Survey Results value house 6% less than agreed sale price....what to do?

kingstreet

MrJF wrote: »

Everyone always praises every word that comes out of a surveyors mouth

Praise? More like stoic acceptance of the inevitable.

JQ.

What truly odd logic.

fred7777 wrote: »

Getting the valuation increased will save the buyer having to find extra money for the deposit (so money saving in the short term).

It's not money saving in the slightest, they're not being given the extra money, they are having to borrow it and pay it back.

fred7777 wrote: »

Offering a lower price would be better if the seller accepts it but the seller could reject it potentially leaving the buyer £700 down with nothing to show for it.

Better to lose £700 than £000's by paying too much. A 6% saving on the UK average house price is £10,000 - I don't think I'd be chucking that away for the sake of a few hundred quid.

fred7777 wrote: »

Personally if I was the seller and the buyer and I had agreed a price then the buyer tried to negotiate down I would be looking for another buyer.

Because the market is just awash with proceedable buyers at the moment.

fred7777 wrote: »

I have recently moved house and looking at what I paid to various people it seems that I would have lost a lot less as a seller if the deals had fallen through than I would have as a buyer.

You'd have most likely lost the ability to purchase the house you were buying had your sale fallen through. So not only would you have wasted all your fees as a buyer, but also have to start the whole process of buying and selling all again.

MrJF

poppysarah wrote: »

Well done for paying more for your money on a house than you needed to.

.moneysavingexpert.com

Well done on most pointless post of the year :money:

I think some people need to place themselves in the shoes of people who find the house they love. Could we have got this house for cheaper? No, that's the answer. We tried after the original valuation, the vendor was sympathetic and said they couldn't go lower, even chucked in a few extras so we wouldn't need to pay out when we got the house. So it was either cough up the extra money ourselves, or lose the house altogether.

We left it a couple of weeks, and we were going to lose the house, so then decided to book the survey with a different company, who approved our price. A QUALIFIED SURVEYOR APPROVED THE PRICE! Also it's worth noting as part of the new mortgage deal we will receive the money back from the survey, plus an additional £400 cashback, and we will be saving about £50 a month on mortgage and costs, so we haven't lost anything in my view.

So where's the loss here? We have bought the house we want, for a very good price considering house prices in that area (we have paid £3k less then a very similar house round the corner 3 months ago), and even had a few extras thrown in. If we walked away we would have lost they house that we loved

Thank you for your time

gingertips

I think the difference here is buying with emotion & buying without emotion....

Before I upset anyone, let me be clear about each

I see nothing wrong buying with emotion when this is your home, that you are going to be here for a long time & you realise and fully accept that the extra money that YOU personally believe that the property is worth, that you may never ever recoup that money back. If you accept that when you sell potential buyers may well not have the same perception of value as you do (ie. KEEP your emotion in financial check!!!)

Buying without emotion - e.g. buy to let where the property is simply an investment - you are planning to make as much money as possible & you have little or no emotional tie to the property you are planning to buy.

Yes, we all have to try & drive best deal we possibly can get - after all thats why we all use this forum. But lets face it, if you perceive something is worth more to you & you can afford it, then why not. just accept that perception is purely personal.

MrJF

I fully agree with what you have put there Gingertips, a very good post!!

The point I was trying to get across is that every surveyor is different, so will value a home at a different price. I think this is a good example, the house we are buying was valued £6k different!

So as you say, if you are buying with no emotional attachment you would refuse to go for the higher valuation. If, like in our case, we can see this being our home (and had already said to each other we thought the house was worth £120k based on sale prices in the area), then you go for the higher valuation and you are happy