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Property valuation lower than offer

thesurveyor
thesurveyor Posts: 31 Forumite
Ninth Anniversary 10 Posts Name Dropper Combo Breaker
in House buying, renting & selling
Hi guys I'm after a bit of advice.

I'm a first time buyer and I had a offer accepted on a property.

The survey has come back and it's valued £7500 lower than the accepted offer.

The vendors only bought it two years ago and are selling it for the price they we are paying.

I don't want to buy it and be straight into negative equity.

Any advice guys?

Thanks in advance
«13

Comments

  • Tiners
    Tiners Posts: 232 Forumite
    tykesi wrote: »
    Pay the difference or walk away, it's as simple as that.


    That's strange, you seem to live in a universe where the vendors can't/won't reduce their price, even in the face of a professional valuation.
  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
    tykesi wrote: »
    Pay the difference or walk away, it's as simple as that.


    what a nonsense reply


    Banks rarely value it differently to the offer so when they do you know its as the asking price is OVERPRICED compared to similar ones in the area.


    I would ask the vendor to reduce by that amount, if not walk away. the way the market is its a buyers market and will only get worse
  • Lovem
    Lovem Posts: 205 Forumite
    cashbackproblems wrote: »
    what a nonsense reply


    Banks rarely value it differently to the offer so when they do you know its as the asking price is OVERPRICED compared to similar ones in the area.


    I would ask the vendor to reduce by that amount, if not walk away. the way the market is its a buyers market and will only get worse

    Hi,
    Can I please ask you. How this would work if no property has sold like it in the area? Talking a good £80k+ price difference. As property is different from the others and first to sell.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Did they buy it new 2 years ago? If so it is overpriced as they are trying to sell a second hand house for a new price.
  • LittleMax
    LittleMax Posts: 1,408 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    tykesi wrote: »
    Pay the difference or walk away, it's as simple as that.

    Absolute nonsense :mad:

    We were the sellers in similar situation 2 years ago. Buyers couldn't afford any higher as affected their LTV. We had no other buyers interested and could have left an empty property on the market for another few months paying mortgage. We negotiated a £1.5k payment for fixtures and fittings and pushed for a quick sale. Done and dusted in 6 weeks.

    Of course our property was empty and we wanted shot of it - buyers were foolish to have offered full asking in first place. Depends how much your sellers need for their next property. But don;t walk away. Negotiate.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    thesurveyor wrote: »
    Hi guys I'm after a bit of advice.

    I'm a first time buyer and I had a offer accepted on a property.

    The survey has come back and it's valued £7500 lower than the accepted offer.

    The vendors only bought it two years ago and are selling it for the price they we are paying.

    I don't want to buy it and be straight into negative equity.

    Any advice guys?

    Thanks in advance


    House prices could go up?
  • Typhoon2000
    Typhoon2000 Posts: 1,171 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    There is no science to this, another valuer may well value the property at the offer price.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    The "science" is last sold price for similar in the area?
  • Lovem
    Lovem Posts: 205 Forumite
    Crashy_Time wrote: »
    The "science" is last sold price for similar in the area?

    Crashy,
    Can you please answer my post above.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Lovem wrote: »
    Crashy,
    Can you please answer my post above.


    The post where you asked a question of another poster?
This discussion has been closed.
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