Excessive asking price?

SquatNow

monkeymagic11 wrote: »

I have been in touch with the surveyor - he is being quite negative, talking about house price crashes etc

Arn't we supposed to delete this thread, cancel his account, ban his IP and complain to his ISP now... he's mentioned the C word.

monkeymagic11

Please don't ban me for using a naughty word! I'm a newbie and I won't do it again.....

monkeymagic11

As suggested above, the valuation has caused problems re the mortgage - basically we have a 10% cash deposit but because of the shortfall on the valuation, we are now borrowing more than 90% of the value of the house and they won't do it.

Unfortunately I don't have thousands of extra pounds to put down :rolleyes: so if we really want the house, the only thing we can do to try and get the vendor to reduce the price

I went to the vendor - they're not budging an inch on the price as they are paying 2 mortgages (already moved into their new property, hence need quick sale) and they have another offer (or so they say - I am getting a bit more cynical ). However, they said that the property was valued 8 weeks ago by another potential buyer (whose house sale fell through or something - I am losing track of these potential buyers they have....). This valuation was for the full asking price - the odd thing is that this valuation was by the same surveyor as ours.


All seems very odd - we are trying to confirm this original valuation and then will try and work out what we want to do from then

in the meantime, I'm going to let the vendor have a think about reducing the price (ever the optimist) and try not to think about it too much for the time being

More thanks for all your helpful posts x

A_Nice_Englishman

So you've offered the most you can possibly afford, and the vendor has rejected it.

I would continue looking and make sure the estate agent and vendor know you are. That will concentrate their minds,as will the fact that they're paying two mortages. And you never know you might find a house you prefer.

By the way, it is illegal for an estate agent to say there is another offer if there isn't.See part 6h of the OEA Code of Practice and drop this into the conversation with the estate agent.
http://www.oea.co.uk/downloads/codeofpractice.pdf