After surveyor report - what should we offer

G_M

The actual value is the amount you are prepared to pay to clinch the deal. If you think it's not worth the price, walk away. If you want very much to live there because it's the perfect property in the right catchment area, then its worth the price.

purpleozzie

We're going to live there for probably 5 years I reckon. We don't want to lose money when we move... It may be the perfect property for us but is it the perfect property for other potential buyers down the line..

zappahey

purpleozzie wrote: »

We're going to live there for probably 5 years I reckon. We don't want to lose money when we move... It may be the perfect property for us but is it the perfect property for other potential buyers down the line..

Only you can decide if you can accept the risk that you might not find someone else who shares your view in 5 years time.

If it was me, I would be pushing the seller quite hard on the valuation, along the lines that they should accept a lower offer from you as it's unlikely that anyone else will offer above the surveyor's valuation.

Maybe sweeten it by a few £k, but nowhere near the asking price.

purpleozzie

As an update. I went back to vendor today and offered 230k.. He said that he can't accept any lower than 243k and said he believes the surveyor to be incorrect. hmmm.. What should I do now???

MX5huggy

Decide if you want to spend £243 on a house that may be worth £225.

kingstreet

purpleozzie wrote: »

As an update. I went back to vendor today and offered 230k.. He said that he can't accept any lower than 243k and said he believes the surveyor to be incorrect. hmmm.. What should I do now???

Come up with an extra £18k deposit to pay what could be well over the odds, or be prepared to walk away?

From your vendor's viewpoint, the bird in the hand may be preferable. What happens if you walk away, he gets another buyer and the same surveyor comes out...?

kingstreet

How about a novel idea?

You ask the vendor to get a valuation done by an independent chartered surveyor of his choice and at his expense.

You agree to deal at the average of the two prices.

Seems only fair way if you are determined to get this place come what may...

gingertips

MX5huggy wrote: »

Decide if you want to spend £243 on a house that may be worth £225.

I think he has hit the nail on the head here. You are effectively buying a house that is worth £225k for £243.5k. Hand on your heart, what are you getting with the house that means it is worth an extra £18.5k than what your surveyor has valued it at?

The problem is that far too many vendors now decide what price a property will go to market as & will ignore the Estate Agents advice...

Your "cheeky" offer of £230k was much more realistic...if it was me I would flash a copy of it under the estate agents nose & say that "Im not going to be paying £243k now that a professional has valued it at £225k - I would be mad to pay an extra £18.5k for a property - thats a nice brand new car, or a new kitchen!". What happens if your circumstances change & you need to sell in the near future? You are risking losing £18.5k, unless you can convince someone else that its worth what you think its worth.

You have no obligation to purchase at £243.5k irrespective of what others on this thread are saying - go on re-negotiate!!!!

gingertips

purpleozzie wrote: »

As an update. I went back to vendor today and offered 230k.. He said that he can't accept any lower than 243k and said he believes the surveyor to be incorrect. hmmm.. What should I do now???

Erm let me think about that, which one is the professional who knows what realistic property prices are....

joerugby

A good surveyor will have taken into account important factors such as location of good schools.

£18,500 is equivalent to over £300 per month for the five years you plan to live there. If you pay tax at the basic rate you would be writing off £4,625 per year of your annual salary for the next five years to pay for this premium.