Decided to pull out after survey - awful time with Estate Agent

poppy10_2

ess0two wrote: »

Armed with that info,its very amateurish of yourselves to offer such a large amount from the off.

Have to agree with this, why on earth did you offer £267k when you knew the house had been purchased for £270 in 2008?

geoffky

MAFERGAL wrote: »

In this climate why would anyone pay more than a house is worth, especially if they are stretching themselves in the first place? That's the point of home buyer reports, valuations isn't it? To determine any faults/issues/potential problems and the value of the property.

I feel for the vendor/any seller who can't get what they need/think their house is worth but if the target market need a mortgage, they will never get that mortgage if it's over priced and will pay a lot of money out in finding that out (like me!).

The OP paid for a service, sounds a serious buyer to me. That service says the property is overpriced so I don't see the issue with pulling out.

You wanted to pay 15k more than the house was worth!!!!!:T:T

SuzieSue

geoffky wrote: »

You wanted to pay 15k more than the house was worth!!!!!:T:T

There is no scientific way to value a property. A property might be worth more to one person than to another.

If I wanted to live right next door to my sister and nowhere else, the house next to her would be worth a few thousand pounds more to me than to someone else. MAFERGAL might have been prepared to pay an extra £15k more than the value some valuer had put on the property for any number of reasons (he could have been looking for the right property for several years and could have decided that £15k was a price worth paying so that he didn't have to pay rent anymore).

MAFERGAL

geoffky wrote: »

You wanted to pay 15k more than the house was worth!!!!!:T:T

YES I was prepared to pay 15k more. I gave an outline of my reasons,

MAFERGAL wrote: »

... phoned, offering 30k less than our original offer based on this, understanding that we would still be paying 15K more but we could justify this by the saving in stamp duty (3% down to 1%) and we would be in the house 10 yrs minimum.

didn't realise I needed to fully justify it for you geoffky. For you, my reasons (and without going into too much detail about my personal circumstances), we felt the house was worth what we offered. We did our research and it was difficult, case of a unique house and biggest house on the street by far and there were no comparable's within the area.
In that area anything close had fewer bedrooms and needed lots of work to modernise and make it suitable for my circumstances, which added to the purchase price would have way exceeded the extra 15k we were prepared to pay for the house we wanted. It had been fully renovated, had level floors, wide doorways, granny annex and ramp access to all entrances amongst other things which we needed.
Maybe that goes some way to answer your pointless post that does nothing to help the OP. None of this assists them. The post you were referring to was my viewpoint of the OP's situation and I was using the relevant part of my experience to back them up.

SuzieSue wrote: »

There is no scientific way to value a property. A property might be worth more to one person than to another.

Exactly, thank you! That was the case for me and I could afford to do it. The OP is not in the same position.