Mortgage Valuation a whopping 77k under agreed sale price

Dan-Dan

This is where a high street agent is worth their weight, if i had had any doubts about my AP from the off i would not have used House Network, and i think i am proved correct as though they have not had to do any negotiating my `dedicated negotiator` is hardly ever there and having spoken to her and her stand in`s a few times i would be fearful of the whole thing collapsing if there were issues along the way

Smooth easy sales and purchases HN are worth the small fee anything in the ball park of OP`s house hunting budget and its an absolute no brainer to use a local EA with a good reputation for high end properties

The OP`s vendor leaving a sale of this price in the hands of a call centre operative in Essex was a very poor move

kinger101

I think you need to work out what your red line is OP. If the vendors thinks they can get that price, they might ask you to find another lender. If that's the case, find out whether the vendor would be prepared to meet if the valuation can back the same.

Some lenders use the same surveyors......worth bearing in mind.

Smodlet

Yes, the surveyor I did some work for back in the day told me many lenders use e-surv as their prices are competitive and they are a national company, I think, so there is such a thing as economy of scale. National lender, national mortgage valuer...

pleasedelete

Get a 2nd valuation. Also ask to see the estate agent valuations that I am sure he had done to price it up before he went for a low cost on line agent. You are not stupid and he is not greedy. 1 value doesn't necessarily mean that the price was wrong.

Tell him the valuation amount and go from there.

Lloydage

Thanks for all your advice folks. I just went back to House Network and told them to tell him that the valuation has come in at 660k and how close is he willing to get to that. Lets see what figure he comes back with - probably something annoying like 730k which would be ridiculous. But anyway then we can start the ball rolling from there.

warby68

Lloydage wrote: »

Thanks for all your advice folks. I just went back to House Network and told them to tell him that the valuation has come in at 660k and how close is he willing to get to that. Lets see what figure he comes back with - probably something annoying like 730k which would be ridiculous. But anyway then we can start the ball rolling from there.

Good luck

Crashy_Time

slowpoke_rodriguez wrote: »

It's more likely to wipe the smile off his face.

Especially if he isn`t getting much other interest.

Lloydage

UPDATE.


This is what happened.


-I went back to House Network and told them about the 660k valuation and asked them to put this to the vendor to see how close he was willing to get to that.
-The Vendor said he wasn't really willing to budge from the 737k asking price.
-I told HN that our final offer was 700k.
-Vendor came back and said he had done his finances and worked out the lowest he could drop to was 711k.
-I went back to HN and said our final final offer was 705k and if he didn't accept that we would walk.
-Vendor agreed to 705k.


So we have settled on 705k. Still 45k more than valuation and still more than halfway between valuation and asking price. I will always wonder if I could have got him lower. Im not a great negotiator.


Still - it is less than we were going to pay; its a great house and we didn't see anything that came close to it and we do intend to live there for 10-15 years at least so all this will become a distant memory.


Thanks for all your advice and support

Grenage

Damn, he did well out of that house in three years.

ReadingTim

That's great, but can you afford this place?

If Santander only think it's worth £660k and will lend up to an LTV of 95%, which in this case is £627k; you'll need a deposit of at least £78k. Is your deposit more than £78k, and even if it is, can you afford the repayments, as the high LTV will probably have an adverse effect on them...