Devalued house

lookstraightahead

moneysavinghero said:

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.

The seller could reduce by 5 as well. Nothing to do with things being tight. Lots to do with mortgage offers. The survey confirms its 'worth' £5000 less. Why pay more? If things are so tight financially with the vendors they should think twice about moving,

Hollylyon95

Thanks everyone. The extra 5% to pay towards the mortgage now and with the mortgage company only allowing us to borrow off the new valuation means we’d be putting down nearly a £25000 deposit on a house worth £132500 plus other fees, furniture and carpets etc and it all adds up. I know originally she put it up for sale a year ago, the buyers before us had the option to up their offer too but declined so we got the acceptance instead.

moneysavinghero

lookstraightahead said:

moneysavinghero said:

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.

The seller could reduce by 5 as well. Nothing to do with things being tight. Lots to do with mortgage offers. The survey confirms its 'worth' £5000 less. Why pay more? If things are so tight financially with the vendors they should think twice about moving,

Pretty much every survey comes back at at least 5k less than the offer (usually much more) - this is nothing abnormal. Now if it had been 30k less than yes a price reduction would be in order (not necessarily the full 30k) . But for less than 5k its a bit of a cheek. Lets be clear every property has three valuations - what the bank value it as, what the seller values it as, and what the buyer values it as. These values are rarely exactly the same as the different parties have different motivations.

lookstraightahead

moneysavinghero said:

lookstraightahead said:

moneysavinghero said:

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.

The seller could reduce by 5 as well. Nothing to do with things being tight. Lots to do with mortgage offers. The survey confirms its 'worth' £5000 less. Why pay more? If things are so tight financially with the vendors they should think twice about moving,

Pretty much every survey comes back at at least 5k less than the offer (usually much more) - this is nothing abnormal. Now if it had been 30k less than yes a price reduction would be in order (not necessarily the full 30k) . But for less than 5k its a bit of a cheek. Lets be clear every property has three valuations - what the bank value it as, what the seller values it as, and what the buyer values it as. These values are rarely exactly the same as the different parties have different motivations.

I don't disagree but if your mortgage agreement is based on a different valuation you can't just magic money up. It's much easier for the seller to take this into account rather than losing buyers.

Unicorn_cottage

Don't forget that reports of damp are often a load of rubbish. How old is the house?

Hollylyon95

The house is 110 years old and has major concerns according to the survey about damp being in the timber, roof tiles missing and no fire wall at all in the loft! 

Hollylyon95

Oh and also that the rear of the house is only 100mm above ground level rather than 150mm which is today’s standards.

Crashy_Time

moneysavinghero said:

lookstraightahead said:

moneysavinghero said:

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.

The seller could reduce by 5 as well. Nothing to do with things being tight. Lots to do with mortgage offers. The survey confirms its 'worth' £5000 less. Why pay more? If things are so tight financially with the vendors they should think twice about moving,

Pretty much every survey comes back at at least 5k less than the offer (usually much more) - this is nothing abnormal. Now if it had been 30k less than yes a price reduction would be in order (not necessarily the full 30k) . But for less than 5k its a bit of a cheek. Lets be clear every property has three valuations - what the bank value it as, what the seller values it as, and what the buyer values it as. These values are rarely exactly the same as the different parties have different motivations.

Why not...?

newsgroupmonkey_

moneysavinghero said:

Pretty much every survey comes back at at least 5k less than the offer (usually much more) - this is nothing abnormal. Now if it had been 30k less than yes a price reduction would be in order (not necessarily the full 30k) . But for less than 5k its a bit of a cheek. Lets be clear every property has three valuations - what the bank value it as, what the seller values it as, and what the buyer values it as. These values are rarely exactly the same as the different parties have different motivations.

I'm afraid you're wrong on that. Very rarely are they downvalued at the moment.

And I'm afraid my source is highly unlikely to be wrong (I'm sat next to her).

lookstraightahead

newsgroupmonkey_ said:

moneysavinghero said:

Pretty much every survey comes back at at least 5k less than the offer (usually much more) - this is nothing abnormal. Now if it had been 30k less than yes a price reduction would be in order (not necessarily the full 30k) . But for less than 5k its a bit of a cheek. Lets be clear every property has three valuations - what the bank value it as, what the seller values it as, and what the buyer values it as. These values are rarely exactly the same as the different parties have different motivations.

I'm afraid you're wrong on that. Very rarely are they downvalued at the moment.

And I'm afraid my source is highly unlikely to be wrong (I'm sat next to her).

I'm not seeing that, I thought mortgage valuations were very cautious