Valuation less than offer by 13k

Brallaqueen

Please do not worry - this is potentially a good thing for you. Now that you have an independant third party valuation you can show it to the vendor and the EA and try to negotiate a reduction.

If they are not going to play ball, you can point out that it is likely that the next sale will encounter the same problem.

There are no guarantees but it is worth a try

hazyjo

Are they buying somewhere too? Might be that they can negotiate the price of that down somewhat to help...

Jx

xyz123

Dave_Ham wrote: »

That said, are you not worried about some of the valuers concerns, specifically the asbestos one....

yes that is my biggest concern. i am trying to speak to our solicitor as the seller completed the TA6 form (which i believe is legal document) indicating that no asbestos is in the property. however if we do go ahead with the purhcase, i will insist on a asbestos survey being done by seller.

martindow

In my experience the asbestos warning is a standard comment by surveyors every time they see artex. As I understand it even it if it does contain asbestos there is no problem unless you disturb it.

anselld

xyz123 wrote: »

nigthmare scenario! mortgage company valuation is 13k less than our offer. i have the home buyers report which ntoes a lot of things but mainly following:

1) there is possibly some asbestos in one of the ceilings
2) Electrics appear old. main consumer board is old dated type with circuit breakers and on/off style switches fitted
3) hot water tank is old and a gas safe engineer should safety test this installation.
4) crack in garage roof
5) old, double panel type radiators

To be honest none of these seem serious issues, just par for the course with a slightly older property. The £13k would appear to just be a difference of opinion over market value rather than being driven by repair cost.

Normally the report states two values, one for current condition and another if all items are addressed. Is there another value based on completed repairs in the report?

xyz123

anselld wrote: »

Is there another value based on completed repairs in the report?

No there isnt another value!