Ahh I have done something stupid

AnotherJoe

davidmcn wrote: »

Do you understand the home report system? It includes a valuation by an RICS surveyor, who will in the majority of cases be on the purchaser's lender's panel and be able to provide a transcript. The whole point is there won't be surprises or delay by having to get another survey done.

Obviously not. FWIW I was asking for education, not to challenge the OP.

Out of interest, if the valuer says its worth (say) £100k, and there are (say) 20 bids from £110K to £120k, does that negate the valuer or does he (or she) in effect say "you lot are all paying too much its not worth that" despite the self evident truth it is if many people are willing to pay more than they say?

Can the OP challenge the valuation after the event, based on the bids that went in? Or does the valuation effectively provide a top limit beyond which only cash buyers need proceed?

davidmcn

AnotherJoe wrote: »

Obviously not. FWIW I was asking for education, not to challenge the OP.

Out of interest, if the valuer says its worth (say) £100k, and there are (say) 20 bids from £110K to £120k, does that negate the valuer or does he (or she) in effect say "you lot are all paying too much its not worth that" despite the self evident truth it is if many people are willing to pay more than they say?

Can the OP challenge the valuation after the event, based on the bids that went in? Or does the valuation effectively provide a top limit beyond which only cash buyers need proceed?

Where "cash buyers" = "buyers with enough cash to top up the max their lender will lend", yes.

Only completed sales are proper evidence of market values, not offers which may come to nothing. Otherwise it would include, say, offers based on people misreading valuations

audigex

AnotherJoe wrote: »

Can the OP challenge the valuation after the event, based on the bids that went in? Or does the valuation effectively provide a top limit beyond which only cash buyers need proceed?

You can challenge based on other sales, not really on other bids (which would, for one thing, be wide open to abuse).

The only things likely to change a valuation are changes to the house itself, clear mistakes in the valuation, or comparable sales nearby. And the latter, if any had happened, would have already affected the valuation given.

DisneyLisa

I spoke with my solicitor - the closing date is actually tomorrow oops. I dont seem to be doing too well with this house.

She suggested I keep my offer the same and challenge the valuation as there are a few recent sales in the estate which prove the valuation is too low.

I really dont know what to do.

submarine76

How did you get on Lisa?

DisneyLisa

submarine76 wrote: »

How did you get on Lisa?

We still dont actually have an answer. Its ridiculous.

jennifernil

It's a bit of a myth that once you submit a written offer you are tied in, until the missives are exchanged there is no obligation to proceed and either side can still withdraw.

That is why the missives are exchanged as soon as possible after the details of the offer have been agreed.