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

Weave

A friend of mine bought one of these houses for £265k 6 months ago. His has a tandem garage instead of a standard double and no study as the way the garage is configured changes the entrance and hall to the house. His house is more modernised but has a smaller garden although not tiny.

There is a neighbour 4 doors down asking £295k for a tandem garage version of the house that has been on market for over a year. It has a smaller garden.

The £282k price is top end on the one I am buying and the more I think about it the more I feel the surveyors price is more accurate based on the condition and plot size.

Markie11

I was in a similar situation last year but on the other side of the fence. A survey was performed on my property by surveyors appointed by the buyer's lender. They came back with a valuation of £7k less than the agreed sale price which obviously to me was a big kick in the teeth. As you're a cash buyer then I guess you organised the surveyor yourself but with a mortgage lender surveyors they're kind of renowned to lower the price. I hope surveyors don't condemn me now!!! Anyway, I was informed of the lower valuation by my estate agent who selfishly said I should drop the price but that was strange given the buyer had not asked for the price to be dropped, as that time. When they did ask to drop the price, my wife and I agreed we should try to meet them half way. The buyer agreed to this and we sold for this amount. Weirdly the land registry has the sale recorded at the original agreed not the eventual price.

I understand how you are feeling, the process of buying and selling property is stressful, however you need to make a decision and stick with it. If you love the house that much and paid extras for searches and surveys then I would say pay the original agreed price. You were willing to pay it before and you should be willing to pay now. The surveyor has not said anything untoward about the house, and the difference between the 2 is 2.5% (hopefully got my sums right there). Is this something to worry about? If you have near 300k cash to spend then you're not exactly short of a few quid ;-).

Good luck!!!!

Weave

Thanks for giving me your view from the other side of the fence. My concern is that I don't know how long I will keep the house for as its not my forever home as people call them. My solicitor is recommending I do not pay over the valuation, especially as I am a cash buyer and supposed to be in strong position!

QBSBuck

Its easy to say, and only you can ultimately decide. But someone advised in just such a situation to...

Give the EA your final offer in writing, clearly stating the strength of your position. Cash buyer, ready to proceed, the Surveyors valuation. And leave the offer on the table, and book some alternative viewings.

There is every chance once they cool, and the dust settles they will come back. Especially if the market remains quiet.

Biggles

Weave wrote: »

Guess which property it is.....that's right, the house is now being marketed for sale at the original price tag.

Probably just a counter-bluff. It seems to have having the desired effect.

Follow through by visiting more houses with the same agent, as Andy.m suggested, and confirming that your offer of £275k remains on the table.

Weave

To bring this little story to a close:

I managed to get the seller to meet me in the middle (well near enough the middle) and a £3k reduction in price has been agreed. We exchanged today and complete tomorrow.

Thanks everyone for your input. A few times I had thought to myself ‘just pay the original price and get on with it’ but the posts on here made me push for more so you can pat yourselves on the back for saving me three thousand pounds!

Thanks everyone that contributed.:T

_Andy_

Weave wrote: »

To bring this little story to a close:

I managed to get the seller to meet me in the middle (well near enough the middle) and a £3k reduction in price has been agreed. We exchanged today and complete tomorrow.

Thanks everyone for your input. A few times I had thought to myself ‘just pay the original price and get on with it’ but the posts on here made me push for more so you can pat yourselves on the back for saving me three thousand pounds!

Thanks everyone that contributed.:T

Congrats and enjoy the new place

CrazyChick80

Weave wrote: »

To bring this little story to a close:

I managed to get the seller to meet me in the middle (well near enough the middle) and a £3k reduction in price has been agreed. We exchanged today and complete tomorrow.

Thanks everyone for your input. A few times I had thought to myself ‘just pay the original price and get on with it’ but the posts on here made me push for more so you can pat yourselves on the back for saving me three thousand pounds!

Thanks everyone that contributed.:T

Well done & many congratulations for using the good old bargaining tool! :j
We too are very near exchanging contracts now, only about 2 weeks or so, exciting times!!! Good luck & wishing you happiness in your new home. :beer: