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Estate agent dragging their feet
scon1234
Posts: 25 Forumite
Hi Guys,
I'm buying my first house and could do with some advice.
I'm buying the house I've been renting for 2 years. Just had the survey done and it's come in 3k under the price the sellers are asking for.
The mortgage provider has come back to me to say I've been approved for the mortgage at the new valuation if I can get the seller to accept that. Otherwise the seller needs to fix the outstanding issues then I need to get another valuation and we can go from there.
So I've told the estate agent last week and sent them the survey. They told me they would talk to the seller and get back to me. Now it's been a week and I've chased them up a couple of times and was fobbed off but I called again yesterday and they told me that they haven't told the seller the new valuation yet. They want to get quotes for the work done before they tell the seller.
Problem is the quotes aren't free, I've checked and emailed the estate agent this info. So they won't call the seller until they can find a free quote from a PCA registered damp company.
Obviously me and my other half are starting to go a bit mad. I feel like the agent is just dragging their feet and not getting things done just to get more rent money from us, and I don't know what to do. Getting information from the estate agent is like pulling teeth.
I've been a bit cheeky and asked my next door neighbor for the sellers email address and she gave it to me now I'm really temped to email them and tell them what's going on. I think that may be a bit silly though to be fair.
Does anyone have any advice on what I should do? I feel like I'm in limbo at the moment since I don'k know if we'll even get this house now if the seller turns down the new valuation and wont do the work. Argh it's stressful!
I'm buying my first house and could do with some advice.
I'm buying the house I've been renting for 2 years. Just had the survey done and it's come in 3k under the price the sellers are asking for.
The mortgage provider has come back to me to say I've been approved for the mortgage at the new valuation if I can get the seller to accept that. Otherwise the seller needs to fix the outstanding issues then I need to get another valuation and we can go from there.
So I've told the estate agent last week and sent them the survey. They told me they would talk to the seller and get back to me. Now it's been a week and I've chased them up a couple of times and was fobbed off but I called again yesterday and they told me that they haven't told the seller the new valuation yet. They want to get quotes for the work done before they tell the seller.
Problem is the quotes aren't free, I've checked and emailed the estate agent this info. So they won't call the seller until they can find a free quote from a PCA registered damp company.
Obviously me and my other half are starting to go a bit mad. I feel like the agent is just dragging their feet and not getting things done just to get more rent money from us, and I don't know what to do. Getting information from the estate agent is like pulling teeth.
I've been a bit cheeky and asked my next door neighbor for the sellers email address and she gave it to me now I'm really temped to email them and tell them what's going on. I think that may be a bit silly though to be fair.
Does anyone have any advice on what I should do? I feel like I'm in limbo at the moment since I don'k know if we'll even get this house now if the seller turns down the new valuation and wont do the work. Argh it's stressful!
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Comments
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As you are buying from your landlord why don't you simply talk to him.
Communication. Wonderful thing!0 -
Yeah I've got their email from my neighbor. I just wasn't sure if going behind the estate agents back was wise or not. As I said I'm not clued up with this sort of thing. It's my first property.0
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Bit of an odd one, no harm in emailing the seller I suppose, explaining that you are waiting to hear back from the EA, and they may not have passed information on.
However, I'm also a little sceptical that a valuation can be accurate to within £3k.0 -
Yeah I have no idea to be honest. All I know is the EA said the house is worth 132k but since we already live here we could have it for 130k so we agreed on that. Then we had a home buyers report and valuation and the house came it at 127k. So the bank will only lend to the 127k now.0
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Surveyor works out the valuation then deducts the cost of some fairly minor repairs. Don't see the odd bitBit of an odd one, no harm in emailing the seller I suppose, explaining that you are waiting to hear back from the EA, and they may not have passed information on.
However, I'm also a little sceptical that a valuation can be accurate to within £3k.
Changing the world, one sarcastic comment at a time.0 -
Email the vendor! Estate agents need to pass information, not withold it!Everything that is supposed to be in heaven is already here on earth.
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Surveyor works out the valuation then deducts the cost of some fairly minor repairs. Don't see the odd bit
Sorry, I meant odd that the EA hasn't made contact with the seller yet in over a week to discuss the survey situation.
However, that's not how valuation figures are worked out, if the repairs are necessary the valuer is more likely to suggest a retention.0 -
However, that's not how valuation figures are worked out, if the repairs are necessary the valuer is more likely to suggest a retention.
Sorry to seem dense but can you explain that a bit further? I'm not sure what you mean, are you saying the value of the house is wrong? Or that the home buyers report is wrong? The only info I have to go off is what the EA and the bank are telling me, so I'd hate to think that they're giving false information.0 -
Sorry to seem dense but can you explain that a bit further? I'm not sure what you mean, are you saying the value of the house is wrong? Or that the home buyers report is wrong? The only info I have to go off is what the EA and the bank are telling me, so I'd hate to think that they're giving false information.
Sorry, haven't made that very clear, you're not being dense at all!
Not saying that either are necessarily wrong, it's just very hard for a surveyor to value a property within such tight parameters. In this case the valuer is downvaluing the purchase price by less than 2.5%, which is a rather small amount in property terms, and they'd have to have a specific reason, based on the recent sale of comparable properties to reach this conclusion.
However, in your situation, given the EA has been rather crap at trying to resolve the situation is email your landlord/vendor directly highlighting everything that you've put in this thread so far, and perhaps offering to share the relevant part of the survey report with them. Hopefully the vendor is sensible and will realise that coming to a mutually agreeable deal with you is the best thing for all concerned.0 -
Sorry, haven't made that very clear, you're not being dense at all!
Not saying that either are necessarily wrong, it's just very hard for a surveyor to value a property within such tight parameters. In this case the valuer is downvaluing the purchase price by less than 2.5%, which is a rather small amount in property terms, and they'd have to have a specific reason, based on the recent sale of comparable properties to reach this conclusion.
However, in your situation, given the EA has been rather crap at trying to resolve the situation is email your landlord/vendor directly highlighting everything that you've put in this thread so far, and perhaps offering to share the relevant part of the survey report with them. Hopefully the vendor is sensible and will realise that coming to a mutually agreeable deal with you is the best thing for all concerned.
Ah right, that makes sense thank you for the info. I'm going to email the vendor tonight. Hopefully I can get this all sorted out. Thanks again
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