FTB - Valuation lower than offer

KierzUK

Thanks ACG - Having spoken to some colleagues earlier they said similar.

Great to hear about needing 3 similar properties to appeal the valuation. Don't have much knowledge around valuation appeal so good to know a little more.

tom9980

KierzUK wrote: »

[and need to think about the longer term also when it comes to selling the property probably in around 5 years time]

Should you even be buying if the intention is to only live there 5 years? this time period is really a minimum amount of time to buy and live in a property. What is it about this property that means you are likely to move on in 5 years? do not underestimate the value of flexibility especially when you are young and your career is just starting.

KierzUK

I would like to think in five years time I would have made some decent steps in the working world on top of what ive done already and may be able to look at something a little larger.

Added to this my partner and I may then be in a position to purchase together. She is not currently involved in this purchase for a number or reasons.

I've made the revised offer in take it or leave it format. Now the waiting game again!

allthingsmustpass

KierzUK wrote: »

but thanks for your really useful post.

You're welcome. It is worth considering the logic of a desire to be in negative equity before you have even exchanged is it not? How long would it take you to save 8k, which becomes more like 16k when it is borrowed money? You can get snotty at this if you like but seriously think about what you are saying!

People have the most bizarre attitude to property debt and costs.

KierzUK

allthingsmustpass wrote: »

You're welcome. It is worth considering the logic of a desire to be in negative equity before you have even exchanged is it not? How long would it take you to save 8k, which becomes more like 16k when it is borrowed money? You can get snotty at this if you like but seriously think about what you are saying!

People have the most bizarre attitude to property debt and costs.

Completely agree it's worth considering, however I've not indicated I would go and pay more than the valuation as I said initially the biggest problem being the fact I can't afford to meet the shortfall the lower mortgage offer would leave me with anyhow!

Never mind the fact the place was likely put on the market at a
price higher than it's actual worth thanks to a greedy EA. I have however been obsessive in my own research around prices and thought my offer was ok.

The surveyor however has more information on offer to him and expertise so will follow their lead. Despite my opinion still differing.

Revised offers in now for the same as the valuation result so we shall see. If it's a no, back to the drawing board. If it's a yes a good amount saved :j

blinko

136k rejected yet 137k accepted hhmmm EA tricks if you ask me