I feel that I over offered on the house, what to do now?

okhajut

This is house in Bristol, it had a "guide price" of 190,000£. I offered 200,000£.



I booked survey and then made second visit to the house to note down things that I want to surveyor to pay special attention to. Basically I realized that I have over offered on this house. I should have offered 195,000£ and stayed there. The details of the reasoning are not important at this stage of the question.



I will see what items the surveyor brings to my attention tomorrow. Is it worth asking to reduce the price by 5,000£ now? It has only been 2 weeks since the offer was accepted. The survey is tomorrow.

jamie_128

no, suck it up its 5k, if its overvalued the surveyor will tell you, then you have a leg to stand on to reduce it, dont !!!! the buyer off already

davidmcn

There's no point discussing the price before you know what your surveyor thinks.

[Deleted User]

okhajut wrote: »

This is house in Bristol, it had a "guide price" of 190,000£. I offered 200,000£.



I booked survey and then made second visit to the house to note down things that I want to surveyor to pay special attention to. Basically I realized that I have over offered on this house. I should have offered 195,000£ and stayed there. The details of the reasoning are not important at this stage of the question.



I will see what items the surveyor brings to my attention tomorrow. Is it worth asking to reduce the price by 5,000£ now? It has only been 2 weeks since the offer was accepted. The survey is tomorrow.

Wait until the survey comes back with the valuation. That will give you a better idea as to whether your offer is on the high side or if the property has been priced realistically.

okhajut

I have spoken with the surveyor. Based on the price of similar houses that have been sold in the area and the amount of work required on this house (repairs that he has higlighted with estimated cost of 9,000£ plus VAT), he has valued it at 175,000£. He was shocked that it was agreed on for sale at 200,000£.



This house had a guide price of 190,000£ at this time for sale. Previously it was put on market for 230,000£ and then quickly reduced to 210,000£ (earlier this year) and was sold for an unknown price at that time, but the buyer changed mind which brought the house back on the market.


What do I do now? Asking for the hose price to be reduced by 20,000£ or more does not seem reasonable to me (as a first time buyer).

hazyjo

I'd walk and put it down to expensive lesson learned. Might be worth trying to buy at £175k or thereabouts but don't hold your breath. I wouldn't buy at over £180k.


Surely you must have had some indication you were getting a lot less for your money than with other cheaper properties? £25k is a substantial amount. I would certainly have noticed if a property in that bracket was pricier than others on the market.

Bossypants

You can present them with the survey and see what they say. If you REALLY want this specific house, you might even offer a compromise of £180/185 (only you can decide if it would be worth it). Otherwise, I'd say keep looking.

okhajut

I am going to ask the surveyor to see how he arrived at this conclusion. I have not personally found any houses that sold for this low inside Bristol in that area. But of course the surveyor is the expert and not me.

steampowered

I think you should revise your offer straight away to what you are willing to pay.

Let the vendor know the survey valued at £175k.

The vendor may well put the house back on the market, but there is no point stringing it out - best to deal with it now before either party wastes more time and money.

getmore4less

okhajut wrote: »

I have spoken with the surveyor. Based on the price of similar houses that have been sold in the area and the amount of work required on this house (repairs that he has higlighted with estimated cost of 9,000£ plus VAT), he has valued it at 175,000£. He was shocked that it was agreed on for sale at 200,000£.



This house had a guide price of 190,000£ at this time for sale. Previously it was put on market for 230,000£ and then quickly reduced to 210,000£ (earlier this year) and was sold for an unknown price at that time, but the buyer changed mind which brought the house back on the market.


What do I do now? Asking for the hose price to be reduced by 20,000£ or more does not seem reasonable to me (as a first time buyer).

Did you do any research on prices before making the offer?

getmore4less

is it this one from July...

https://forums.moneysavingexpert.com/discussion/6029772/mortgage-valuation-there-is-structural-movement-in-the-form-of-cracking-to-masonry-what-next

if it is time to cut you losses and stop spending money

"There is structural movement in the form of cracking to
masonry. You now need to get a structural engineer or
chartered building surveyor to make a detailed investigation
providing you with a full report identifying the cause, together
with the costs of the work necessary to ensure future stability.
I cannot give a valuation until I have seen the report.
Properties of this type and age in this neighbourhood are
valued between £170000 and £185000.

Future saleability may be affected because of adverse
locational factors: adjacent non- residential uses and a busy
road."

or is it his one from June.
https://forums.moneysavingexpert.com/discussion/6011399/estimate-rework-cost-before-buying-first-house

if it is another one you may need help finding a place if this is the 3rd one that has issues.

What's the search area, budget and target property characteristics(beds,parking,garden etc.)