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home buyers survey nightmare
FloraMac
Posts: 47 Forumite
We are in the middle of selling our house and down sizing. We thought we had found the almost perfect house, semi with a large garden in a great village. Agreed a price and got the surveyor in. Big shock, he has valued it at just under 40k below asking price!!! Most of the issues raised we knew about although a couple are bigger issues (garage roof is asbestos but is damaged at rear and garage door and window need replacement). The agent is adament his valuation is correct due to the high value of the village location ( we agree the location does bump up the price of a semi), the surveyor has explained fully his justifications. Problem is we are now feeling very wary, we do not need a mortgage but also do not want to throw money away. We are waiting for the agent to get back to as we are hoping to renegotiate as we do love the property. We are not dreaming of expecting the vendor to drop to the valuation but perhaps come down another 8 k which we feel would fully cover all the work picked up. Any thoughts advise gratefully received ( our buyers are keen to move they are renting and the vendor has an empty property to go to).
Thanks
Thanks
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Comments
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If the EA knows you don't need a mortgage, he will stick with his original valuation. Do you know if there are other buyers in the pipeline who do need a mortgage?0
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No other buyers yet! We were first to view as the houses in this village come up rarely. We knew another couple had viewed but the vendor accepted our offer (7k under asking price).0
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If the EA knows you don't need a mortgage, he will stick with his original valuation. Do you know if there are other buyers in the pipeline who do need a mortgage?
This ^
It all depends how much the house and location mean to you. Does the location mean more to you than the surveyor? Could you stomach buying it what you know now? Have you the money for the additional repairs?
Edit - or tell them you now need a mortgage! You wouldn't be the first to change mid track.0 -
We do have the money just, or savings I should say. The concern is 40k off an asking price of 225k is a huge difference and worrying. The location is very important but just not sure it is worth that much?0
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...although a couple are bigger issues (garage roof is asbestos but is damaged at rear and garage door and window need replacement).
A couple of grand, not much more, for the lot.
The garage roof isn't "asbestos" (ooh, scary, dead people everywhere in a ten mile radius), but asbestos-cement sheet. The biggest risk from it is falling through it when you're up there replacing it. It can be left at the local tip with minimal safety precautions. Just don't use a power saw on it without a facemask - but you'd be daft to do that with any cement sheet...
Garage door and window aren't exactly huge jobs, either.0 -
Yes scary dead people asbestos, we are not totally niaive!!!!
That's just one of the issues, I did not want to write a three page essay!!!Had two quotes ranging from 6,500 to 7,800 and they are the lowest!!! The other jobs include flat roof replacement, kitchen/ diner floor tiles to be lifted and laid correctly as they are the wrong ones for the electric underfloor heating and have lifted in places etc. Some of the work we can do and are happy to do but the valuation came as a shock. I take it you would ignore the valuation??0 -
Its all about risk- it depends how risk averse you are - some people would ignore the valuation, others would not buy above the valuation. So assessing your own approach and what you are comfortable with is really important.0
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For that large a difference, I think I would stump up the cost of a second survey from a different surveyor.0
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I take it you would ignore the valuation??
No, I would not ignore the valuation. RICS surveyors' valuations are accepted by mortgage companies and courts, so I would go with this, rather than an EA.
EDIT: Do you know how long the property has been on the market? What is your area like for selling speed?0
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