House Down valued by survey - Advice required

quantumlobster

Offer the valuation price.

Walk away if they don't take it.

fdama

quantumlobster wrote: »

Offer the valuation price.

Walk away if they don't take it.

EA said that the vendor wanted me to meet her half way at £111,000. I said no and offered £109,000, which is £2,000 over the valuation. The EA put that forward to her yesterday and I'm still waiting for the response.

I thought about it and as I hopefully will be there for a while, £2,000 over the valuation price wont do me a great deal of harm, especially if the alternative is to pull out and sign another rental agreement (£600 pcm), essentially paying someone else's mortgage payments. I don't know if thinking about this in terms of going back to paying rent for a while is the right thing to do.

I also haven't yet done my homebuyer's survey.

Have I done the right thing here? Or should I have absolutely not offered the extra £2,000?

Mine doesn't sound like a complicated negotiation but I hate this.

middleclassbutpoor

You probably should have gone in at the valuation price to be honest and tested the response.

You could always come up a little if they refused. However starting higher - I bet they come back at 110k now.

If they refuse your increased offer of 109k, I would explain you won't increase any further. If they want a few days to reconsider then that's fine but your goodwill will expire.

If they want you to buy after your goodwill has expired then you are only going to be able to offer the valuation price as it's likely you are now going to incur more expense etc.

lookstraightahead

Op, how about another property where the seller isn't so faffy/greedy? I would never ever pay over valuation.

C_Mababejive

Who really knows if there was another buyer? It might have been the typical EA bullsh%t.

Either way if its valued at 107 i wouldnt be paying more.

Dont get emotionally involved and be prepared to leave it.

Doodles

Past (bitter) experience has taught me never to pay more than the valuation given.

If they don't agree to £109K, then I would honestly advise you to move on.

LSLDN

I’m in a very similar situation and just wanted to say hang in there! It is a very confusing process. I’m also applying to Natwest and like yours, valuation has come back at under the offer price.
Hopefully your EA comes back with good news. I think you should get your homebuyers survey done ASAP and make it clear to the buyer and EA that you may need to negotiate further based on the results.
TBH I had a home buyers survey done at the same time and it isn’t particularly detailed so doesn’t give that much leverage to negotiate. It just states the problems and says get an independent review and/or some quotes before proceeding

fdama

middleclassbutpoor wrote: »

You probably should have gone in at the valuation price to be honest and tested the response.

You could always come up a little if they refused. However starting higher - I bet they come back at 110k now.

You guessed correctly. They did come back at £110k, to which I put my foot down and I am sticking to £109k. I'm still waiting for a response.

lookstraightahead

You have more patience than me

Crashy_Time

Offer 100k (is it even worth that?) and then walk away if they are still time wasting.