Downvalued property - estate agent won't negotiate

Comms69

numbercruncher8 said:

It's selling a house, not rocket science !!!!!!. Nothing to do with being shrewd at business.

Sorry, I think the most likely case is that he is all hot air and trying to intimidate you. The fact that he could rant to you for an hour on the phone, and you accepting the behaviour without calling him out...... the dynamic you have both mutually created is that he is in charge. I can bet he is telling the other side he is very confident of securing the full price.

TBH if shelling out the extra cash (if not covered by the mortgage) makes you uncomfortable, that's a pretty good sign to at least have a check at the local area and see what's available and where the property sits value-wise.

Indeed. I'd have said 2 words, about 30 seconds into it, the second of which is "off". 

[Deleted User]

numbercruncher8 said:

It's selling a house, not rocket science !!!!!!. Nothing to do with being shrewd at business.

Sorry, I think the most likely case is that he is all hot air and trying to intimidate you. The fact that he could rant to you for an hour on the phone, and you accepting the behaviour without calling him out...... the dynamic you have both mutually created is that he is in charge. I can bet he is telling the other side he is very confident of securing the full price.

TBH if shelling out the extra cash (if not covered by the mortgage) makes you uncomfortable, that's a pretty good sign to at least have a check at the local area and see what's available and where the property sits value-wise.

I completely agree with the above.
Others treat us as we allow ourselves to be treated. 

Im struggling to think how he could fill a whole hour of ranting at you, when its the lenders valuer that has done this, not you. 

Be firm and play hard ball ! 

eddddy

FWIW, the EA just wants a sale, and won't care if it's at £575k or £557k (The difference in commission fees is peanuts.)

So I suspect the EA's strategy is to...

• Shout at you and tell you that you are stupid for offering £562k
• Shout at the seller and tell them they are stupid for refusing to accept £562k

The EA just wants to bully you both into meeting somewhere in the middle.

steve866

No one here has perfect information and knows whether the seller or EA is bluffing, and whether another buyer is likely to replace you, or what the local market is like. You might kick yourself for not offering the asking price as someone else might do, or it might be bitter sweet if you do continue at asking price as you’ll always be wondering whether you overpaid. 

I think if I was in your shoes I would leave the amended offer on the table until 5pm Wednesday and see what they come back with. 

saajan_12

Based on the lender's valuation and the LTV of the product you're going for, that will reduce your max mortgage. Can you afford to make up the difference with your deposit? If not, thinking about paying over the valuation is a non starter. 
If yes, it may still be a bluff by the EA, so you need to determine (or guess) whether you want it enough to pay over valuation, and whether they have any other potential offers or are likely to come back to you once discovering the reality. 

happysellerbuyer

I would personally not pay over 562. 2 sales have fallen through. You don't want to pay over the odds for a house.

steampowered

The difference between the valuation and what you offered is 3.1%. 

Valuation is subjective. 3.1% is well within the margin of error. It's not a massive difference when compared to the value of the property.

I'm sure if you had another valuation done you would get a different result. At the end of the day you will have to reach your own opinion by looking at what other nearby properties have been selling for. 

3.1% is not a big difference in the grand scheme of things. You'd recover that simply by living in the property for a year or so. A reasonable assumption to budget for might be to assume that house prices will increase by on average 2% a year over the long term - i.e. roughly in line with inflation.

Smodlet

greatcrested, what are you thinking?  Shame, shame, shame, LOL.  Everyone knows estate agents are not human and therefore have no feelings.  Their only motivation is shafting people; it is their raison d'etre.  (Can't do circumflexes on this site but there should be one over the "e" in etre... And on that one, yeah)

Swasterix

Angela_D_3 said:

£18,000 is nothing in the grand scheme of things.  I got pushed up £8,000 on a much cheaper house than yours.  It’s £9 a week over 10 years.  I spend more than that a day on fags and coffee.  

What a ridiculous statement. £18k may be nothing over the life of a mortgage, but given the bank are not willing to lend it, it is when you’re being asked to pull it out of your own back pocket!

Angela_D_3

Swasterix said:

Angela_D_3 said:

£18,000 is nothing in the grand scheme of things.  I got pushed up £8,000 on a much cheaper house than yours.  It’s £9 a week over 10 years.  I spend more than that a day on fags and coffee.  

What a ridiculous statement. £18k may be nothing over the life of a mortgage, but given the bank are not willing to lend it, it is when you’re being asked to pull it out of your own back pocket!

Yes genius it is.  Do they want the house or not ?  The bank doesn’t care where you live the numbers are all the same to them.  They don’t know why it’s this house you want to live in.  You do.  £18,000 is !!!!!! all