Survey results back... House is overvalued!!!

icklejulez

marty1888 wrote:

Im with the Vendor on this one.

You agreed to buy the house at £143k and outbid a 2nd interested party who offered the asking price of just under £140k.
Now you want to pick holes in a property you "love".
If i was the vendor I would tell you to put up or pull out. (I'd settle for £140k though!)

Sorry if that sounds harsh but at the moment your dallying is costing the vendor and yourself time and money.

An offer is alwys bubject to survey and thats exactly whats happened. If EA had amrketed the house at the 135k it was worth this wouldnt be happening. I am not the housing expert otherwise I wouldnt need a survey.

Its not cost us anything apart from our free survey which if we were to buy another property would be £175. Not too bad. To Marty: It is not wasting anyone anytime as the vendor has not found a property and we have allowed them to mid may to complete on the property.

marty1888

icklejulez wrote:

An offer is alwys bubject to survey and thats exactly whats happened. If EA had amrketed the house at the 135k it was worth this wouldnt be happening. I am not the housing expert otherwise I wouldnt need a survey.

Its not cost us anything apart from our free survey which if we were to buy another property would be £175. Not too bad. To Marty: It is not wasting anyone anytime as the vendor has not found a property and we have allowed them to mid may to complete on the property.

True Enough on the subject to survey.
How did you get a free survey though?
Thats also not too bad if they havent found a house to move into. Just thought you might have been delaying someone elses dream move.

Anyway best of luck!

Doozergirl

Well, £140k I think is very reasonable with the undervaluation and the fact that it is, well, asking price!

If I were the vendor, I would be knocked by the undervaluation and it would undermine the bidding war. Remember the EA's valuation was £140k! The valuation of £143 was yours and it's not that anymore!

Waht do they do if they refuse that offer? They might get the other buyer at around the same price or they can put it on at a new asking price of £142-£145 and then what? Wait for another offer of, erm, about the same and run the risk of it happening again.

My confidence would be knocked for six by those events! A nights sleep will calm them down a bit Better than asking price exceeds all expectations. Asking price? Well anyone would be happy with that.

When you make that offer make sure you make it clear that you would like to make a final offer of the 'full asking price'!

icklejulez

I hope so, Im not after getting a bargain on a house I am bidding on I just want to make sure that in a few years time I can get my money back. IMO they have got a bit big for their boots as both I and another purchaser were after it within a week of it being on the market. The mortgage company themselves told us that had we not been putting down such a large deposit then we wouldnt of got the mortgage on the property so surely it will be an issue for many other buyers.

Regarding a comment earlier regarding not telling them about the large deposit they already knew as I offered them the 132k I had originally the day I saw the details on rightmove, of course it was refused(worth a try i thought, thinking I couldnt afford any more) then FIL offered us more. Unfortunatly!

My mortgage valuation was free as part of a deal with Chelsea building society. In fact they gave me a free one a few months back but told us they would renew the application so we got this for free too! We are paying over the odds 6.49% on the mortgage as I had a default 5 years ago but were only in a 2 year fixed and then Ill be in better circumstances to negotiate.

icklejulez

Well its all gone!!! Today I decided themost I could offer without it haunting me for the next few years was 139k. It was declined. I can imagine the vendor now has pound signs flying through his head and I feel awful I let him down(I know how it feels) but I cannot argue with the valuation. 4k on top of the valuation was a fair offer as we are in a good position and have acted quickly throughout the purchase. In a way its made OH and I reconsider a few things and its pushing us towards moving home to family this time round. We certainly will get more for our money and our kids quality of life will improve. Less cash of course coming in but Ill just have to work harder... Thanks to everyone and whats meant to be will be!

Doozergirl

Oh well, that is actually fantastic news hun!

We moved away from London, which is home for me but when I lost my mum we decided to move up here to be near to Doozer's family. I've never looked back; my kids have an infinitely better quality of life and I have a brand new family! :happyhear

Of course, we're all here to help you through the next, better purchase!

regularsaver1

Good luck in your next move