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Another virus post, paying over valuation
Tightaz
Posts: 33 Forumite
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?
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
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walk away.Well I mean really - what are we supposed to say?0
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Walk or run?greatcrested said:walk away.Well I mean really - what are we supposed to say?
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.0 -
The vendor may well start to wonder how seriously interested you actually are.1
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This is true.Thrugelmir said:The vendor may well start to wonder how seriously interested you actually are.0 -
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- 1142.810 -
1. Yesnewbridge 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.
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.0 -
Go in 10 below. The public health England numbers over the next week should complete the sale.0
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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.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.[STRIKE]Deposit: 25000!!/15000[/STRIKE] Homeowner :j
quidco cashbacks- 1142.811 -
There must be reasons why you offered over the valuation price, have those reasons changed?Tightaz said:have now offered £20,000 over that valuation and was happy to continue
Every generation blames the one before...
Mike + The Mechanics - The Living Years1 -
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