Devalued house

Hollylyon95

Hi everyone,
First time posting on here but we’ve just had an offer accepted on our first house. We went it for full asking price as it was so cheap anyway. We’ve just had our valuation and survey (esurv) and it’s now come back saying it’s worth £4500 less due to signs of damp and part of the fire wall missing. I’m worried the seller will not accept the lower price now but we cannot afford the extra out of our own funds. Has anyone else had an issue similar? 

Thanks! 

Crashy_Time

Just offer them 5k less, they can take it or leave it (and have the drama of finding a new buyer)

newsgroupmonkey_

Dozens of people on this forum have unfortunately had the same issue.

You have a few options....

1. You could do a full homebuyers survey (pay the extra for the valuation) and then query the original survey and/or go to a different lender.

2. You could ask the vendors to drop the price (and remind them that anyone who isn't a cash buyer is going to have the same issue)

3. You could ask relatives for a gift.

There isn't much else you can do

frogglet

Yes I'd revise your offer, however you say the house is cheap so it may have been priced with these issues in mind.

moneysavinghero

House was cheap - because it needed work done on it.

Sure enough your survey confirms it needs work doing on it (but only 5k so happy days). If things are so tight that you cannot afford to pay what you offered then it's time to pull out and find somewhere else.

Crashy_Time

Cash buyer will probably offer even less, you are not obliged to meet the financial expectations of sellers for their next move or whatever.

Hollylyon95

I’m just hoping the seller accepts the £4500 less as I know before we put in the full offer they had already accepted a lower offer but as the other buyers had t submitted their documents still we were able to put in the higher offer however I do not know what the other couple offered. We’re first time buyers with the 15% deposit no chain etc and the woman selling is currently not living there and I believe it fell through once already at the start of this year for unknown reasons.

frogglet

I'd ask, let us know what happens.

macman

We could speculate forever, but you won't know what they will or will not accept until you make your revised offer. If they decline, then you negotiate and come to a compromise agreement. Very few vendors expect to get the full asking price, so such negotiation is perfectly normal.
It's a business transaction; you don't need to try and be best friends with them.

BJV

1st time buyer with valuation and acceptance. You are like gold dust. No seller in todays climate will want you to walk away. So talk tot them. Good luck.

lookstraightahead

The emphasis is on the wrong person here - they should be worried that you won't buy. Offer what it's been valued at knowing that they might say no and you can walk away, or might have to.

Its happening loads -valuations and expectations are all over the place.