Sharing valuation with EA

jibbyboo

In my naivety when I was discussing potential 'show stopping' repairs on the property I'm mid-purchase of with EA, I freely replied when they asked what the house valuation was that it had "met offer price so long as repairs and maintenance are carried out."

Since this point, I've encountered people (both on these forums and personally) who told me I should not have shared that info. _pale_

Can anyone explain how this could be used to my detriment, and did I cover my back a little by saying it was dependent on the repairs?

If I've messed up, is there anything I can do to recover?

Thanks everyone in advance. Really reassuring that there's a support network of knowledgeable people willing to share their thoughts.

grifferz

No actual experience of this myself, just going by what I think is right. Am due to be reading my own survey report on Monday so may be in same position, and so will be glad of any correction for my own interest also!

jibbyboo wrote: »

In my naivety when I was discussing potential 'show stopping' repairs on the property I'm mid-purchase of with EA, I freely replied when they asked what the house valuation was that it had "met offer price so long as repairs and maintenance are carried out."

Just to clarify, did you state the exact figure that the valuation gave, or did you really say something like, "the valuation met my offer price so long as needed repairs and maintenance will be carried out"?

jibbyboo wrote: »

Since this point, I've encountered people (both on these forums and personally) who told me I should not have shared that info. _pale_

Technically speaking you have paid for that information and so if they want it, you need to be getting something in return.

I'm assuming that what you want is for them to agree with you that either they need to do those works or else agree to reduce your offer by the cost of those works.

And if these works are not trivial then you would probably want the reduction in price, so that you can get someone competent to carry them out, as opposed to them paying the lowest price for a bodge job.

So if you want that in return, why not share the valuation with them in order to get it? If you haven't yet shared the exact valuation price then maybe you could black that part out and only share the bits where it says what work needs doing?

jibbyboo

Thanks grifferz. I said to the EA 'the surveyor has said that the property is worth £x [my offer price] so long as repairs and maintenance have been carried out'.

I actually only got the basic valuation for my mortgage, therefore on the report it literally said the above. I had to speak to the surveyor to get clarification of what the issues were, and once I had, I got plumber, roofer and electrician to go to the property.

They're giving me their reports on Monday (roofer and electrician- plumber said it was fine).

For that reason I'd be somewhat reluctant to share the surveyor report, but the trade reports with quotations on there I will email to the EA.

Yeah, ideally I would like a reduction in price. Electrician has said board definitely needs replacing, and if tests fail after that, re-wiring which is massive job in this house.

cattie

It is perfectly usual for a valuation to be exactly the price agreed on for the sale. The purpose of the valuation is for the lender to have the peace of mind that the property is worth what they are willing to lend on it.

If you had a homebuyer's report or structural survey on the other hand & it flagged up any issues & you wanted to re-negotiate the price to take into account the work needed doing to bring it up to scratch, then it is wise not to let ea know surveyor's valuation unless it's less than offer price. For you then have room for negotiating a more favourable price.