House valued less than offer..

DON79

Call their bluff and stick with £130k, they are being greedy and so stupid as to take the chance with you being in such a good position to buy. Remember to insist as well that if they accept the £130k to insist on them making good and removing all the items from the house that you have declined to purchase without any damage being done to kitchen and all other fixtures and fittings. Get this made clear by your solicitor to them along with your final offer and that you will hold them liable for any damage & costs to repair anything damaged when they are removing all the extra items that they have not included in the price.

I hope you get this resolved but personally I think I would have walked away by now as they are being so awkward. I would not trust them to not be deliberately spiteful in some way now once you have agreed to the sale.

BettiePage

If they're playing silly games at this early stage WALK AWAY NOW. Even if they 'accept' your offer of £130k. Things will only get worse. Make appointments to go see more properties this weekend with your ea.

Good luck!

puddy

gordon bennet, if those items were not present, the house would be sold in terms of 'needing refurbishment and modernisation' reducing its value significantly and i would strongly inform the EA and vendor of this, plus make sure you inform the valuer

this is just ridiculous.

someone above mentioned that its not that uncommon for valuers to raise their vauation after speaking to the EA because the EA is able to give them their more thorough knowledge of the area and values

ok, so if thats the case, how does that stand with the evidence that the OP found, that really the valuation of 125k was a real stretch, but one which the OP was willing to accept because give or take a grand or two, he wants the house.

dont even bother quibbilng about 'fixtures and fittings' the price is 130k and they are VERY lucky and all the fixtures and fittings which are mentioned in the EA details have to stay, their crappy curtains and such like they can eff off with

and im second in the queue to punch you

bargain_hunter25

We are really feeling these punches! :-) but welcome them. This is a sharp learning curve. An offer of £130k including all fixtures and fittings will be put in as final and we will state that this offer was always based on all fixtures and fittings being left. If they quibble, then we we walk away. As BettiePage stated, if they are being like this now at such an early stage, what sort of tricks will they pull down the line when we have forked out for a full structural survey, and paid solicitors fees etc

tawse57

bargain_hunter25 wrote: »

Hi

We are first time buyers and here is the situation we are finding ourselves in. We recently saw a house on the market with an asking price of £146000 which we liked and after a few viewings we had our second offer accepted which was £141000. We applied for a mortgage with The Post Office / Bank of Ireland (4.29% fixed for 2 years 85% LTV). They arranged for a valuer to vist the property but they have only valued it at £125000. Obviously, this causes us a problem as we were planning on borrowing £119850 and putting £21150 deposit down to get the mortgage deal. The survey as you would expect, being a basic mortgage valuation doesnt contain much information, it advises the house would be worth £130000 with some improvments. So, they will lend us £106250 rather than £119850, We have spoken to the Estate Agent who advises that the maximum the vendor can go down to is £135000 which still leaves us needing to put an extra £7600 down. Has anyone had experience with houses being valued quite a lot less than the accepted offer price? Would it not be wise to buy a house for £135000 when the mortgage provider says its worth £125000 or are they covering there own backs? Would it actually be worth more? We could find out with a full structural survey what they advise the house is worth but before we spend that sort of money we would like to know a few opinions

Many thanks

The house has an asking price of 146K and you offered 141K and then were disappointed that the surveyor says the house is only worth 125K - and you are complaining?

You should go and buy that surveyor a meal and a pint and thank him/her.

You obvious offered way too much for the house and, IMPO, you should now be offering at least 10 PERCENT below the 125K figure. Frankly, I would be offered MUCH less than that!

You need and go educate yourselves over at:

http://www.housepricecrash.co.uk/forum/index.php?showforum=22

http://www.housepricecrash.co.uk/forum/index.php?showforum=25

bitsandpieces

Sorry, I know these situations can be horribly stressful - but they're going to take the door handles :rotfl::rotfl::rotfl::rotfl::rotfl:

This would be a big red light for me. You're paying at the top end of the valuation anyway - so if they remove fixtures (and, likely, do damage in the process) it means you're paying over the odds. To be honest, it sounds like the vendors will be a pain to deal with if they're seriously suggesting taking all this stuff.

How special is the house? There are plenty of vendors who will be happy to sell for a fair price and won't mess you around like this.

By the way, at £130k the place is a bit above stamp duty threshold. Which means they'll either have to find a first time buyer who can pay over the odds or they'll be under real pressure to come down to £125. Could be relevant in negotiations. if you want to stick with the property.

nembot

To the OP, you have the upper hand here don't let them force you into paying more than it's valued at - in fact, get it valued again by an independant even if you have to cough up some $$ for the valuation.

If houses sold for 141k at peak, there is no way it's worth that now - regardless of what people tell you.

From your post you seemed concerned that it may not be worth what they want, that would be enough for me to do further research.

EA's in it for the money and that's that, they care not for your future or financial wellbeing.

marmitequeen

Don't be conned.
Integrated appliances, built-in wardrobes, and in fact anything mentioned in the sales particulars are included in your £130 - don't pay them twice for them. They are just trying it on. Say no, leave your offer on the table and then start looking at other houses (find some to view with the EA so s/he knows you are serious about pulling out).

We had a vendor try to charge us for fitted kitchen appliances until we pointed out they were listed on the sales particulars and they shut up and accepted it immediately.

Good luck.(I hope you find something else!)

bargain_hunter25

Ok we have stated very clearly to the EA that the offer of £130k is final and this includes all the fixtures and fittings in the house. Will let you know what they say.

DesG

Has the valuer confirmed the valuation of £130K in writing yet?

Cheers, Des.