Survey undervalued first home by £15,000

Crashy_Time

Alicefisk1235 said:

I’m starting to think the same! 

But where do I go from here? I really don’t want to miss out on the property but also don’t want to pay over the odds and not be able to sell it for what I need 

You probably can`t have all three unfortunately, unless the seller will drop their price?

[Deleted User]

Crashy_Time said:

Alicefisk1235 said:

I’m starting to think the same! 

But where do I go from here? I really don’t want to miss out on the property but also don’t want to pay over the odds and not be able to sell it for what I need 

You probably can`t have all three unfortunately, unless the seller will drop their price?

No idea if they will especially as low as this valuation 

Crashy_Time

Alicefisk1235 said:

Crashy_Time said:

Alicefisk1235 said:

I’m starting to think the same! 

But where do I go from here? I really don’t want to miss out on the property but also don’t want to pay over the odds and not be able to sell it for what I need 

You probably can`t have all three unfortunately, unless the seller will drop their price?

No idea if they will especially as low as this valuation 

You won`t know until you try, it will depend on how many other offers they think they have, and on how desperate they are to sell.

tedlewis355

Alicefisk1235 said:

Crashy_Time said:

Alicefisk1235 said:

I’m starting to think the same! 

But where do I go from here? I really don’t want to miss out on the property but also don’t want to pay over the odds and not be able to sell it for what I need 

You probably can`t have all three unfortunately, unless the seller will drop their price?

No idea if they will especially as low as this valuation 

Valuations will be lower and lower next year 

MysteryMe

£15000 is a significant amount in the context of an £89,000 purchase. Are there comparable properties being sold at £74,000? 

Marshaltown

OP just contact the surveyor who carried out the Homebuyers Survey on your behalf and get their feedback. After all that's what you paid for.

Thrugelmir

Marshaltown said:

OP just contact the surveyor who carried out the Homebuyers Survey on your behalf and get their feedback. After all that's what you paid for.

Totally agree. Given the disparity between the valuations time for a discussion with your surveyor. After all that's what you are paying them for, their professional opinion. 

perbinder

Marshaltown said:

OP just contact the surveyor who carried out the Homebuyers Survey on your behalf and get their feedback. After all that's what you paid for.

Completely agree. The EA will rubbish your survey and say they worry a lot but 15k is a huge amount in comparison to your offer. We bought a bungalow and the survey came back 10k under the offer that the mortgage company was happy to lend on. I spent all day negotiating with the EA and sellers but got the 10k reduction. Depends on the sellers and how much they want the extra money. I personally would never buy a house where a surveyor has valued it less than my offer. 

Crashy_Time

Good advice.

Jumblebumble

Alicefisk1235 said:

The problem with going back to renegotiate the price is I was up against a cash buyer when making my offers and only just won. 

I doubt they will come down anywhere near the survey valuation 

Why would they If a cash buyer was willing to pay just below what you offered ?
They might as well go outside and drop 15K in pound coins  down a drain.
Being more helpful a valuation is a guess and you have no way of knowing what the market will be like in 6 months let alone a couple of years so what it might sell for in the future is unknown.
If the house ticks all the boxes then buy it