Another house valuation less than the offer

Thrugelmir

If the vendor isn't prepared to budge. Then walk. There'll be more properties soon enough. 

NameUnavailable

n0deity said:

numbercruncher8 said:

Would it be possible that the deal has broken down twice before over either valuation, or the large amount of works needed to be done? It sounds like many of these would not be picked up on an inspection.

If your final price was £235,000 for this house to fix things, how would that compare to paying £197,500 for the similar house with the better extension? 

If it's £25k costs plus your time it just doesn't sound worth it to me. Is this the house? 

They won't disclose why the first deal fell through. Although timescale wise we believe this will have had a survey completed and then fallen through. The second fell through because they found a 'better house'. The 197k is a difficult comparison the house market has increased significantly in the area since that sold. I'd also say that the finish on that house was good, but not AS good as we would bring this house up to with 25k (this includes landscaping back and front, as well as the inside inc new kitchen and bathroom).

You're on to the same dilemma I've had with what we have offered. At £210,000 + £25,0000 we'd obviously have to sell at 235k+ to make any profit to make my efforts worthwhile. We do actually want to live in it so it's not purely a renovation project, but we could well sell in 3-5 years.

Better house as in one not requiring all the work that you've found it needs?

If you think the house is worth what it is going to cost you to buy it and carry out the necessary work v's buying something for the equivalent price that doesn't need work then go for it (bearing in mind the hassle factor and the reality that there will always be a few things you haven't yet noticed or accounted for).

If the vendor is refusing to negotiate at the moment it may be a strategy to see who blinks first. But that is the risk you take.

Crashy_Time

Thrugelmir said:

If the vendor isn't prepared to budge. Then walk. There'll be more properties soon enough. 

Good advice.

n0deity

Thanks all for your responses. We did eventually (on our head so be it) to go ahead with the purchase. We went ahead on the basis that our 'personal valuation' was higher than the valuation from the HomeBuyer's report. The house has some aspects that appeal to us specifically including a converted garage for my working space and non-overlooked garden.

Crashy_Time

n0deity said:

Thanks all for your responses. We did eventually (on our head so be it) to go ahead with the purchase. We went ahead on the basis that our 'personal valuation' was higher than the valuation from the HomeBuyer's report. The house has some aspects that appeal to us specifically including a converted garage for my working space and non-overlooked garden.

Some posters will be very pleased.