Valuation less than price agreed

perfecta1

kingstreet wrote: »

You need the mortgage report and valuation. The Homebuyer's Report and it's daft numbering system are about as much use as a chocolate fireguard for this job.

These;-

the value in present condition
any repairs considered essential
the estimated cost of any essential repairs
any suggested retention
the value after essential repairs

are on the mortgage report and valuation.

thanks, didn't know that:o DO I have the access to the mortgage/valuation report that bank made or I have to to this on my own?

kingstreet

Your solicitor should provide you with one if it requires essential repairs to be carried out, otherwise you wouldn't know what's needed. A copy will also be supplied to your solicitor, although a few lenders seem to forget to send one.

It may be worth asking your lender for a copy ASAP as they sometimes send it out with the offer and that may delay you.

ACG

perfecta1 wrote: »

thanks everyone for replying.
+ if my valuation price is 105k other people will have the same valuation price. - This is your main argument
+ People with 10% of deposit won't go ahead with buying the house when find out the real value. - That wont concern the estate agents, they will just find them another property.
+ property won't gain on value over the years as it already is overpriced and some work need to be done as well - Again, not the EAs problem, their problem is selling it.
+ house was bought from council over 40 years ago so I assume that owner paid only 25-30% of the full price. He lose nothing when sells cheaper (I know that it's a 'nice' argument
This is neither your concern nor the EAs . Because the sellers argument will still be that they need to find somewhere else.

any other ideas?

Im not saying i disagree with your points, but you cant tell someone they had a 25% discount so they should be selling it for less.

Honestly, EAs are a pain in the !!!!! All they want is Sold on the board so they get their commission. If they cant sell a property they will try and get the price down, if they cant do that it will go to the back of their books collecting dust whilst they concentrate on something that will earn them commission.

perfecta1

My friend who acts on our behalf informed agency about the valuation price, he also explained that valuation price is nearly the real market value and there is no place for sentiment.Property market is unstable, properties' prices are falling down and it would be unwise to pay 23k over the market price today. Any property is soe kind of investment and people expect return on it or at least not to have a loss. Paying now 128k we would never get the money back in the future (not mentioned that house needs some money spending on it!)


Waiting for EA go get back with owner's decision.I think it's not about agency now. It is about the vendor to make a decision to sell now or w8 and reduce price over the waiting period.

perfecta1

managed to change the price by 3% and we do not have to pay stamp duty fee!

Thanks to all for advice

:beer: