Property ‘undervalued’ by 15k... is it fair to ask to meet in the middle?

ScorpiondeRooftrouser

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

eidand said:

jodiepoke said:

We are in the early stages of purchasing a property but the mortgage company have come back valuing the property we want to buy by 15k less than what we offered. 

We went a few thousand over asking (because it’s mental out there). The estate agent is currently filling out the forms to appeal...we aren’t hopefully because everything has jumped in price over the past few months and there isn’t much to compare it with price wise. 

Do you think it’s fair to ask the seller to meet in the middle and take a little price cut? Would you?

At the same time we don’t feel it’s worth paying over the odds for and don’t want to put ourselves in a risky position over so if they don’t we will have to leave it. 

I know it’s all down to the seller and their situation but the estate agent is taking their time and it’s driving me a little mad. 

This is the very definition of time wasting on the OPs part.

You offered over asking ( over by definition means you should have expected a lower valuation so none of this was a shock really)  to secure the property and you are now worried that the evaluation is a bit lower?

What did you expect? Pay the piper, the seller has no reason to accept lower if "it's mental our there". Why would they?

It isn`t nearly as "mental" as the seller hoped obviously, they will struggle to get 15k more than a bank thinks it is worth from anyone IMO.

Average UK house price when you joined this forum as "Crashy Time" in July 2014  : £189,709

Average house price in UK in February 2021 : £250,341

Remind us again why anyone should ever listen to you?

 That is because transaction numbers collapsed, but how does any of that help a seller with a 15k down valuation?

Transaction numbers have collapsed constantly for seven years as that average has gradually and consistently risen? 

You've been saying the same thing for seven years and been consistently wrong.  Haven't you.  Have the courage to say "Yes, I have", and then, if you like, make your case as to why are you right this time.  If you won't admit to having been wrong constantly, nobody is going to listen to you now.  So before you say anything else about the current situation, admit that you've been wrong for seven years.  If you will do that, I will listen to you.  If you won't, nobody in their right mind will pay any attention to you.

Crashy_Time

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

eidand said:

jodiepoke said:

We are in the early stages of purchasing a property but the mortgage company have come back valuing the property we want to buy by 15k less than what we offered. 

We went a few thousand over asking (because it’s mental out there). The estate agent is currently filling out the forms to appeal...we aren’t hopefully because everything has jumped in price over the past few months and there isn’t much to compare it with price wise. 

Do you think it’s fair to ask the seller to meet in the middle and take a little price cut? Would you?

At the same time we don’t feel it’s worth paying over the odds for and don’t want to put ourselves in a risky position over so if they don’t we will have to leave it. 

I know it’s all down to the seller and their situation but the estate agent is taking their time and it’s driving me a little mad. 

This is the very definition of time wasting on the OPs part.

You offered over asking ( over by definition means you should have expected a lower valuation so none of this was a shock really)  to secure the property and you are now worried that the evaluation is a bit lower?

What did you expect? Pay the piper, the seller has no reason to accept lower if "it's mental our there". Why would they?

It isn`t nearly as "mental" as the seller hoped obviously, they will struggle to get 15k more than a bank thinks it is worth from anyone IMO.

Average UK house price when you joined this forum as "Crashy Time" in July 2014  : £189,709

Average house price in UK in February 2021 : £250,341

Remind us again why anyone should ever listen to you?

 That is because transaction numbers collapsed, but how does any of that help a seller with a 15k down valuation?

Transaction numbers have collapsed constantly for seven years as that average has gradually and consistently risen? 

You've been saying the same thing for seven years and been consistently wrong.  Haven't you.  Have the courage to say "Yes, I have", and then, if you like, make your case as to why are you right this time.  If you won't admit to having been wrong constantly, nobody is going to listen to you now.  So before you say anything else about the current situation, admit that you've been wrong for seven years.  If you will do that, I will listen to you.  If you won't, nobody in their right mind will pay any attention to you.

