House valuation came back low

Eminowa

I am buying a property, and the property is going for offers above £210,000. I put an offer for £219,000. Which was accepted.
Bank carried out their valuation, and if came back to be undervalued at £212,000.
I have gone back to renegotiate price. But the EA said the vendor is willing to accept £215,000 and won t go any lower.
I told the EA, that the house is only worth £212,000 according to the evaluation report.
Now EA is threatening to sell to the next highest bidder, which according to them made an offer of £218,000.
I don't know what to do now, as I don't want to lose the house.
One thing that worries me is, why would they put the property on the market for offer above £210,000. If they can't go any lower than £215,000.
And why is the EA threatening to pull me out and give it to the next highest bidder?
Am confused now. And I have got a day to give a answer, when I already told the EA I can't go any higher than what the property is worth, which is £212,000.
Please any advice welcomed

MaiseMeal

Did you put the 219K offer right off the bat just bcause it said offers over? I hope not. They could of even accepted offers below. "offers over", in my head, i just a marketing ploy to get the buyers to think its worth more. But the sellers would be happy to accept offers below. If you do indepth research, you will know exactly what it's worth (+/- how bad they want to sell). Anyway that's in the past since you have already made the offer.

They are only saying they want no less than 215K because you already offered them/gave them hopes of 219K.

How many weeks are you into the process? Are they chain free? You should have an idea of how bad they want to sell the house.

Also you mentioned they have another bidder of 219K. So why did they pick you over the mystery bidder? If you REALLY love the house and can cough up the extra 3K, then do it. If there are other properties being sold in the area like this one, and you think you can get it much cheaper, look elsewhere.

If you do pull out, tell the Estate Agent that your offer still stands of 212K. You know, just in case the mystery bidder falls through.

Eminowa

Yeah I did offer 219,000 of the bat. My mistake. And again the second highest bidder according to them is 218,000 n not 219,000 my mistake. I don't have any extra cash to pay the difference.
Am willing to walk away if they do t want to accept what the property is really worth which is 212,000.
The EA said the vendor want to move as quickly as possible, but with 212,000 they can't afford the place they moving too. I think is a lie. Bcos they do t even know what buyer will offer.

Eminowa

How many weeks are you into the process? Are they chain free? You should have an idea of how bad they want to sell the house

This was only last week.

MaiseMeal

Eminowa wrote: »

Yeah I did offer 219,000 of the bat. My mistake. And again the second highest bidder according to them is 218,000 n not 219,000 my mistake. I don't have any extra cash to pay the difference.
Am willing to walk away if they do t want to accept what the property is really worth which is 212,000.
The EA said the vendor want to move as quickly as possible, but with 212,000 they can't afford the place they moving too. I think is a lie. Bcos they do t even know what buyer will offer.

Sounds a bit shady. Why would the seller leave their fianances so tight? As you said in your first post, why would they put house for £210K if they absolutely NEED £215K.

Call their bluff and pull out. They are already playing games with you, and there will be more to come.

Eminowa

Thanks I would. They want me to foot their new house by coughing the extra cash to make it 215,000.
I don't know if it's the EA doing this trick. As I haven't met the vendor in person. But the EA said she is an Indian lady who list her husband and want to downsize

getmore4less

You go with a low price to attract viewers and hope they become buyers and hope to get a bidding war because peopel fal in love with the place.

I don't know what to do now, as I don't want to lose the house.

Looks like it worked you are hooked, on paper as you offered 219 they think you can afford it so why not hold out for more now you changed your mind.

when I already told the EA I can't go any higher than what the property is worth, which is £212,000.
Please any advice welcomed

The property is worth what someone will pay for it.

Am willing to walk away if they do t want to accept what the property is really worth which is 212,000

if £212k what you want to pay then you leave that offer on the table and start looking for somewhere else.

walwyn1978

Okay, it’s 3k. Which is 1.4% of 212k.

If you love the house, and want to live there for an extended period of time, and can afford it (and presumably can as you offered more in the first place) - take it at 215. 3k in the long term is a small amount of money in the context of house buying.

If this has made you fall out of love with it, or you’re not planning on being there for long, either walk now or stick at 212k.

Entirely your call. You can’t be made to pay the difference. Pick one option, stick with it and don’t have regrets. It’s a house, bricks and mortar. There will be others. Good luck.

Eminowa

Thanks all. I will walk away if they won't offer me at 212k because that's what the property is worth.
The EA succeeded in making me make a very high offer, bcos they told me loads of people has made offers and that they are only taking offers once and give it to the vendor bcos they vendor want to move as soon as possible.
Now it's been 4days now. The whole process is on pause just bcos the valuation came back low.
Now EA is saying vendor can't secure where he is going on anything lower than 215k.
Infact I don't be ringing them again. I am going silent and would start looking now. If they call me fine. If they don't fine.
I am almost being tricked, I was looking at Zoopla when I offered my bid.
Zoopla might not be correct I suppose

Eminowa

One question i want to ask is do all surveyors see a result of all previous house evaluations done on a property?
Bcos the EA is saying, they would give the property to the next highest bidder, and the valuation might come back higher.

warby68

Eminowa wrote: »

Thanks all. I will walk away if they won't offer me at 212k because that's what the property is worth.
The EA succeeded in making me make a very high offer, bcos they told me loads of people has made offers and that they are only taking offers once and give it to the vendor bcos they vendor want to move as soon as possible.
Now it's been 4days now. The whole process is on pause just bcos the valuation came back low.
Now EA is saying vendor can't secure where he is going on anything lower than 215k.
Infact I don't be ringing them again. I am going silent and would start looking now. If they call me fine. If they don't fine.
I am almost being tricked, I was looking at Zoopla when I offered my bid.
Zoopla might not be correct I suppose

Don't get too carried away in your view of yourself as the victim here. You will hack sellers (and agents) off when you offer what you then can't afford to pay. Your offer of £219k might have made them think they could have the house they wanted - had they committed before you offered ? They are now compromising and currently you are not.

Its entirely up to you and if your rethink or budget leaves you only wanting to pay the valuation price so be it but keep a bit of balance in your attitude as you are actually the one reneging on your handshake and they are the ones still trying to compromise a little. You blame them for stretching on their purchase but so have you.

You will be better off in the negotiation stakes if you show some regret that the valuation didn't back your offer and you just can't find enough yourself than if you try the 'how dare you try to con me into paying more than its worth' approach - noone put your arm up your back when you offered £219k.