negotiating the price after the offer was accepted.

zzzLazyDaisy

lukeskywalker80 wrote: »

the valuation was done by a paid surveryor that the bank had recommended

That is a legitimate reason to renegotiate the price. The lender will use their surveyor's valuation and will only lend on that amount, which means that you have to find the difference. For many buyers - esp ftb's - that means they can't afford to proceed as they don't have their hands on a spare £18k over and above the deposit and general costs of buying.

Depending on how much you want the house, and what your financial situation is, you may choose to meet the vendor somewhere on the price, but you certainly should re-negotiate. The survey is yours and the seller cannot demand to see it - but in this situation I would give them a copy, so they can see that you are being above board and that it is not you that is 'being difficult' but your lender. Unless they are really strapped for cash - eg in negative equity - they will renegotiate on price because the chances are any other future buyer will have the same problem with their mortgage.

Good luck!

lukeskywalker80

thanks for your feedback much appreciated, this gives me great comfort, happy to share the valuation details with the vendor as well. shall keep you posted on how this unfolds. we like the house but at the same time happy to walk away as i can't imagine the idea of living in the house with the idea in my head that i overpaid.

carslet

i too am in the same problem, I put an offer in on a house that was accepted and after a friend looked at it he said he did not think the bank would value it at that. so i am now getting a survey done on it, and maybe have to negotiate the price a little.

Or can i just pull out of the deal ?

JQ.

Provide the vendor with a copy of the valuation report and drop your offer by £18,000. Make sure they are aware that any other future buyer will have exactly the same issue.

The alternative is that you carry on as you were and pay £18,000 more than something is worth.

The alternative alternative is that you walk away and give me £9,000 - everyone's a winner, as we'll both be £9,000 better off :beer:

zzzLazyDaisy

carslet wrote: »

Or can i just pull out of the deal ?

If you are in England or Wales you can pull out at any time before exchange of contracts.

The procedure in Scotland is different, but even then I can't imagine that you'd be committed to the transaction before survey and mortgage were in place (though someone from north of the border will need to confirm that)

lukeskywalker80

carslet wrote: »

i too am in the same problem, I put an offer in on a house that was accepted and after a friend looked at it he said he did not think the bank would value it at that. so i am now getting a survey done on it, and maybe have to negotiate the price a little.

Or can i just pull out of the deal ?

one advice would be to get the survey done ahead of engaging the solicitor, i could have saved money on the solicitor fees and searches fees had i taken that approach. good luck with the house, its one heck of a journey to find the right one.