What relevance do average property prices have to a house that has been down valued by 15K?

Crashy_Time

Don`t meet in the middle OP, you are not obliged to fund the seller`s next purchase or debt repayments, the house has been valued, offer around that value if it is worth it to you.

ScorpiondeRooftrouser

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

eidand said:

jodiepoke said:

We are in the early stages of purchasing a property but the mortgage company have come back valuing the property we want to buy by 15k less than what we offered. 

We went a few thousand over asking (because it’s mental out there). The estate agent is currently filling out the forms to appeal...we aren’t hopefully because everything has jumped in price over the past few months and there isn’t much to compare it with price wise. 

Do you think it’s fair to ask the seller to meet in the middle and take a little price cut? Would you?

At the same time we don’t feel it’s worth paying over the odds for and don’t want to put ourselves in a risky position over so if they don’t we will have to leave it. 

I know it’s all down to the seller and their situation but the estate agent is taking their time and it’s driving me a little mad. 

This is the very definition of time wasting on the OPs part.

You offered over asking ( over by definition means you should have expected a lower valuation so none of this was a shock really)  to secure the property and you are now worried that the evaluation is a bit lower?

What did you expect? Pay the piper, the seller has no reason to accept lower if "it's mental our there". Why would they?

It isn`t nearly as "mental" as the seller hoped obviously, they will struggle to get 15k more than a bank thinks it is worth from anyone IMO.

Average UK house price when you joined this forum as "Crashy Time" in July 2014  : £189,709

Average house price in UK in February 2021 : £250,341

Remind us again why anyone should ever listen to you?

 That is because transaction numbers collapsed, but how does any of that help a seller with a 15k down valuation?

Transaction numbers have collapsed constantly for seven years as that average has gradually and consistently risen? 

You've been saying the same thing for seven years and been consistently wrong.  Haven't you.  Have the courage to say "Yes, I have", and then, if you like, make your case as to why are you right this time.  If you won't admit to having been wrong constantly, nobody is going to listen to you now.  So before you say anything else about the current situation, admit that you've been wrong for seven years.  If you will do that, I will listen to you.  If you won't, nobody in their right mind will pay any attention to you.

What relevance do average property prices have to a house that has been down valued by 15K?

What relevance does anything you have to say have to anything seeing as you have been consistently wrong for seven years and refuse to admit it?

The person you are talking to might not be aware of how wrong you have been.  They need to be told, so they can discount your advice and listen to other people, who might be right.

Mickey666

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

eidand said:

jodiepoke said:

We are in the early stages of purchasing a property but the mortgage company have come back valuing the property we want to buy by 15k less than what we offered. 

We went a few thousand over asking (because it’s mental out there). The estate agent is currently filling out the forms to appeal...we aren’t hopefully because everything has jumped in price over the past few months and there isn’t much to compare it with price wise. 

Do you think it’s fair to ask the seller to meet in the middle and take a little price cut? Would you?

At the same time we don’t feel it’s worth paying over the odds for and don’t want to put ourselves in a risky position over so if they don’t we will have to leave it. 

I know it’s all down to the seller and their situation but the estate agent is taking their time and it’s driving me a little mad. 

This is the very definition of time wasting on the OPs part.

You offered over asking ( over by definition means you should have expected a lower valuation so none of this was a shock really)  to secure the property and you are now worried that the evaluation is a bit lower?

What did you expect? Pay the piper, the seller has no reason to accept lower if "it's mental our there". Why would they?

It isn`t nearly as "mental" as the seller hoped obviously, they will struggle to get 15k more than a bank thinks it is worth from anyone IMO.

Average UK house price when you joined this forum as "Crashy Time" in July 2014  : £189,709

Average house price in UK in February 2021 : £250,341

Remind us again why anyone should ever listen to you?

 That is because transaction numbers collapsed, but how does any of that help a seller with a 15k down valuation?

Transaction numbers have collapsed constantly for seven years as that average has gradually and consistently risen? 

