Help!...What if you think the HomeBuyer Valuation is wrong?

poppy10_2

sarahjessica wrote: »

I think a house is more about figures and prices, it is a home.

True, but when you are talking about hundreds of thousands of pounds, you can't ignore the financial side of the matter.

if me and my children will be happy there that is what matters, not paying a couple of grand over what it might be worth.

It's not a couple of grand. It's ten thousand pounds. Repeat. Ten thousand pounds. How long would it take you to save up ten thousand pounds? Does it still seem like a trivial amount of money?

A house is only worth what someone is prepared to pay for it anyway.

When you eventually come to sell, this is the lesson I fear you will be learning, too late.

Basically I just want this house and don't want to give up on it.

You want it all, and you want it right now. It's that kind of attitude that got you into this kind of trouble. Time to take a reality check. You can ignore the advice on here and bury your head in the sand if you want, but the chances are you'll be back in a couple of years posting on the DFW forums.

Catblue

sarahjessica wrote: »

No need to call me stupid.

I think a house is more about figures and prices, it is a home. And if me and my children will be happy there that is what matters, not paying a couple of grand over what it might be worth. A house is only worth what someone is prepared to pay for it anyway.

I understand what you are saying about falsely adjusting reality by taking the £90,000 house out of the equation. But I know why the house went for so much lower than what it was worth (the sellers had a bitter divorce and wanted to sell asap, therefore were happy taking a lot less). The £130,000 house, which was sold this year, was sold more fairly.

Basically I just want this house and don't want to give up on it.

I wanted to know whether the surveyors valuation could be changed at all.

You could ask. Call up the mortgage company and see what they say. You could always hire your own surveyor (and you'd need to pay for that yourself). But again, I'd see that as chucking money away in order to see if you can chuck more money away.

Even if you did buy this house and subsequently come to sell it, how many people do you think will subsequently buy your house thinking "Oh, I'll pay £10K more than it is worth because other houses in the street were not sold fairly"?

My guess is that you are one of a kind. In the nicest way.

jenhug

sarahjessica wrote: »

A house is only worth what someone is prepared to pay for it anyway.

exactly. the bank are buying the house, and you are buying off them. The bank don't want to pay the extra £10k.

Sit tight and you might find the vendors drop their price. If not, walk away, something else will turn up.

myhouse_2

I've lost count of the number of threads on this site where people are desperate to pay more than the valuers think it's worth.
My advice is to enjoy the benefit of the lower valuation and bid low - it's not your money after all, but borrowed money.
Yes, some banks may be valuing a little lower than vendors may be able to get if they are lucky, but frankly I think banks are pricing in an expected 10-20% drop in price over the next year.

Henry_P_Chester

How long will it take you to save up an extra £10,000? I think that's your only option.

Grandmasu

Is it being sold through an Estate Agent? If so you could ask them if they would do some comparables of similar properties in the area and get them to send these to the mortgage company. This will sometimes result in a higher valuation.

poppysarah

sarahjessica wrote: »

Hi everyone!
Our mortgage has been agreed, subject to the surveyors report. The surveyors homebuyers report has now been completed, and he says that the valuation is £110,000. Therefore the bank will only lend us £110,000 and not what we agreed with the seller (£120,000).

Either find the extra money yourself or reduce your offer.

If you are cash rich you can pay what you want.

If you're not then you should go for the lowest price possible.


When beans are reduced in tesco do you offer to pay the full price?

BadgerFace_2

Do you know the state of the property that sold for £130,000, it may have been extended, renovated etc.

It sounds like you were really taken with this house and wanted it as soon as you saw it. Did you negotiate with them, or just offer the asking? I know as a FTB it can be difficult to know where to start with negotiation, but this result forces your hand somewhat.

You don't need to talk to the seller at all, just call the estate agent, tell them you're problem and what the amount is you can raise i.e. £110,000. They'll do the rest for you, it either works for the seller, or doesn't.

By the way, £110k is not a remotely 'cheeky' offer on a house priced £120k (unless it's Buckingham Palace and reduced for a quick sale!).

cpdc1030

I had the same problem two years ago - the lender (Natwest) downvalued the property by £20k. There were many other potential cash buyers lined up including my own landlord at the time so I had no bargaining power with the seller and had to swallow the extra deposit. However your situation may be very different depending on the area.

Despite what some people here may joke about with beans at Tesco etc, it isn't quite the same.
If I buy beans at the Brent Cross Tesco, I would expect that the ones at Borehamwood would be exactly the same? However the same can't be said of houses and neighbourhoods - they are not commodities. A 1 bed flat in Golders Green is not the same as 1 bed flat in Colindale, even if the interior and exterior is identical.

In my case, I have no regrets - I would have definetley lost the property if I went back to renegotiate.

Arthritic_Toe

cpdc1030 wrote: »

- the lender (Natwest) downvalued the property by £20k. There were many other potential cash buyers lined up .....

Sure - the cash buyers were lining up along the street, all desperate to pay 20K more than it was worth...