Valued at 20k lower than offer... Options?

Thrugelmir

cte1111 wrote: »

The thing is, in this case the house isn't immaculate (being nosy I had a look at the link in the OP's previous thread). It's a bit tatty, needs some tarting up and is presumable priced to take this into account. If not, then I presume the OP would have gone for one of the many immaculate houses in the same price bracket (joking)! The fact that there aren't surely must indicate that the condition is reflected in the price already, without knocking another £20k off.

I repeat my comment about appearances. In our case due to the age of the property we paid for a full blown survey. After reading some 8 pages of "faults". The surveyor at the end valued the property some £37k under our offer. We recovered the cost of the survey from the EA's (a national chain). On the basis of misrepresentation.

hanvyj

_Andy_ wrote: »

So are you saying you WANT to pay £20k more than what it's worth?

Well, I'm a little confused as to why its not valued at £140k when the survay doesn't actually say there are any faults (other than plastering, which I think is !!!!!!!! anyway)

If we get the a professional to look at the joists and they say, "Well, that looks fine." then its worth 140 thousand. Unless the survayor saw something to give him reason the floor joists are collapsing I can't see why its a concern?


Basically, why isn't the "get a specialist to check the floor" a criteria for buying any old house ever, in which case why don't they all have 20k knocked off them?

Same with the electrical thing, of course they aren't up to current regulations - neither is a house that is 2 years old, because the regs change. That doesn't mean you have to replace the electrics every time you re-mortgage because they aren't up to current regulations!! That's crazy.

pararct

The sub station is neither here not there. Some people are put off by them some are not bothered. The surveyor simply mentioned it as it could be argued he may have been negligent in his report if he had not.

The surveyor should simply have highlighted the fact that it is nearby and that it will affect marketability in that it will put some people off when you come to sell.

hanvyj

cte1111 wrote: »

The thing is, in this case the house isn't immaculate (being nosy I had a look at the link in the OP's previous thread). It's a bit tatty, needs some tarting up and is presumable priced to take this into account. If not, then I presume the OP would have gone for one of the many immaculate houses in the same price bracket (joking)! The fact that there aren't surely must indicate that the condition is reflected in the price already, without knocking another £20k off.

The sub-station comment LOL. You know what, I don't like the buzz from sub-stations and pylons. In the past I've decided not to view a house because it was near a sub-station. However other people have treated me as if I were crazy when I've mentioned this, so can't agree that it would inherently devalue a house.

Yeah, we aren't looking for a perfect house, we would end up decorating anyway because we don't want a magnolia box. There are plenty of 2 or three bed terraces for similar prices - but they aren't end terraces and hardly any of them have a garage.

Even if we got one of them, surely the 'well, i dont know you'd better get a specialist to look at ever joist in the building and do all work required' would still apply!

There is no audible buz from the substation, I have no idea where it is - certainly not visible from the house, and definatley out of listening range. These electromagnetic waves are rubbish tbh.

hanvyj

would a building survey look at things like sub-floor joists?

LisaLou1982

OP you seem intent that the person you have paid to give you a professional opinion is wrong. As much as you want the house, if it is over valued then it is over valued.

WHY wont you go back and renegotiate?

DRP

LisaLou1982 wrote: »

OP you seem intent that the person you have paid to give you a professional opinion is wrong. As much as you want the house, if it is over valued then it is over valued.

WHY wont you go back and renegotiate?

It is hugely subjective though.

Putting aside how you even define value, can the professional judge any more accurately than an 'amateur' buyer who checks out the market, selling prices, condition, location and comes to an informed opinion...

I'm amazed that with a straight face the valuer is able to give a single figure and that's that.

AFK_Matrix

The problem you have is that if you do get another surveyor in then and they say yeah it's fine and work 140k, the lender won't necessarily take the surveyors report and up the valuation.

They have used their surveyor and will take what he has said as the value of the house and as far as I know won't take the report of another surveyor, I could be wrong about this and maybe worth asking your lender.

So you have 4 options:

1. Renegotiate with the vendor to drop the price
2. Pay the 20k your self
3. Find another Lender who might but not for sure value the property differently
4. Walk away

hanvyj

LisaLou1982 wrote: »

OP you seem intent that the person you have paid to give you a professional opinion is wrong. As much as you want the house, if it is over valued then it is over valued.

WHY wont you go back and renegotiate?

He isn't a professional, hence why he asks for a specialist to look at it...

All of the conditions are 'get someone to look at it' other than re-plastering, which I can clearly see doesn't need doing.

So is getting an actual professional to look around such a bad idea?

I will go back and re-negotiate, but if I was a seller and someone said "20k off because I don't know how the joists are" then I'd say "!!!!!! off". I doubt the seller is going to knock such a huge amount off the asking price with those reasons... I wouldn't!

hanvyj

AFK_Matrix wrote: »

The problem you have is that if you do get another surveyor in then and they say yeah it's fine and work 140k, the lender won't necessarily take the surveyors report and up the valuation.

They have used their surveyor and will take what he has said as the value of the house and as far as I know won't take the report of another surveyor, I could be wrong about this and maybe worth asking your lender.

So you have 4 options:

1. Renegotiate with the vendor to drop the price
2. Pay the 20k your self
3. Find another Lender who might but not for sure value the property differently
4. Walk away

I'm going to attempt all these bar paying 20k - but if we get another lender to value the property differently I still might want to pay £400 to get someone to look at the sub-floor etc, hence the question about building surveyors.