You've been saying the same thing for seven years and been consistently wrong.  Haven't you.  Have the courage to say "Yes, I have", and then, if you like, make your case as to why are you right this time.  If you won't admit to having been wrong constantly, nobody is going to listen to you now.  So before you say anything else about the current situation, admit that you've been wrong for seven years.  If you will do that, I will listen to you.  If you won't, nobody in their right mind will pay any attention to you.

What relevance do average property prices have to a house that has been down valued by 15K?

What relevance does anything you have to say have to anything seeing as you have been consistently wrong for seven years and refuse to admit it?

The person you are talking to might not be aware of how wrong you have been.  They need to be told, so they can discount your advice and listen to other people, who might be right.

That's a fair point @Crashy_Time.  Without some explanation of your personal circumstances and experience you lose all credibility.

For seven years now you've been advising people of an imminent house price crash and why they should not be sucked into buying until the crash because otherwise they will be over-paying.

To your credit, you have taken your own advice and remained in rental accommodation while waiting for your predicted price crash, so you can best 'time the market'.

So how about a progress update, seven years on?
Which way have house prices moved in the past seven year and by how much?
How much have you paid out in rent in the last seven years?
Why do you believe your strategy has been correct, when you could today be seven years nearer to living rent/mortgage free?

Give us those answers, and others, to justify your position so that people can better judge your advice for themselves.

Thrugelmir

OP hasn't been back since the 22nd April. 

Crashy_Time

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

eidand said:

jodiepoke said:

We are in the early stages of purchasing a property but the mortgage company have come back valuing the property we want to buy by 15k less than what we offered. 

We went a few thousand over asking (because it’s mental out there). The estate agent is currently filling out the forms to appeal...we aren’t hopefully because everything has jumped in price over the past few months and there isn’t much to compare it with price wise. 

Do you think it’s fair to ask the seller to meet in the middle and take a little price cut? Would you?

At the same time we don’t feel it’s worth paying over the odds for and don’t want to put ourselves in a risky position over so if they don’t we will have to leave it. 

I know it’s all down to the seller and their situation but the estate agent is taking their time and it’s driving me a little mad. 

This is the very definition of time wasting on the OPs part.

You offered over asking ( over by definition means you should have expected a lower valuation so none of this was a shock really)  to secure the property and you are now worried that the evaluation is a bit lower?

What did you expect? Pay the piper, the seller has no reason to accept lower if "it's mental our there". Why would they?

It isn`t nearly as "mental" as the seller hoped obviously, they will struggle to get 15k more than a bank thinks it is worth from anyone IMO.

Average UK house price when you joined this forum as "Crashy Time" in July 2014  : £189,709

Average house price in UK in February 2021 : £250,341

Remind us again why anyone should ever listen to you?

 That is because transaction numbers collapsed, but how does any of that help a seller with a 15k down valuation?

Transaction numbers have collapsed constantly for seven years as that average has gradually and consistently risen? 

You've been saying the same thing for seven years and been consistently wrong.  Haven't you.  Have the courage to say "Yes, I have", and then, if you like, make your case as to why are you right this time.  If you won't admit to having been wrong constantly, nobody is going to listen to you now.  So before you say anything else about the current situation, admit that you've been wrong for seven years.  If you will do that, I will listen to you.  If you won't, nobody in their right mind will pay any attention to you.

What relevance do average property prices have to a house that has been down valued by 15K?

What relevance does anything you have to say have to anything seeing as you have been consistently wrong for seven years and refuse to admit it?

The person you are talking to might not be aware of how wrong you have been.  They need to be told, so they can discount your advice and listen to other people, who might be right.

There is no right or wrong here, a property has been down valued by 15k, that is a fact, my opinion is that the OP shouldn`t "meet in the middle", if you have another opinion that is fine.

Crashy_Time

Mickey666 said:

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

eidand said:

jodiepoke said:

We are in the early stages of purchasing a property but the mortgage company have come back valuing the property we want to buy by 15k less than what we offered. 

