survey says house is worth less than offered

bs0u0128

had a survey and it has come up saying it is a lot less than what is on for and what we offered, so we want to renegotiate, do we do this through the EA or through the solicitor?

Paul_O'Kshields

Same thing happened to us. In our case we got quotes from specialists for the work that would be required to bring the property back up to the required asking price and then went back to the EA and asked for that much off the asking price.

After some haggling we came to an arrangement that suited ourselves and the vendors.

Our solicitor didn't really have any input into this part of the process.

Alan_M_2

The OP hasn't mentioned work, just says the surveyor has down valued it.

I'd say this is surveyors starting to consider PI claims for overvaluing property.

So go straight back to the Estate Agent with details of the surveyors findings and smugly adjust your offer accordingly.

bs0u0128

ok so i should go to the estate agents with it, work would be required, the windows seal has broken so they would need doing, and theres other niggles

pawpurrs

Niggles wouldnt downvalue a property per say, how much has the house been downvalued by and on what price property?

You can renegotiate on that basis, but If its only very minor work, I wouldnt bring that up at this stage, if its been downvalued as an opinion of the surveyor on price rarther than because it requires work.
You may win, or the vendor may not be prepared to renegotiate at all, equally another surveyor may value it at the price offered IME.
Procedure is to go back to the EA with the findings of the surveyor, try and get the price reduced to what the surveyor has valued it at, and see what the vendor says.

cuffie

Would you still buy the house at the original offer? Our house was downvalued by a surveyor and the vendor did not budge on price. (same as you really - nothing major like roof caving in or anything - window seals broken, replacement guttering etc). We really liked the house and continued with the sale. Our surveyor admitted he didnt take into account school catchment areas which was a huge factor for us - house prices very high because of the local secondary school catchment, so this could be an issue too. Someone else on this site I remember saying they pulled out because vendor wouldn't budge and someone else bought the property at the same price as was offered by them and she was gutted that they let it go. Go back through the EA, but be prepared for vendor not to budge and work out what you will do then. Good luck! x

carrielouise80

bs0u0128 wrote:

had a survey and it has come up saying it is a lot less than what is on for and what we offered, so we want to renegotiate, do we do this through the EA or through the solicitor?

hi there,

i work part time as an estate agent, all property negotiations need to go via the estate agents, before going to them get a list of costings together with a figure you need, albeit if the property as been down valued then your lender will not lend the full amount, so you cannot buy it until this is resolved. Normally without a retention the buyer and seller split the costs 50/50.

It is not uncommon for a surveyor from out of the area to down value a property when they do not know the area or realise the house prices in that area, so in these circumstances the agent is speaks to the surveyor and provides comparables to support the property marketing price, it is then up to the surveying company for them to retract the retentions - this too is a common occurence in these situations.

Hope this helps.

funky-footprints

the show home for the local westbury estate was surveyed at 20k less than what it was on the market for.

The buyers (friends of ours) were desperate for it, after being gazummped so many times, so they raised the difference themselves.




x

mr.broderick

funky-footprints wrote:

the show home for the local westbury estate was surveyed at 20k less than what it was on the market for.

The buyers (friends of ours) were desperate for it, after being gazummped so many times, so they raised the difference themselves.




x

Like I say buyers set the market not surveyors...