Professional valuation

w00519772

I am an anxious first time buyer and therefore I have asked a lot of questions on here recently. I wish I spent longer in the past learning about the process which would of made it easier and less stressful.

Anyway, I am currently purchasing a property and it was recently valued at the asking price. The identical property next door sold for 8K less than I am paying in May last year. Therefore I am loosing sleep thinking that I am paying too much.

The valuation came in at the asking price. Would this put your mind at rest? I know a house is worth what someone will pay, however I am unsure what it is worth.

My question is: would a professional valuation put your mind at rest?

Yorkie1

It is the buyer's duty to do what they can to investigate issues such as likely value before putting an offer in. I imagine the sale price for next door was available on websites before your offer was accepted. Therefore you should have taken this into account before making your offer.

The lender is happy that the property is worth what you have agreed on, and so it is entirely possible that its value has risen by the stated amount in that time.

You could do one of three things:

1. Accept that you didn't negotiate on an informed basis originally, and carry on as you are.

2. Try to renegotiate on the basis of your new information about next door. But expect the seller to knock you back as a) your valuation came back at the present value, and b) you should have done your research up front.

3. Get a valuer round at your extra cost. They may, or may not, justify downgrading by £8K. But you'd still have to hassle your seller to try to renegotiate. And they'd ask what the lender's valuation was anyway.

To be honest, you have sufficient stress with all your other worries on this house purchase as a FTB, you really don't want to try to muck the seller around unnecessarily. If you look unreliable or as if you're trying to gazunder them, they may decide you're not worth it as a buyer - particularly if they think they can get another buyer without too much extra trouble.

ess0two

What if the professional values it more? will you stump up the extra?
As the vendor I'd be inclined to think your trying to pull a fast one,employing another survey.

yoshiyella

But that was £8K a year ago - house prices have risen especially since February! Though I suppose it depends on how much you are spending. If it is for example £80,000 then I can see £8,000 being quite excessive (just) however, if you are buying a property for £160,000 then that is only 5% increase in a year.

drdpj

You're over-thinking it. What you're paying is fine, otherwise the valuation would have come in lower.