Downvalued property - estate agent won't negotiate

hollybbb

Thank you everyone for your replies - has really helped clear my thoughts. 
We checked today, and it wasn't a typo. We have decided to pay a small fee for an independent valuation, seeing as the EA has kicked up such a fuss about the lender's valuation being a 'drive by'. We really do love the place, and, annoyingly, sort of agree with the EA that, from the outside, the house looks like the rest of the houses on that road. But this particular one has lots of additional features, like two parking spaces (gold dust in the area we are buying in), an amazing view, end of terrace, large bedrooms, and a garage that can be converted. We are hoping the Independent valuation gives us a bit of peace of mind - either that we are not paying over the odds, or, if the lender's valuation was right, leverage to bargain with or just feeling OK to walk away from this purchase knowing we haven't hugely overpaid. 
We checked with our mortgage adviser and we lose our great rate if we try to go through another lender, plus she told us all lenders are doing 'drive bys' at the moment, so it's likely it could be the same. She also told us appeals to the bank are rarely to never successful. So, this is our plan. We aim not to tell them for at least two days, hoping they might blink first! Fingers crossed. 

Swasterix

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 🙄

Charming. 

eve824

The mortgage valuation I very much doubt can be 'bargained'. They have done their assessment and you paying for a seperate one I very much doubt will cause them to change theirs.

I must admit I do not understand why you are paying for another valuation. You've just said yourselves why the house is worth more than the others in the road, and seem content with the price you have paid, so why bother? It matters not what it is worth to anyone else, what matters is what it's worth to you. An independent valuation isn't going to tell you that. And is not going to change the lenders mind. And clearly the vendors aren't happy to negotiate with you anyway, so you need to have a good look around at other houses you like and decide whether that house is worth £575k to you. 

Crashy_Time

How many other offers does the seller have?

dimbo61

Sorry but after 30seconds I would have told the Estate agents to shut the Frank up.
The surveyor has valued the property at £557K in The Current Market and you are offering £562K so £5,000 over that valuation.
Your offer is on the table for 7 days and if the greed grabbing family want more they will have to find another buyer.
Don't enter into discussion with the agent who acts for his employer the Vendor.

2bFrank

I am unsure why you have done a separate valuation, the lender will go off the valuation they did, it will be very difficult to change the lenders mind.

You have set the tone in the negotiation for allowing the estate agent to rant at you. You have also shown naivety by questioning the original valuation and commissioning a new one (I am unsure if the estate agents knows you are awaiting a new valuation).

This is a business transaction, unfortunately you have an emotional attachment to the property now, and you are letting that emotion run its course. I do sympathise, we had the same issue and fell in love with a property, but luckily we listened to family and they helped clear our head, we managed to find an even better property in the end.

We are in uncertain times, no one knows what the future holds, and at the moment the economy is going to take a big hit. The vendors would be silly to lose a buyer with a mortgage and ready to go. You need to offer an ultimatum, take the offer on the table or walk away, 24 hours to decide, if the estate agents start ranting again, you need to be strong and cut him off, saying thats the offer on the table, even start enquiring about other properties the estate agent has (not that you would want to continue with them), but might show just how serious you are.

ace33

We have been in a very similar situation but were buying direct with no agent.
House up for 575k, offer accpeted @ 565k.
First valuation came in at 470k. Told the vendor and requested a further valuation from a different lender, that came in @ 530k.
I said we can only afford to pay 530k because of the valuation, yes we could've paid more but why should we? They said they can't afford to take a "loss" I said it's not a loss, it's what they surveyor has valued the property at. We both slept on it, we really wanted this property we'd been looking for a while and it had everything we thought we wanted with nothing else coming up in our price range.

When we spoke the next day we said the most we can afford would be 535k so it's that or we have to walk away. They accepted.
We didn't end up buying that one in the end, our buyers pulled out last minute and they decided they would remarket to try and get more money.
Worked out well for us in the end, we have found our dream home which is much better for us, although we did pay a lot more money for it.

[Deleted User]

ace33 said:

We have been in a very similar situation but were buying direct with no agent.
House up for 575k, offer accpeted @ 565k.
First valuation came in at 470k. Told the vendor and requested a further valuation from a different lender, that came in @ 530k.
I said we can only afford to pay 530k because of the valuation, yes we could've paid more but why should we? They said they can't afford to take a "loss" I said it's not a loss, it's what they surveyor has valued the property at. We both slept on it, we really wanted this property we'd been looking for a while and it had everything we thought we wanted with nothing else coming up in our price range.

When we spoke the next day we said the most we can afford would be 535k so it's that or we have to walk away. They accepted.
We didn't end up buying that one in the end, our buyers pulled out last minute and they decided they would remarket to try and get more money.
Worked out well for us in the end, we have found our dream home which is much better for us, although we did pay a lot more money for it.

Did you later look up how much it eventually sold for ?