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

Dan-Dan

If your so convinced the house has been undervalued by 20k , why not pay what you think it`s worth and worry about it when remortgaging ?

hanvyj

Dan-Dan wrote: »

If your so convinced the house has been undervalued by 20k , why not pay what you think it`s worth and worry about it when remortgaging ?

What do you mean? The problem is getting the house in the first place, as the bank wont lend us what we think its worth.

marshall666

hanvyj wrote: »

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.

to answer this question; a building survey won't look at sub flooring unless there is easy access to it. They won't take up any flooring.

Dan-Dan

hanvyj wrote: »

What do you mean? The problem is getting the house in the first place, as the bank wont lend us what we think its worth.

I thought you might have cash from your deposit you can use


but for you to say....

`the bank wont lend us what we think it`s worth `

are you crazy ? :eek:

hanvyj

Dan-Dan wrote: »

I thought you might have cash from your deposit you can use


but for you to say....

`the bank wont lend us what we think it`s worth `

are you crazy ? :eek:

From one evaluation that is all "get someone to look at it"... why? If another bank says its worth 140 with their evaluation how would i ever have known this one doesn't like it? Which one would be accurate?

Dan-Dan

go with another lender then?

LisaLou1982

DRP wrote: »

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.

Of course the professional can judge value. If they couldnt then noone would bother having a survey done. Why not just do the research yourself and then worry about any problems later?

The surveyor is doing the survey on behalf of the buyer for the benefit of the buyer and mortgage company. A price range is never given - only a guide. If the house needed £1000 of work done then i doubt it would even have been downvalued as the £1000 in property is neither here nor there. However, that surveyor will have had comparibles and EXPERIENCE to back up his/her opinion. They dont just pluck figures out of the air.

hanvyj wrote: »

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!

As far as i can see - surveyor has done nothing wrong except irritate you because you thought the house was worth what you were paying for it.

I havent read the first thread that you started, but im assuming from what you have said that you have instructed a home buyers survey to be carried out alongside the standard mortgage valuation.

If you have asked the mortgage lender to arrange this then the surveyor is going to go out and give his/her opinion on the propertys worth in its current condition for lending purposes.

What you seem to be overlooking is that the surveyor will have seen THOUSANDS of properties, more than likely in and around the area you are buying in and will be able to do a quick calculation as to how much work needs doing and whether the property will be worth it for mortgage purposes.

I can go into a property and see that it needs a rewire, and i can guess a rough price for getting it done. It doesnt mean that i am a qualified electrician. Therefore i would advise my clients to get a qualified electrician to quote for the work. Likewise, i can look at a property's roof and see that tiles have fell off/ridge tiles need pointing/roof needs replacing/chimney has fell off etc etc. I can have a rough guide of how much this will cost to fix but would advise my client to go and get a specialist report as i am not a roofer.

If you are really insistant that you dont want to negotiate the price and you dont have the 20k to put in yourself then go to a new lender and see what they say. Pay for a standard mortgage valuation and pay for a full survey with an independant company who is not linked to your transaction.

You should be grateful that someone has flagged up that the cost of putting the house right. Its obviously more than you first thought. No doubt you would be the first to complain if you found out £20k of work needed doing after you had moved in and it hadnt been picked up by the surveyor

DRP

LisaLou1982 wrote: »

Of course the professional can judge value. If they couldnt then noone would bother having a survey done. Why not just do the research yourself and then worry about any problems later?

//snip

that's the whole point - the OP has has no other option other than accept this professional's opinion (yes, opinion) if they want to use that particular lender.

We're not talking about the optional homebuyer's report here.

Smith_007

an electricity substation, located at the end of the terrace of houses. The possible effects of electromagnetic fields have been the subject of media coverage and public perception may adversely affect marketability.

What a load of utter scaremongering sh1te.
Does this surveyor get his "knowledge" from from the Daily Fail?

Has the surveyor never looked up and observed that massive source of electromagnetic radiation known as The Sun?

