Is this fair? I'm ready to give up...

FTBann

I'm looking to buy a property and had my offer accepted mid-July. didn't think there would be any problems as neither of us is in a chain, and i'd got my deposit and aip already sorted out and that we'd be able to complete pretty quickly.


Problems first arose when the valuer undervalued the house by nearly ten grand, pointing out various problems. Asked for a structural survey which only found a minor problem with the roof. the other stuff that needs doing is all cosmetic.

anyway the valuers requested various bits of paperwork to be faxed over whch i did. only to be told that they would be away for two weeks and so couldn't look at the info! more delay despite being told that the case was urgent from the start. despite my protestations they have refused to budge and get someone else to look at it. is this normal? pretty poor customer service methinks.

the valuers also asked for a quote for work on the roof...which i arranged by three diffrent people. one of whom said no work needed doing and the other haven't got back to me yet.

i was so annoyed i started another app with another bs, but they haven't instructed yet (plus i'd lose money) so it looks like i'm going to have to wait til the original valuer gets back.

now my question is....as i really don't want this to drag on for any longer, should i ask for the seller to reduce the price? i was going to wait until the second valuer had a look, but i might end waiting ages and find myself in the same mess i am in now.

if so by how much? he might just say no, but i have tried my best to sort this out and am getting sick of having to chase various people a\nd bits of paper with no progress being made.

if the only sticking point is the price, would it be unreasonable?

PoorDave

FTBann wrote:

I'm looking to buy a property and had my offer accepted mid-July. didn't think there would be any problems as neither of us is in a chain, and i'd got my deposit and aip already sorted out and that we'd be able to complete pretty quickly.


Problems first arose when the valuer undervalued the house by nearly ten grand, pointing out various problems. Asked for a structural survey which only found a minor problem with the roof. the other stuff that needs doing is all cosmetic.

anyway the valuers requested various bits of paperwork to be faxed over whch i did. only to be told that they would be away for two weeks and so couldn't look at the info! more delay despite being told that the case was urgent from the start. despite my protestations they have refused to budge and get someone else to look at it. is this normal? pretty poor customer service methinks.

the valuers also asked for a quote for work on the roof...which i arranged by three diffrent people. one of whom said no work needed doing and the other haven't got back to me yet.

i was so annoyed i started another app with another bs, but they haven't instructed yet (plus i'd lose money) so it looks like i'm going to have to wait til the original valuer gets back.

now my question is....as i really don't want this to drag on for any longer, should i ask for the seller to reduce the price? i was going to wait until the second valuer had a look, but i might end waiting ages and find myself in the same mess i am in now.

if so by how much? he might just say no, but i have tried my best to sort this out and am getting sick of having to chase various people a\nd bits of paper with no progress being made.

if the only sticking point is the price, would it be unreasonable?

A few points.

It's August - lots of people are on holiday, so not much gets done anywhere, including your house purchase! Also, these people are not only there to work on your potential purchase - they have many to deal with.

Are the vendors aware of any of this situation? If not they may be wondering why things have slowed down too. Seems you need to work out how much you want off the price, double it, ask for that, then look generous/co-operative when you accept half as much off as you asked for (which was what you wanted in the first place).

House purchasing is all about paperchasing, and feeling nobody cares about your particular case! Sort of true - you're only buying 1 house, but everyone else, except vendor, is dealing with many at once, every one of which is urgent to the people involved

FTBann

i take your point, but i think that letting people know of any known potential delays is courteous.

the valuer in question had me running around like crazy (when i was on a week of nights and should have been sleeping), and then let me know at 5pm the day before he was due to jet off that he'd be away for two weeks. he could have let me know from the outset, so i wouldn't have agreed a date that would have been impossible to achieve and look like i've been messing around with the seller.

lynzpower

isnt the delay caused by your builders not giving you the other quotes yet.

Id say getting this sorted is priority, and I dont see why you should get a reduction from the vendor if theres very little problem with the property?

FTBann

i was very willing to pay full offer price. however if the valuer values it at ten grand under and the bs won't lend me the extra without a HLC......where am i going to get it from in additon to a 10% deposit?

the builders quotes, price comparables etc have all been sent to the valuer (and are awaiting his attention)....the valuation is the only thing holding everything up (4 weeks after it was first carried out). if they still value it at ten grand under than i will be stuck, and just have to drop out.

PoorDave

FTBann wrote:

i was very willing to pay full offer price. however if the valuer values it at ten grand under and the bs won't lend me the extra without a HLC......where am i going to get it from in additon to a 10% deposit?

the builders quotes, price comparables etc have all been sent to the valuer (and are awaiting his attention)....the valuation is the only thing holding everything up (4 weeks after it was first carried out). if they still value it at ten grand under than i will be stuck, and just have to drop out.

You made your offer assuming that survey/valuation would not bring up anything other than the usual "get your electrics checked by competant person etc".

Now it seems work is needed costing money. It's only reasonable that your offer should reduce, or the vendor should have this remedial work done at their cost, then sell for the orginal offer.

Some contact should be made with vendors - they want to sell, after all, and will have the same problems with any other buyer.

It does sound like your valuer was a bit sneaky disappearing like that, but short notice gives you no chance to complain!

lynzpower

hang fire a minute.

From what Ann says, the additional work does not need to be done, and that the valuer has made an error. Until those reports come back, as to the cost of additional work ,then you might be running ahead of yourself.

Surely isnt it the case that if the roofs actually *fine* your lender will lend you the money on it? As if the roof is *fine* then the vendors unlikely to educe IYSWIM until those reports come back I think its too soon to be making assumptions .

Yes, delays are frustrating ( god, i can remember that much from when I bought this place :wall:) however, if the lenders is still in process of making a decisoin nad is awaiting more evidence in making that decision the most prudent thing you can do is to wait until the quotes from the builders are in and put as much pressure on getting those quotes as possible. For example, both your other builders might say the roof is fine and needs no work, in which case the valuers report is hogwash and will be shown as such IYSWIM

FTBann

that's the frustrating part...that i just have to sit and wait 'til they come back. the fact is the valuers kept getting me to jump through hoops...and i suspect when they return they'll ask me for another bit of paper and then another!

i don't think that a reduction would be unreasonable given the circumstances (i was thinking 3 or 4 grand) ....the seller bought the property last year for 34 grand under what i offered....he did do the plastering and put in a new kitchen and bathroom, but it still has lot of work (all be it cosmetic) to be done.

you're right about the fact that he'd be in the same position with other buyers...i thought i couldn't go wrong being a first time buyer with my deposit and mortgage pretty much sorted. ah well!

lynzpower

You say you need to sit and wait till they come back? Why? Wht else can you do to get these reports to the building society asap?

FTBann

i've sent them to my mortgage broker, my bs and the valuer.

i even gave them the names and numbers of local EAs who would be happy to talk to them and give then the actual sold prices of properties...they refused.

i phoned the manager of the underwriting team to complain, and he phoned the valuers...assured me that he'd get someone else from the valuer's office to look at them this week. again they refused.

which is why am so frustrated.....i don't know how the bs could possibly deal with such unprofessional people. i asked them repeatedly to be straight with me about delays (was planing on going to another lender)....i told them i'd rather lose the valuation fee than the house.

still now it's all so delayed i have no choice but to wait.

looks like i could lose the valuation fee and the house!

lynzpower

No isnt it that you need to be chasing the builders for thier quotes and getting them to the building society pronto?