Help with wording reduction request to vendors please

Mickygg

You are over thinking things way too much. You are happy to pay the amount yet only if valuation comes in lower will you need to reduce.
No brainer just wait until valuation then come here and ask the question if it's lower.

Tygermoth

Even if they do phone still write down a response before hand. I find this clarifies my position in my head and helps me round out my arguments.

You don't have to have your written statement to hand when they call just writing your thoughts down and then condensing them into clear and rational point by point thought map is normally enough.

something along the lines of:

1. The bank says its only worth that - i am not inclined to offer more
2. i am not looking to have this re surveyed by another company at a cost to me as i believe this is a true reflection of the properties actual worth.
3. in light of this and the areas previous sale prices i feel the vendor should meet the reduction and i would be happy to proceed.
4. i however will withdraw if not as the property is over priced.

I find also repeating the points you have noted down - as they are clear in your mind - over and over (saying the same thing just phrasing its differently) if the agent starts trying to flannel you works really well. The broken record technique.

amateur_house

As others have said, you may be worrying unnecessarily and I would wait for the survey to come back and only then consider whether you need to reduce your offer.

With regard to whether to phone or email to discuss any reduction, I think it depends on the agent. I approached the agent I was buying through to ask if the vendor would consider a price reduction in the light of things found in the survey, their response was that they needed to see "something concrete" to pass on to the vendor. I then emailed saying "I wish to reduce my offer for xx property to xx amount due to xx reason" (mine was for damp/rewiring, not the valuation, but if it is downvalued then that's all you need to say).

It will then be up to the vendor to say yes or no. If you really want the property though there is a chance they say no and you risk losing it, so I would only do this if you really can't, or don't want to pay more.

Hopefully the valuation will come back OK for you. Good luck, 10 days will probably feel like a long wait.

phill99

Are you sure that home ownership is for you?

juniordoc

A lower valuation is good grounds for re-negotiating a price reduction so there is no reason to feel awkward about bringing this up if it happens.
Best of luck!

Crashy_Time

cattie wrote: »

As others have said, try not to worry 'til you know that you need to.

Anyway you don't have to faff about writing reasons why your offer is reduced, you just come out & tell them that valuation came back less than selling price & as you'll have a shortfall in your mortgage, you can't go any higher than valuation price. It's actually quite a common occurrence as I'm sure ea will be aware of. If sellers are keen for sale to go ahead, they should be quite willing to renegotiate.

Exactly, they will only play hardball if other offers are forthcoming.

Crashy_Time

Did you get the reduction?

newbieFTB

Crashy_Time wrote: »

Did you get the reduction?

Thankfully it wasn't needed... valuation came in at 300k - I was always happy to pay this amount, as long as the bank were happy to lend it to me!

Not sure what this was based on, as per my original post...
"I do actually think the asking price is higher than the norm as next door (identical but fully refurbished whereas 'mine' is fairly dated) went for 280k a few months back. No other houses have sold for 300k in the last 6 months within 0.5 mile, which I believe is the basis of appeal to a mortgage valuation."