The Sun that is currently hitting me with aprox 1kW per square metre of electromagnetic radiation?
*boggle*

Technical information can be obtained from the health protection agency....

Who I hope will tell you to stop whining, and wasting their time with questions a 15 year old doing GCSE science could answer.

hanvyj

LisaLou1982 wrote: »

Of course the professional can judge value. If they couldnt then noone would bother having a survey done. Why not just do the research yourself and then worry about any problems later?

The surveyor is doing the survey on behalf of the buyer for the benefit of the buyer and mortgage company. A price range is never given - only a guide. If the house needed £1000 of work done then i doubt it would even have been downvalued as the £1000 in property is neither here nor there. However, that surveyor will have had comparibles and EXPERIENCE to back up his/her opinion. They dont just pluck figures out of the air.




As far as i can see - surveyor has done nothing wrong except irritate you because you thought the house was worth what you were paying for it.

I havent read the first thread that you started, but im assuming from what you have said that you have instructed a home buyers survey to be carried out alongside the standard mortgage valuation.

If you have asked the mortgage lender to arrange this then the surveyor is going to go out and give his/her opinion on the propertys worth in its current condition for lending purposes.

What you seem to be overlooking is that the surveyor will have seen THOUSANDS of properties, more than likely in and around the area you are buying in and will be able to do a quick calculation as to how much work needs doing and whether the property will be worth it for mortgage purposes.

I can go into a property and see that it needs a rewire, and i can guess a rough price for getting it done. It doesnt mean that i am a qualified electrician. Therefore i would advise my clients to get a qualified electrician to quote for the work. Likewise, i can look at a property's roof and see that tiles have fell off/ridge tiles need pointing/roof needs replacing/chimney has fell off etc etc. I can have a rough guide of how much this will cost to fix but would advise my client to go and get a specialist report as i am not a roofer.

If you are really insistant that you dont want to negotiate the price and you dont have the 20k to put in yourself then go to a new lender and see what they say. Pay for a standard mortgage valuation and pay for a full survey with an independant company who is not linked to your transaction.

You should be grateful that someone has flagged up that the cost of putting the house right. Its obviously more than you first thought. No doubt you would be the first to complain if you found out £20k of work needed doing after you had moved in and it hadnt been picked up by the surveyor

If he can see a genuine reason for saying the sub-floor needs looking at, fine. But we have no visibility of why he is saying these things.

Does he think the sub-floor might need looking at for a particular reason, or just because. If he can't see a reason then you'd have to do this for any of the 100,000 terrace houses in Portsmouth - so we'd never be able to get a mortgage on any of them unless their buyers knocked off 20k because of some speculation. That's were I'm getting from.

Sure, the roof tiles are falling off and the joists look a bit dodgey - that argument is valid because you can see there is a problem. With the sub-floor, he can't see anything. If I try purchase the house next door am I going to get the same thing? How will I ever get a house :S

If the electronics are dangerous, fine - but there has to be a reason for saying that, which at the moment we don't have. Why do they need replacing? I'm saying: every time you re-morgage a house do you have to get your electrics up to current regulations? No, that would be silly! If they genuinley need replacing because there is a fault or something then I'm happy, the survay picked up something I should know about.


Obviously I'm going to try to negotiate with the seller - but If this valuation makers me dubious then I don't think they are going to think its very reasonable.

And if I pay £400 for a professional to come look at the sub-floor and say "That's fine" can I then get a mortgage on this house? Does "re-plaster" mean "re-plaster that small 1m patch in the ceiling where someone put their foot through (about £100 or so? I could do that myself) or does it mean tear down all walls and ceilings and re-plaster the whole house? (completely unneeded)

There is another house down the road that is very similar and going for £156, it needs a little less work (ie, isn't so tatty). There is a 2 bed, mid terrace (no garrage) that is in perfect condition for £150 - but the sub-floor could be in identical condition!