.

:rotfl: I'd pay to see that.

Fire_Fox

bargain_hunter25 wrote: »

Hi

Ok, so here is what happened. The EA rang us this afternoon advising that the vendor will not budge from £135k however they have spoke to the valuer from the bank and they will raise the valuation to £130k to prevent the sale falling though. We said that would be acceptable as we can then get the extra money however the vendor will still not budge from £135k. Therefore, we thought it would be best to let this one go :-(

Thanks for all your help

I'm sticking with my earlier suggestions

Fire_Fox wrote: »

Of course the estate agent is going to say that: they work for the vendor and are on commission! ... Forget what the vendor wants/ needs - unless they get a silly cash buyer they won't get it ... If they come back to you and say no, calmly say your offer will not be increased and remains on the table and walk away for a week or so.

g_attrill

Wow, I can't believe the surveyor would revise the valuation at the request of an EA, in fact I think it would be against a code of conduct for them to interfere in your finances, I would be going ape!

Also I'm sure surveyors have a bit of tolerance for people paying a little more than they think a house is worth, so them undervaluing will be the one will be where they really do think it is too much and that they can't agree that it is worth the agreed price.

lellow_lorry

Surveys are not always 100%. but generally pretty good. Unless they had put in state of the the art modernisation into the property then the valuation should be easy to work out especially if the whole street is of similar properties. EA is working for the seller, but problem here is they have overvalued it. Maybe to get the business, as stock was low on many agents books and this tactic has popped up many a time to get them on their books. Why would a surveyor up their value? Unless their was a glaringly obvious mistake ie ommission of a bedroom. Brickamortis is a funny old thing.:rotfl:

cattie

seraphina wrote: »

Sounds dodgy and you're well shot of it - how on earth can an EA convince a surveyor, acting on behalf of YOUR mortgage company to suddenly increase the valuation??? Suspect EA is telling porkies...

It is very common for surveyors to consult with the local agent selling the property & sometimes other agents, as to what price similar properties are achieving or expected to achieve. It helps him to base his valuation fairly on the local area that he may not know too well. This is generally done at the time the survyor is carrying out his valuation.

In this case it would seem that the ea decided to have a word with the surveyor because he felt the property was grossly undervalued. Nothing wrong in that if it helps the sale along & gets the prospective buyers an increased mortgage offer on the property.

tux900

g_attrill wrote: »

Wow, I can't believe the surveyor would revise the valuation at the request of an EA,

On the contrary; it is very common.

Note that it is not at the request of an EA but rather subsequent to the EA convincing them of a revised value. It is often the case that a surveyor does not have as good a knowledge as an EA of the local market, particularly where nuances of location can vary street to street.

If the EA can demonstrate, from recent sales and other properties undergoing the sales process, that a revised valuation is appropriate then a surveyor ought to oblige if they are fully content with the justification.

Mathew