Offered £15 higher than valuation but still rejected

AnotherJoe

What is "STTP" ?


Do you have the extra cash to make up the difference to go ahead? Knowing that theres a strong possibility when you come to sell, you wont get that money back?

shortcrust

I was worried during the buying process of my house that I was overpaying. I think it's a natural thing to worry about. However, I can honestly say that I've hardly given it a thought since then. I've got a house I love and I paid what I had to pay to get it.

Ultimately, if you really want the house and you can afford it, then go for it.

lisyloo

Are you sure you can afford it?
You do realise the lender will only lend based on the valuation.

If you have extra money you might be able to pay the extra yourself but don’t assume you can borrow on a higher amount.

If I really really liked it I’d spend a few hundred on getting my own valuation/home buyers survey to try to bottom this out but ONLY if I could afford it AND the vendor was on side. It’s a waste of money if they’ve decided they don’t want to deal with you anymore but if you are taking sensible steps to resolve I don’t see why they should consider you a timewaster (but nowt so queer as folk as they say and sometimes people do get the hump).

getmore4less

W_First_Time_Buyer wrote: »

Hi All, my family is a FTB and we need some advice!

Firstly, the house we are really interested in was marketed at £345k. After negotiating, our offer of £337,500 was accepted. So we thought everything is going smoothly, but we are WRONG! The valuation came back and the property was only valued by Nationwide at £315k!!! That's £22,500 lower than our offer and £30k lower than their first asking price!! CRAZY!! Not sure if the house was just undervalued or seller are greedy???

So, we told seller our ideal offer is £320k, but we can do £325k. But that is still rejected! and now house is back on market.

What to do????

We really want the house, it's STTP, newly refurbished kitchen, parking, basically everything we need! We did think the house at our first offer of £337k is already a good price compared to the properties we have viewed.

Should we still go ahead?

W_First_Time_Buyer wrote: »

Sorry, if I came out so negative. As I said, we are first time buyers so we have no clue on how it really goes. But how are we greedy? The house was valued at £315k only?

We can afford to buy the house, but we could be overpaying??

Your FTB beginners mistake is comparing it to other houses that have not sold.

you need to be comparing to the ones that others have been offering on(SSTC on rightmove) along with the sold through prices on the land registry.

Do that research and decide what it is worth.

shortcrust

getmore4less wrote: »

Your FTB beginners mistake is comparing it to other houses that have not sold.

you need to be comparing to the ones that others have been offering on(SSTC on rightmove) along with the sold through prices on the land registry.

Do that research and decide what it is worth.

Another common 'mistake' I notice is people comparing the price of a house they love and want to buy with 'similar' properties nearby that they don't love and don't want to buy.

babyblade41

I'm afraid you may come across this scenario in future properties.

You have to stop thinking that the seller is as eager as you to move as you will never know the real reason for the sale

They may have to reach a certain figure to fund a move and not in a particular hurry .. either you love it so much and are happy to proceed, a house is a home first and foremost not a way of making money in a short amount of time.

15 k isn't that much and as it's not new and ridiculously over priced then only you know whether you'd be happy to pay for it.

My last house I moved into 2 months ago is a complete refurbishment and dated, needs plastering throughout and probably many other things besides but it had a few offers in the first month but as we were proceed able and only tipped other bids but below the asking price made the difference

If the vendors are not willing to negotiate any further then not a lot more you can do but find somewhere else.

Also look outside the box re: nice sparkly kitchens etc as usually no matter how nice a kitchen it is it normally gets changed along with other fittings within a house

Maybe also have a look at other properties that need a little cosmetic work for possibly lower price and all that you want can be yours and maybe well within the budget you have

hazyjo

W_First_Time_Buyer wrote: »

We are just having doubts as we were told someone was supposed to purchase the property at £330k. But for some reason the sale fell through.

Could it be that it was down-valued for them too? Ask the EA. See if they'll tell you.

If you are FTBs with a small deposit, you may find it goes against you. They are probably being cautious. Prices are generally still static/dropping mainly due to an uncertain Brexit, plus you are FTBs so no experience of paying a mortgage, bills, house/living expenses, so they are probably willing to lend less. They are trying to avoid you ending up in negative equity.

If you have a large deposit, or could make the deposit larger (you have implied you have some spare cash), you could try another lender (or see if this one would reconsider if you have more to put down).

csgohan4

nothing personal but its business, you want something, you have to pay what the seller wants as well, they don't have to negotiate

MysteryMe

The valuation is a fair bit lower than what you had offered. This may affect how much you can borrow. In your position I would not be comfortable paying what you offered. It's not a case of vendor being greedy, you don't know their circumstances or motivation for selling. They don't have to sell to you at the valuation and you don't need to buy it at over the valuation either. I'd look elsewhere, which will be a disappointment as you have obviously spent money and felt this place was the one for you.

thriftylass

thriftylass wrote: »

They don't have to ask valuation price. Maybe they had a bad mortgage=, are in negative equity etc etc and need the extra money if they can find someone to pay it. No harm in trying on their part. If you can't afford it or unwilling to pay their price, look somewhere else or wait and see if they over time reduce it.

emna123 wrote: »

They don't need to ask valuation cost. Perhaps they had an awful mortgage=, are in negative value and so on and so forth and need the additional cash in the event that they can discover somebody to pay it. No damage in attempting on their part. On the off chance that you can't manage the cost of it or reluctant to pay their value, look elsewhere or sit back and watch on the off chance that they after some time decrease it.

Strange post, looks like you copied mine (including the =after mortgage) and changed it without adding anything????