House down valued how to prove

Thrugelmir

Vendor isn't going to budge. Threaten to walk. That gives the EA a stick to beat the vendor with. 

NameUnavailable

I'd be very insulted at essentially being called a liar by the agent and vendor and I would tell them that!

If I still wanted to try to negotiate I would show a copy of the valuation (presumably you have something in writing informing you of the bank valuation?).

badger09

Absolutely agree with those saying, show the EA (& vendor) your lender's valuation. If your own surveyor's report shows substantial work needed in support of their lower valuation, I would also show that to EA.

If you still want this house, decide what you are prepared to pay. Tell EA that is your offer and be prepared to walk away.

lookstraightahead

This is why vendors negotiating higher prices can have it come back to bite them further down the line. Negotiation tactics for higher prices don't seem to be working at the moment - people struggling to not have their mortgage offers withdrawn, lower valuations, etc. Op, there's not a lot you can do. Just tell them that - who cares whether they believe you or not 

steampowered

Liam116 said:

the house offer we put was over but that because it was offers in excess of and the price was the average for the area.
But we are in very different times.

I would drop all the emotional stuff completely. This is a business transaction. You can either agree a price, or you can't. Just offer what you are prepared to pay in light of the survey. If the vendor accepts, great. If not, walk away.

The average house price in the UK increased 2.8% in the year to August 2020, so you can't use Covid as an excuse. 

It would be a bit silly to walk away from a house because you don't like the EA or don't like the vendor. Once you have moved you'll never need to speak to the EA or the vendor again. Especially when it is you that is asking to drop the price from what you had agreed - did you think the vendor was going to thank you for reducing your offer ?!?!?!?!?

Liam116

@steampowered didn’t think they was going to thank but didn’t expect them to accuse me of false survey or the my RICS survey is wrong.

they went to the lengths of getting their own survey done to prove a point that I was wrong but it confirmed what my original said need repairing bar two points.

They have now got hung up that because the two points are different my survey is invalid.  I said ok we will go with your survey for the fixes and the cost because those two points are minor. They don’t feel that is fair on them because it reduces the value.

eidand

sounds like you're getting a little bit defensive over this. They don't have to drop the price just because you had an evaluation.  The fact that 2 surveys are different highlights the difference of opinion.
You have a simple choice, if you don't  like the price of this house then find another one you're happy with.

FinallyStoppedLurking

It's fairly simple:
No mortgage no sale. Tell them you can;t get a mortgage at that price. Estate agents will be worried as this will likely apply to all future buyers. 

lookstraightahead

FinallyStoppedLurking said:

It's fairly simple:
No mortgage no sale. Tell them you can;t get a mortgage at that price. Estate agents will be worried as this will likely apply to all future buyers. 

I think this is what vendors are potentially missing. They will have the same or similar issue with everyone who needs a mortgage. 

Liam116

eidand said:

sounds like you're getting a little bit defensive over this. They don't have to drop the price just because you had an evaluation.  The fact that 2 surveys are different highlights the difference of opinion.
You have a simple choice, if you don't  like the price of this house then find another one you're happy with.

Only defensive over being called a liar.

we’ve told EA we will have to leave it, straight away the EA said we are being very difficult and this isn’t fair to walk away from their client.
They responded quickly saying vendor will reduce by £10k but they are very unhappy about it.

We said thanks but still too high and can’t meet the difference between value and mortgage.  The EA said the vendor is really unhappy about this and EA said that it isn’t  fair on them by us walking it’s poor character. We said we will keep looking, EA now said give vendor a day to consider.