Surveys value is £7k less than I have agreed to pay

maninthestreet

Given that the survey was carried out at least 8 weeks ago, why have you waited for so long to ask the vendor for a reduction?

clarabelle41

Weave wrote: »

Well... I went back to the seller and told them the agreed price is £7k over market value according to the surveyor and they very quickly replied saying they will just put it back on the market if I pull out. They are not willing to negotiate.

I reallly hate the whole house buying process!!:mad:

We're in the same situ for £7,500. The house was up for £315 but was reduced to £305. We offered £290 which was accepted but we hadn't then sold. Then someone else offered £292 which was also accepted but the EA didn't tell us so when we found a buyer we excitedly rang the EA. Anyway, the elderly vendors decided they wanted as much as poss so then accepted our higher offer of £297500 (no survey had been done). The vendors then went away for 3 weeks and we had our HB survey done. The surveyor's opinion was that the house is worth £290 & that the loft conversion doesn't meet past/current fire reg's (being marketed as a 4th bed) & also doesn't have any CH & suggest we re-negotiate. We gave the EA a copy of the survey but the vendors have just returned from holiday & are refusing to re-neg and will only accept our orig offer. Our solicitor is already doing the searches etc & we paid for the HB survey ahead of the mortgage valuation survey which is being done next week. To complicate matters our buyer has now also lost their FTB so the chain is broken (our vendor went mental!), we have gone back on the market to try & complete the chain at our end & our vendor is considering doing the same. The property they want is vacant though.

Stressed isn't the word!

Biggles

Weave wrote: »

Well... I went back to the seller and told them the agreed price is £7k over market value according to the surveyor and they very quickly replied saying they will just put it back on the market if I pull out. They are not willing to negotiate.

Go back, offering to split the difference. They won't be keen to lose a cash buyer (you might mention the cash again, just in case it's slipped their mind!). But be prepared to give in - gracefully - if they turn you down again.

I really hate the whole house buying process!!

This isn't the 'house buying process', this is just old-fashioned haggling, if you're not doing it in several other areas of your life, you ought to be, then you'd be more used to it. And better off financially!

andy.m_2

Stand firm, tell them that your offer stays on the table up to the point you exchange on another property.

Then arrange an afternoon of viewings with the same agent.

They are just trying it on, only a fool would risk a cash buyer, smoke them out you will be fine and 7k richer to boot.

Weave

Update on progress, or lack of it!

Yesterday (Wednesday) I arranged to go and view the property again this Friday as the house had been let to tenants up until yesterday so I want to make sure it is still in good order. I have told the estate agent I will make a decision on what to do after the viewing.

This morning (Thursday) I got an email from Right Move notifying me of a new property that has just come on the market. Guess which property it is.....that's right, the house is now being marketed for sale at the original price tag. Just to recap - It’s on for £300, I offered £282 which they accepted and the Survey said £275 which they refuse to accept. I have almost completed all legal searches etc and are just clarifying a few finer points.

They don’t seem to care that I'm cash buyer and are prepared to lose the sale even though they will no longer have income from the tenants that have left! Maybe they think it is worth more than £282 even though the surveyor is supposed to be a professional valuation?

Stress, stress, stress!!!

QBSBuck

How long was the property on the market prior to you bidding? Have you property-bee'd it?
Is it likely to be snapped up in your opinion?
Are there any like for like that have sold recently in the area?

QBSBuck

Kynthia wrote: »

If you pulled out the vendor would have the same issue with the next buyer and they might not have the choice of overpaying due to their lendor and/or cash position. Therefore you should definitely try to get the £7k knocked off. Argue that a professional has valued the property at a certain price and you are not happy paying more than that.

This is something you should remind them of. Though I'd be tempted to split the difference.

Weave

I have pointed out to the Agent that the LTV would more than likely be an issue for the next person that comes along with a mortgage in tow but they don’t seem bothered by this fact.

The opportunity to negotiate was kind of stopped when they said they will not renegotiate when the Agent presented them with the valuation problem. Perhaps the Agent is not spelling things out to the vendor?

Weave

How long was the property on the market prior to you bidding?

The property was only on the market for about a month when I made my offer and had it taken off the market.

Have you property-bee'd it?

Was not familiar with this tool so will look into it.

Is it likely to be snapped up in your opinion?

I don't know. It's hard to look at it objectively. I don't think so as it needs new boiler, kitchen, bathroom and fences all around a large garden.

Are there any like for like that have sold recently in the area?

Similar but not the same. Its a corner plot with good garden and a double garage. Most are not so generous with garage and garden but otherwise the layout can be found in other houses on the market.

QBSBuck

How do the prices compare?

For property-bee you need to download mozilla firefox, and install the property-bee add-on. The house needs to have a listing on rightmove for it to work.

It lets you see the listing history of the property.