Mortgage valuation £20k lower than agreed price

Crashy_Time

Has the OP decided what to do yet?

Emma96

hazyjo wrote: »

I also want to know why you offered over asking price in the first place. I always advise against that if not bidding against someone else, especially if a FTB with a low deposit as they often get down-valued.

We've put an offer on quite a lot of houses over the last year or 2 and all of them have gone for over asking price, some of them for over £20k over! We decided to go for £6k over the asking price in the hope that we might finally get an offer accepted and because we really like the house. We haven't helped ourselves by trying to buy in a really popular area!

We've just heard that the seller is willing to negotiate and has suggested meeting halfway at £330,000. We're going to reassess the numbers tonight and see if we can afford the additional £10k initially, whether we want to or whether we try to negotiate further.

Crashy_Time

Why not just wait for a few interest rate rises, that should focus the sellers mind?

Crashy_Time

hazyjo wrote: »

ARGHHHH why does every bloody thread seem to end up like this. It belongs on the debate board - not on every thread which mentions price.


***


I also want to know why you offered over asking price in the first place. I always advise against that if not bidding against someone else, especially if a FTB with a low deposit as they often get down-valued.


The market has generally slowed so I can understand why lenders are jittery re lending 85-90% of the price on something which needs a lot of work. You have no experience of owning a property, and can't prove you're capable of doing a house up, and it may prove a bit of a money pit if it needs that much work (or more than you're anticipating).

Saying "Every thread" is a massive exaggeration, some threads just wander a bit, and I think that adds interest actually. The threads that get into the nuts and bolts of buying and selling, i.e including discussion of price or value seem to have much more views than the one`s about "What colour light bulbs should I put in my recently bought house that is just about to spiral into negative equity"

rickkelsey

Hi Emma, I'm a BBC Reporter making a film on down valuations and hoped you could get in touch. My email is rick.kelsey@bbc.co.uk . It would be good to talk more about what the result was. Thanks.

Crashy_Time

What was the result I wonder?

Crashy_Time

rickkelsey wrote: »

Hi Emma, I'm a BBC Reporter making a film on down valuations and hoped you could get in touch. My email is [EMAIL="rick.kelsey@bbc.co.uk"]rick.kelsey@bbc.co.uk[/EMAIL] . It would be good to talk more about what the result was. Thanks.

Will it be a feature length film?

kinger101

Crashy_Time wrote: »

Will it be a feature length film?

Maybe it can star someone who trawls this forum to find every single post on an undervaluation. Of course, for journalistic objectivity, it would have to see said person eating Pot Noodles in his bedsit, and highlight the money they'd [STRIKE]wasted[/STRIKE] enriched landlords with by decades of renting.

Crashy_Time

kinger101 wrote: »

Maybe it can star someone who trawls this forum to find every single post on an undervaluation. Of course, for journalistic objectivity, it would have to see said person eating Pot Noodles in his bedsit, and highlight the money they'd [STRIKE]wasted[/STRIKE] enriched landlords with by decades of renting.

Not nearly as exciting as someone being told the home they bought five years ago is worth less than they paid :rotfl:


It`s almost as if the media are trying to tell us something


https://www.comedy.co.uk/tv/stath_lets_flats/episodes/1/1/

timeism0ney

Found the programme: https://www.bbc.co.uk/programmes/p06fh4ww

If it's true that one in five people faces a down valuation, then I guess it'd be wise for buyers to start with under offers, with more confidence than before. It's a buyer's market (for the time being).