House down valued how to prove

AdrianC

Liam116 said:

Only defensive over being called a liar.

What they actually said, or how they said it, is irrelevant.

The only relevant interpretation of the message to you is "The price isn't coming down."

NameUnavailable

AdrianC said:

Liam116 said:

Only defensive over being called a liar.

What they actually said, or how they said it, is irrelevant.

The only relevant interpretation of the message to you is "The price isn't coming down."

They've just dropped £10K (see above).

numbercruncher8

It's quite amusing listening to them whinging.... 'it's not fair!' 

IMO simply kicking up an incredible fuss now with a moral guilt trip may mean this is the one and only price concession. But perhaps they realise whether fair or not, any buyer in your shoes would have the same difficulties with the valuation.

Ultimately, you have the right to walk away from the whole thing at any point before exchange, and there would be zero anyone could do about it. If the seller needs to sell the house more than you need to buy it, you have the power, although the EA's job is to make you feel the other way. 

Accept that this is the game EAs play, and they will lay it on thick if they suspect it may yield results.
If you don't want to deal with it, just cut down communication to the absolute minimum. 

lookstraightahead

What an utterly bizarre situation you find yourself in. I'm not sure the estate agent saying "it's not fair" helps in any way. I reckon they will come down - it's either that or they start again, and inevitably reach the same point with the next buyer.

AdrianC

NameUnavailable said:

AdrianC said:

Liam116 said:

Only defensive over being called a liar.

What they actually said, or how they said it, is irrelevant.

The only relevant interpretation of the message to you is "The price isn't coming down."

They've just dropped £10K (see above).

Indeed they have, now.

Which all goes to show that everything can be absolutely steadfast, no matter how much logic/explanation/proof/whining the buyer puts forward... right up until the buyer looks like they're walking.

livetoclimb

We had the house were trying to buy downvalued by about 10% recently. We appealed the valuation because the RICS comments were reasonably nonsensical (including “lack of local amenities” - we’re not buying a house in a small village expecting there to be a massive Tesco’s next door!). The appeal was as solid as I felt it could by but made no difference.

Armed with this - and we shared the RICS report and our appeal with the vendor - we were able to renegotiate to our maximum based on LTV. We’re close to exchange so I’m not counting my chickens yet, but it’s been so immensely stressful and I feel terrible for our vendors who have been nothing but courteous.

I understand that the percentage of properties being “down-valued” (or more accurately, overpriced!) has gone up significantly, perhaps signifying valuers perceiving an increasingly unstable market. It’s really difficult for buyers to know whether EAs are valuing properties accurately and we really felt that we had made a fair initial offer. 

Thrugelmir

Liam116 said:

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.

EA doesn't sound very professional. An immature way of negotiating.  The EA should be impartial irrespective of what they think of you or their client. 

Crashy_Time

steampowered said:

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 ?!?!?!?!?

The seller in this case just knocked 10k off, LOL.

Crashy_Time

OP, you are definitely being played it sounds like, you need more than 10k off IMO.

Liam116

Yes I do feel being played. It gets more interesting today.

Received an email saying £15k reduction is the vendors final offer.
We messaged back saying saying if they come back with £30k reduction and they can keep the off road parking bay and don’t need to provide a substantial fitted kitchen.

We’ve just got a very poor email back from the EA saying fitted kitchen/parking bay was never part of the deal - and EA made an error but can be included for extra £20k.

We have walked away for good and looking to complain