Downvalued property - estate agent won't negotiate

Smodlet

OP, you do know what to do when someone shouts at you over the phone, don't you?  Hang up!  As soon as someone starts shouting, they have lost the argument.

Swasterix

Angela_D_3 said:

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 

If overpaying by £8k on your house purchase makes you a genius, I’m happy to be an idiot thank you. 

If £18k is !!!! all as you so eloquently put it, you wouldn’t mind giving it to me.

AdrianC

Swasterix said:

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!

Unless the OP is hard up against the upper limit of LtV, then nothing is actually changing in terms of where the money is coming from.

Instead of £460k mortgage being 80% LtV, it'll be viewed as 82.5% LtV. They can still borrow £460k. They still need to inject £115k equity.

Swasterix

AdrianC said:

Swasterix said:

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!

Unless the OP is hard up against the upper limit of LtV, then nothing is actually changing in terms of where the money is coming from.

Instead of £460k mortgage being 80% LtV, it'll be viewed as 82.5% LtV. They can still borrow £460k. They still need to inject £115k equity.

Yes, I fully understand this. The OP says “  We are lucky in that we could just about afford the difference ourselves,” which I took to mean they would pay the difference in cash, although I could be wrong. 

That being the case though, it is not an insignificant amount of money, particularly when they hadn’t planned to pay this out up front. Added to this the bank has basically said that the house is not worth what they are intending to pay for it. 

How long would it take the OP to save this much again?

steampowered

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!

Given that the Op is planning to move into a £575k property, one assumes that they have must a decent chunk of cash behind them.

Given that the house was originally on for £600k and the Op thought they were getting a "great deal" at £575k, one assumes that they are not at the limits of their mortgage affordability, so unlikely to be pulling it out of their back pocket.

Swasterix

steampowered said:

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!

Given that the Op is planning to move into a £575k property, one assumes that they have must a decent chunk of cash behind them.

Given that the house was originally on for £600k and the Op thought they were getting a "great deal" at £575k, one assumes that they are not at the limits of their mortgage affordability.

Given that the OP didn’t offer at £600k, and did offer at £575k, one could also assume that they are indeed at the limits of their affordability

Given that the OP didn’t say one way or another, one can assume all they like, but one won’t know unless the OP clarifies. 

People often stretch their finances when purchasing property, so it’s not out of the realms of possibility that the OP has - whether buying for £50k or £500k, it’s the same principal. 

peterhjohnson

If you really love the place and believe that you are unlikely to find anything else that good, stump up the £18k. No need to worry about recessions, etc. because they will be a distant memory when you come to sell. Otherwise, put in a sensible offer, walk away and forget about it, unless the agent  comes back politely.
The EA is absolutely fed up with this property and afraid it will get moved to another agent so losing him commission after he's put a lot of work into (not) selling it.
You are extremely kind to listen politely to his rant

warby68

3% variance is a reasonable 'price of doing business'. Whoever stands that 3%, or if it is shared, is a negotiation. 3% is also not much over the odds for a house you love and will live in for a few years. You don't lose money on a house until you come to sell it and usually if yours has fallen so has everyone else's.
The vendors here seem hard nosed and it is easier to do that when its an inheritance property and they aren't trying to tie up their own onward moves. 
You will have to decide who blinks first. Personally I'd give it 24 hrs at least for everyone to think past the agent's bluster and I'd love to think this was a typo though as its straight transposition and a weird number. You can have another think how much you want the house versus the principle and whether you will be stretched. 
It can be tough to decide OP but remember you were happy with your £575k bargain and its the same house. 
Good luck (fingers crossed for the typo )

rik111

£18,000.00 is a shed load of money, anyone who says it isn’t obviously earns far too much. Just think how long it would take you to save 18k, that’s what you are overpaying by, 3-4 years of hard saving. No way in these uncertain times I would pay more than a banks valuation, clear your head by looking at other houses and stop responding to agent, put it all hold. You might be pleasantly surprised and find a gem that is 25k cheaper and then have the pleasure of telling the agent where to stick it. And if you do I bet he comes crawling after you with reduced prices.

steve866

Angela_D_3 said:

Swasterix said:

Angela_D_3 said:

Swasterix said:

Angela_D_3 said:

£18,000 is nothing in the grand scheme of things.  I got p ushed 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 

If overpaying by £8k on your house purchase makes you a genius, I’m happy to be an idiot thank you. 

If £18k is !!!! all as you so eloquently put it, you wouldn’t mind giving it to me.

Give it to you,  I wouldnt give you the steam off my !!!!!! dear 🙄

Shame because you probably !!!! Gold