Lower valuation!

tim123456789

Tancred wrote: »

How does the seller's valuation tally with the Zoopla estimates?
Such a huge £25k disparity seems very strange to me. You might want to consult another mortgage provider for a second opinion.

There's a refurb-ed property in my search area that the developer had on the market for 175K for months trying to "catch" somebody.

After no luck and several reductions it is now on at 149k (and IMHO is still overpriced, though no longer stupidly so).

Someone new to the area could easily have come along and offered the original price if they didn't research the local market properly (there are other simarly overpriced new builds for sale that aren't moving either. It's the sold prices that you have to check to establish market price, not asking prices and some buyer's just don't know how to!)

tim

The_Pixi

Thanks,

I think what I'm going to do is reduce the offer by 25k and see what happens. Guess I'll walk away if needed - cant afford to just blow 25k down the toilet

kingstreet

Have you actually got a spare £25k in extra deposit, as that's what you need if the lender will only advance x% of the valuation figure?

The_Pixi

thelem wrote: »

Please don't trust Zoopla estimates - the surveyor has access to much, much more information than Zoopla, and will have come to a better estimate.

You could ask for a second opinion from another surveyor if you wanted, but I suspect the vendor was expecting to receive an offer below asking price and was delighted when your offer came in. Was it your first offer on the property, or did the vendor refuse a lower offer?

I had made an offer previously at just 5k below the valuation. Basically got laughed at by the estate agent and offer rejected. Being a newbie I thought maybe I'd been unrealistic and offered the full price.

Seems I was near enough after all, should trust my judgement more.

Nice thing though was hearing the same estate agents surprise when I called them to tell them what's happened.:)

orcocan

did you look all happy about the property ("OMG THIS IS THE ONE!!!" kinda thing)?

if so the EA probably thought (and rightly so) that you'd be prepared to pay full asking price

unfortunately they know how to play the game better than us, we need to learn and toughen up

i agree with offering the value of the valuation as you're final offer, if they refuse just walk away, there's many other flats... and you never know they might beg you to reconsider when they see you're not so desperate to buy their property after all...

good luck