Valuation 10k less than accepted offer

Ruthhelenjohn

Hi all

Offered 200k on a house, bank valuation 10k less, this will have
No effect on the mortgage as we have a large deposit.
Still awaiting full report but spoke to the surveyor and its due to the existing utility room originally being an outbuilding and its only single skin brick work etc.....
Already spoke to estate agent and straight away she said they won't drop it to 190k (our first offer was indeed that figure)
My other half is a builder and says he can sort it out pretty easily but refuses to pay over the odds for the property.
I really love it and still want it but 10k is a lot of money!
Dunno what to do, no chain involved & vendors accepted our offer but want to complete by the end of July.
What to do....any advise/opinions appreciated peeps

afly

You can try your luck but if you're looking to stay long term, buy it for 200k if that's what it is worth to you I'd say.

The things you love about the house probably won't of even been considered by a surveyor

brizza

How likely are you to find a similar house? Is this your dream home and therefore the £10k doesn't matter as much as it would otherwise?

Is it a situation where all surveyors are going to say £190k, so the seller has no choice other than to accept that offer from someone (and it may as well be you, rather than wait for the next person to come along and find themselves in the same situation again when their surveyor looks at it).

At least with your OH being a builder, you're not taking a double whammy - if he can fix it easily then presumably it'd not cost him anywhere near £10k to do so? So at least you won't be paying £200k and then a further £10k to sort it.

Feels like a cop out, but could you meet in the middle and agree £195k?

Ruthhelenjohn

Thanks peeps
Spoken to the surveyor again and he is sticking by his guns at 190k
My gut feeling is to re offer at 190k and if they don't accept it walk away, it's just that gamble....... Will have wasted £545 on survey & £28o on solicitor's searches, I can't afford to lose that kind of cash
It's an ex council property in Yorkshire and it will always have that 'stigma' attached so will never increase in value massively so whilst it is a fab house and ticks all my boxes I suppose I do need to pay as little for it as possible?
Complex situation with the vendors too, 2 parties going their separate ways & being dealt with through solicitors.

holly_hobby

The EA has a duty to put your revised offer to the vendor, its the vendors decision as to whether they accept it, mediate it, or refuse it not the EAs.

If the EA is being obstructive, and you feel comfortable, could you discuss directly with the Vendor, which may be more productive - as the comments re the OB are likely to be raised by any surveyor.

Hope this helps

Holly

Dave_the_Ginger_Cat

I would look at it in percentage terms. I agree it's a lot of money, but will you kick yourself later?

Would you be willing to pay 5% more for something that truly suits rather than less for something that might not tick so many of your boxes?

When I bought mine, I paid 2% more than I wanted to, and accepted my choice

Ruthhelenjohn

Estate agent has spoken to the vendor to pre warn them of the 10k shortfall by the valuation report and apparently they kicked off big time and can't understand why we have gone to get a survey done?
Is she totally bonkers? Who these days in their right mind DOESN'T get a valuation/survey done?
She wants to see a copy of the report which I've said we will pass on once we have the copy!
Jeeeeeeez!

Thrugelmir

Ruthhelenjohn wrote: »

Complex situation with the vendors too, 2 parties going their separate ways & being dealt with through solicitors.

Then every penny counts from the vendors perspectives. As division of the remaining equity after the mortgage is cleared and costs settled may not be much. May be unsecured debts to be settled as well.

ACG

How much will it cost to sort it out?

You were happy to pay £200k, just because someone else has come back and said its not worth it - how does that affect the situation?

Its either worth £200k in your view or its not.

Once you know what it will cost to sort out - ask if you can meet at that figure? If you cant agree then its a case of walking away.

Yorkie1

To be honest, the female seller you've referred to sounds a right nightmare; to blame you for getting a survey is just bonkers.

I think you should prepare yourself for a drawn-out purchase if you decide to proceed. Stereotypically, a separating couple make difficult sellers - their own emotions in relation to each other frequently cloud their ability to make quick and agreed decisions about the sale process.

Ruthhelenjohn

Thanks again peeps!
The vendors are actually a mother & daughter who have had a big fall out! I don't think there is any debts to settle I just think the daughter had such little equity in the house and reducing the selling price must virtually wipe out any money she hoped for....
We were prepared to pay 200k but we had plans for the large empty utility room like putting in a downstairs loo & shower room....
We would now have to spend money sorting it out before we could do that.....
Nobody wants to pay over the odds for something, I just hope they 'consider' the report because at this moment in time it sounds like they don't care what the report says & they won't budge on price