Pulling out advice & costs ?

GDB2222

I must say that people do see things in black and white. "The sellers ruined it for us." "The buyers gazundered us." Two sides of the same coin.

danslenoir

LittleMax wrote: »

So if you were the buyer you would still have paid the agreed amount despite the valuation? I wouldn't.

I didn't say that.

If I were the buyer and still wanted to buy the house I would:

1. Accept that the responsibility is on me to either stump up the difference, pursue another mortgage provider and valuation (at my expense and effort) and hope that the first valuation was a woeful underestimate, or provide more substantial evidence (at my expense and effort) that I had naively offered well over the market worth of the property and politely ask if the vendor would reconsider the offer price on the basis of this evidence.

2. Not blame the vendor for 'ruining' my purchase by refusing to consider dropping the price by a massive amount without any substantial evidence to justify such a big reduction, or for the vendor not wanting to incur additional expense to justify a reduction in sale price of their own house!

Ultimately, the OP is apportioning unfair blame on the vendor, and failing to accept responsibility for his/her actions in offering the original amount they did.

veryworried12

The mortgage was already offered they do the valuation after. I can afford the difference but feel I would be overpaying. If the vendor is so confident in the price he can pay for another valuation but has refused.

The vendor ruined the purchase by being ungracious and making personal remarks which the agent accidentally let on.

GDB2222

veryworried12 wrote: »

The mortgage was already offered they do the valuation after. I can afford the difference but feel I would be overpaying. If the vendor is so confident in the price he can pay for another valuation but has refused.

The vendor ruined the purchase by being ungracious and making personal remarks which the agent accidentally let on.

I'd also be pretty rude about somebody who gazundered me.

veryworried12

That's unfortunate. I'm a business person I don't care for personal remarks. They can put it back on the market and that would be fine. Im not asking for advice on anything other than fees.

Ps the valuer referenced brexit. This is in inner London if that's relevant :money:

danslenoir

veryworried12 wrote: »

The mortgage was already offered they do the valuation after. I can afford the difference but feel I would be overpaying. If the vendor is so confident in the price he can pay for another valuation but has refused.

The vendor ruined the purchase by being ungracious and making personal remarks which the agent accidentally let on.

No, no, no. You just don't get it, do you?

You offered to pay X amount. Your vendor agreed and withdrew his/her house from the market. You now want to pay less based on a single mortgage valuation which the vendor rightly feels is not adequate evidence in itself for such a big drop.

If you want a price reduction, it is up to YOU to provide more convincing evidence that YOUR original offer was excessive in the context of the local market (through e.g. additional valuations). Not up to your vendor to provide more convincing evidence that the offer he/she accepted was not excessive.

Harper123

My chocolate bar melted in my bag today. Because of brexit.

veryworried12

I didn't realise there were unwritten rules in buying a house. All those people who pulled out of sales in the past month must not get it either. The house is worth what the valuer says in my book. I can either pay it or not and I've chosen the latter. I did try to negotiate.

The deal is off and that much is clear to both sides so little point in discussing this point really now but thanks anyway

lewishardwick

My losses on a failed purchase were:
Mortgage Valuation £240
Homebuyers Report £280
Searches £350
Legal fees £135

My solicitor said pulling gets more expensive after contracts are drawn up as this is allegedly where their time is spent. Searches and basic chasing is carried out by an assistant, so less expensive per 15min slice.

glasgowdan

Some people just can't handle the concept of someone pulling out of a sale after unexpectedly finding out they'd be paying too much if they continued.

Put it this way...You're in a shop buying a telly. It's £200. You're at the till and the cashier says "£200 please ". Guy in the queue behind you says "here pal, that telly is £150 in the shop next door".

In principle, would you still buy it? This mindset applies across the board whether a house or a telly.