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Another virus post, paying over valuation

Tightaz
Tightaz Posts: 33 Forumite
Second Anniversary 10 Posts
in House buying, renting & selling
Hi all,

I’m in the process of buying a place and am having second thoughts due to the way the economy is going to go. So looking for some advice.
My first offer was £30,000 over the banks valuation but I negotiated down and have now offered £20,000 over that valuation and was happy to continue until this week.  With everything going on do you feel it is reasonable to go back and offer the valuation price, less than that, or just walk away?

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Comments

  • greatcrested
    greatcrested Posts: 5,925 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    walk away.
    Well I mean really - what are we supposed to say?
  • Tightaz
    Tightaz Posts: 33 Forumite
    Second Anniversary 10 Posts
    greatcrested said:
    walk away.
    Well I mean really - what are we supposed to say?
    Walk or run?

    I do still quite like the house and it is to live in long term. It’s just the idea of having basically no cash left after the purchase that’s worrying me.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The vendor may well start to wonder how seriously interested you actually are. 
  • Tightaz
    Tightaz Posts: 33 Forumite
    Second Anniversary 10 Posts
    Thrugelmir said:
    The vendor may well start to wonder how seriously interested you actually are. 
    This is true.
  • newbridge
    newbridge Posts: 249 Forumite
    Part of the Furniture 100 Posts Name Dropper Cashback Cashier
    Is it your 1st home?
    Would your rent higher than mortgage? 
    how safe is your job?
    I would still at least negotiate down to valuation price. It would be crazy to pay above valuation right now.
    [STRIKE]Deposit: 25000!!/15000[/STRIKE] Homeowner :j
    quidco cashbacks- 1142.81
  • Tightaz
    Tightaz Posts: 33 Forumite
    Second Anniversary 10 Posts
    newbridge said:
    Is it your 1st home?
    Would your rent higher than mortgage? 
    how safe is your job?
    I would still at least negotiate down to valuation price. It would be crazy to pay above valuation right now.
    1. Yes
    2. No, they are comparable
    3. Apparently it’s safe, but other companies in my industry have been forcing unpaid leave and redundancy, so I’m not 100% convinced.
    Thanks for your input. 
  • graphs
    graphs Posts: 109 Forumite
    100 Posts First Anniversary
    Go in 10 below. The public health England numbers over the next week should complete the sale.
  • newbridge
    newbridge Posts: 249 Forumite
    Part of the Furniture 100 Posts Name Dropper Cashback Cashier
    Tightaz said:
    1. Yes
    2. No, they are comparable
    3. Apparently it’s safe, but other companies in my industry have been forcing unpaid leave and redundancy, so I’m not 100% convinced.
    Thanks for your input. 
    Obviously everyone's situation is different, but if its your 1st home and have been waiting for it since long time and not planning to move again soon. I would go ahead with it but not without heavy negotiations. If he/she doesn't agree a lower price, be ready to walk away.  
    [STRIKE]Deposit: 25000!!/15000[/STRIKE] Homeowner :j
    quidco cashbacks- 1142.81
  • MobileSaver
    MobileSaver Posts: 4,372 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Tightaz said:
    have now offered £20,000 over that valuation and was happy to continue
    There must be reasons why you offered over the valuation price, have those reasons changed?
    Every generation blames the one before...
    Mike + The Mechanics - The Living Years
  • jimmyjammy001
    jimmyjammy001 Posts: 98 Forumite
    Fourth Anniversary 10 Posts Name Dropper

    Run a mile...... 

    https://www.thisismoney.co.uk/money/mortgageshome/article-8138747/House-prices-collapse-20-amid-coronavirus-crisis.html
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