low valuation - worth talking to another lender?

jabba21

we have just had our agreed 310K sale downvalued to 290K (no major faults, just a bit overpriced). We can only offer 2.5K extra (i.e 292.5k), assuming the vendor can't/won't accept that, is it worth talking to another lender to get another survey done?

The survey was by e-surv, who seem to have a reputation for cautious figures.

We don't want to blow out our first lender as the product was good, but we don't want to walk away from this purchase without a fight either. The places we want in the area we want are in short supply. This is a long term proposition for us so a few thousand pounds over the "market" value means little to us when we retire and are still living there in twenty years time!.

Would it harm us to have had credit checks and valuations done by 2 lenders, or best stick with one at a time?

thanks.

jules888

Don't know about question sorry but when our survey shaved £10k off our offer price the vendor did reluctantly accept it maybe cos it had been for sale a year and were desperate to sell!

FR_262

Make the offer of 290 and tell them the reason why but don't give a copy of your survey.

If they don't accept that offer your maximum.

I wanted a house that was £30k, I only wanted to pay £28k. They dug their heels in . I thought like you did - whats £2k over a lifetime? it was a house I'd wanted for 14 years (only a 2 up 2 down but with a garden and os parking). I bought it. And I've not looked back since. I loved living there and was really happy. I've moved house since then and now I let my most beloved house. I have the option of moving back when my children grow up.

I'd say go for it. And if you don't get it, there will be another house that you'll love just as much.

ethank

Lenders don't very often accept appeals. If you don't get the valuation you want, it is generally a case of swapping lenders. What was the reason he gave (if any) and also are there any comparable values in the same street?

jabba21

Main reason was "single skin rendering being substandard construction", I think he was just trying to justify the low value as his comment on lenders report was "normal condition for it's age, requiring some routine repairs".

EA has provided a lot of comparables (some don't really compare in my mind, but), THEY are trying the appeal to the surveyor, they say it has worked before.

We have offered the max we can, guess it is down to the vendor now. We will be speaking to the EA's broker as an exercise, but I doubt they can improve.

ho- hum......

kingstreet

If you do go to another lender, ensure it's one which won't panel the valuation to Esurv.

poppysarah

Tell the vendor you can only offer what the valuer says.

Why pay more?

This is the money saving expert site afterall.