House valuation came back low

Alfrescodave

OP best option is to now move on and regard this experience as part of the great learning process of buying a house.
You've been given useful advice and should remember this when you next make an offer on a house.
Basically there are no fixed rules when it comes to house purchase, a house is worth what someone is prepared to pay and that EA's don't always tell the truth.

wesleyad

Eminowa wrote: »

If u read well it says offers above 210k. N that vendor won t accept anything below. EA said loads of people has put in a offer.

Yes they would accept below depending on circumstance.

EA are at the bottom of the trust pile.

Just walk away. If EA is telling truth about other offers then you are going to lose it anyway if you cant reach your original offer. If EA is telling porkies you might get a phone call in a fortnight explaining "everyone else pulled out" and you can have it

Mutton_Geoff

Eminowa wrote: »

I am buying a property, and the property is going for offers above £210,000. I put an offer for £219,000. Bank carried out their valuation, and if came back to be undervalued at £212,000.

Sounds like the agents pitched it right. Offer what you've been told it's worth by your professional advisors. £212k is an offer over £210k so everyone is happy. Only your previous offer which was made in haste has adjusted the vendor and agents view over what this property is worth. You have distorted their view with your clumsy offer.

Eminowa wrote: »

the EA said the vendor is willing to accept £215,000 and won t go any lower

You have created this inflated view of the value. Your bank have told you otherwise. Put the £212k on the table and start viewing other properties. Unless you want to throw away your own money gifting the vendor with extra £££s to fund their own move?

warby68

If you are down to a difference of £3k on a £200k+ that amount is immaterial over any decent amount of time you plan to live there.

This sort of amount can be seen as the price of doing business - ie do you want the house enough to pay the £3k or do the vendors want rid enough to concede the £3k. The latter is currently looking unlikely from what OP has said so far, vendors have already conceded more than half the difference and said no further.

House deals work best when both sides are reasonably happy with the deal, not when one accepts but bears a grudge which can be big enough to make them awkward later on in the process or mess about on other things or even with the property.

Up to you OP. Going silent on everyone is not a helpful tactic if you want them to continue to view you as a serious buyer for any property. You need to declare your position.

AdrianC

Eminowa wrote: »

If u read well it says offers above 210k

That's right. It does.

And you offered £219k.

N that vendor won t accept anything below.

Indeed. And they accepted your £219k offer.

EA said loads of people has put in a offer.

And your £219k was highest - by a grand, apparently.

So explain to me again why it's SOOOOOOOO unfair that they won't just let you drop that offer just because you're having a little wobble and think you've been a bit exuberant?

Eminowa

And your £219k was highest - by a grand, apparently.

So explain to me again why it's SOOOOOOOO unfair that they won't just let you drop that offer just because you're having a little wobble and think you've been a bit exuberant?

I made an offer base on Zoopla current estimate for the house.
My lender was willing to borrow me that much subject to evaluation of the property.
If everything has gone in well. I would be happy bcos I liked the property.
Remember house buying being a first time buyer with no experience I was looking at Zoopla.
Again we all don't know the true value if a property. EA over price property to get a sale. Vendor over value their property.
But if the surveyor has said the property is not worth what I offered I don't see where I have made a mistake. It's a matter or renegotiating or walk away.
Like my mortgage adviser has told me, the bank will never Let me you money to purchase a property that is not worth the price.
So there was no need to be rude or saying nasty things.
I am not a surveyor nor a EA. And surveyors are experts in their field. When it comes to my field or study no body would know it better than I do.

AdrianC

Eminowa wrote: »

I made an offer base on Zoopla current estimate for the house.

Zoopla's figure is a wet-finger at best, utter fiction at worst. It simply takes the last known sale price for that property, and wobbles it about a bit to accommodate generalised regional price trends. No more than that.

Again we all don't know the true value if a property.

Yes, we do.
It's the price that a willing buyer is happy to pay, and a motivated vendor is happy to sell for, on the open market. That's the precise definition of "value".

You and at least one other putative buyer thought it was £218-219k.

EA over price property to get a sale. Vendor over value their property.

The EA and vendor said "Oooh, £210k ish, more if we're lucky."

You went straight in there with £219k.

But if the surveyor has said the property is not worth what I offered I don't see where I have made a mistake.

Maybe you haven't. Maybe the surveyor is being just a tad more cautious than you. After all, we're only talking a difference of 3-4%.

It's a matter or renegotiating or walk away.

And the other side aren't willing to renegotiate. So...

Like my mortgage adviser has told me, the bank will never Let me you money to purchase a property that is not worth the price.

They are willing to lend you money. They're just lending it based on a slightly different loan to value to what you were expecting. Now, it might be that that means they aren't willing to lend you enough, because you were already at the upper end of what they were willing to lend you, since you don't have much equity yourself...

So there was no need to be rude or saying nasty things.

I wasn't, and didn't. My apologies for any offence you may have taken at comments that were intended simply to make you realise that you are not the only person involved in this transaction, and that your behaviour in this is... sub-optimal.

Look, it's very simple. Put the boot on the other foot.
In a few years time, you put your house in the market.
You get a range of offers, all in excess of asking. You choose the highest. It's only £1k higher than the next highest. That buyer then turns round and says "Oh, but I got a bit carried away and am having second thoughts. Can I knock several times that difference to the next buyer off my offer, please?"

What would you say? You'd say "Thanks, but you're having a laugh. NEXT!", wouldn't you? I would. The vendor has no emotional investment in you as a buyer - and if they foresee problems through the sale, they may very well decide to go with a far simpler transaction now, to save a lot of hassle later. And who could blame them?

I am not a surveyor nor a EA. And surveyors are experts in their field.

Well, let's go with "competent". On a good day. But we're talking about a subjective valuation, extrapolated from similar properties. No more than that. And you're expecting 99.9%+ accuracy? 96-97% isn't good enough...?

When it comes to my field or study no body would know it better than I do.

Nobody? Nobody at all? Your best guess is always absolutely canonical when it comes to a relatively subjective figure? Not even 3-4% leeway on it...?

parkrunner

Eminowa wrote: »

And why is the EA threatening to pull me out and give it to the next highest bidder?

Probably because you're trying to get a reduction and the next highest bidder is happy to go forward with their offer.

getmore4less

FTB using Zoopla......

Stop looking for houses and learn how to research what places may be worth before starting again.


Or just post a link here to get some sensible research data to help you.

getmore4less

Like my mortgage adviser has told me, the bank will never Let me you money to purchase a property that is not worth the price.

That is nonsense,
They will lend based on how much you need against what you can afford and they think it is worth.

If you have the money you can pay what you like.