We went a few thousand over asking (because it’s mental out there). The estate agent is currently filling out the forms to appeal...we aren’t hopefully because everything has jumped in price over the past few months and there isn’t much to compare it with price wise. 

Do you think it’s fair to ask the seller to meet in the middle and take a little price cut? Would you?

At the same time we don’t feel it’s worth paying over the odds for and don’t want to put ourselves in a risky position over so if they don’t we will have to leave it. 

I know it’s all down to the seller and their situation but the estate agent is taking their time and it’s driving me a little mad. 

This is the very definition of time wasting on the OPs part.

You offered over asking ( over by definition means you should have expected a lower valuation so none of this was a shock really)  to secure the property and you are now worried that the evaluation is a bit lower?

What did you expect? Pay the piper, the seller has no reason to accept lower if "it's mental our there". Why would they?

It isn`t nearly as "mental" as the seller hoped obviously, they will struggle to get 15k more than a bank thinks it is worth from anyone IMO.

Average UK house price when you joined this forum as "Crashy Time" in July 2014  : £189,709

Average house price in UK in February 2021 : £250,341

Remind us again why anyone should ever listen to you?

 That is because transaction numbers collapsed, but how does any of that help a seller with a 15k down valuation?

Transaction numbers have collapsed constantly for seven years as that average has gradually and consistently risen? 

You've been saying the same thing for seven years and been consistently wrong.  Haven't you.  Have the courage to say "Yes, I have", and then, if you like, make your case as to why are you right this time.  If you won't admit to having been wrong constantly, nobody is going to listen to you now.  So before you say anything else about the current situation, admit that you've been wrong for seven years.  If you will do that, I will listen to you.  If you won't, nobody in their right mind will pay any attention to you.

What relevance do average property prices have to a house that has been down valued by 15K?

What relevance does anything you have to say have to anything seeing as you have been consistently wrong for seven years and refuse to admit it?

The person you are talking to might not be aware of how wrong you have been.  They need to be told, so they can discount your advice and listen to other people, who might be right.

That's a fair point @Crashy_Time.  Without some explanation of your personal circumstances and experience you lose all credibility.

For seven years now you've been advising people of an imminent house price crash and why they should not be sucked into buying until the crash because otherwise they will be over-paying.

To your credit, you have taken your own advice and remained in rental accommodation while waiting for your predicted price crash, so you can best 'time the market'.

So how about a progress update, seven years on?
Which way have house prices moved in the past seven year and by how much?
How much have you paid out in rent in the last seven years?
Why do you believe your strategy has been correct, when you could today be seven years nearer to living rent/mortgage free?

Give us those answers, and others, to justify your position so that people can better judge your advice for themselves.

No, I am saying that they can overpay if they like but need to be aware of the potential for negative equity, rising mortgage rates and possibly not getting back what they paid when they sell, in other words DYOR and don`t blindly follow people on the internet.

Crashy_Time

Mickey666 said:

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

eidand said:

jodiepoke said:

We are in the early stages of purchasing a property but the mortgage company have come back valuing the property we want to buy by 15k less than what we offered. 

We went a few thousand over asking (because it’s mental out there). The estate agent is currently filling out the forms to appeal...we aren’t hopefully because everything has jumped in price over the past few months and there isn’t much to compare it with price wise. 

Do you think it’s fair to ask the seller to meet in the middle and take a little price cut? Would you?

At the same time we don’t feel it’s worth paying over the odds for and don’t want to put ourselves in a risky position over so if they don’t we will have to leave it. 

I know it’s all down to the seller and their situation but the estate agent is taking their time and it’s driving me a little mad. 

This is the very definition of time wasting on the OPs part.

You offered over asking ( over by definition means you should have expected a lower valuation so none of this was a shock really)  to secure the property and you are now worried that the evaluation is a bit lower?

What did you expect? Pay the piper, the seller has no reason to accept lower if "it's mental our there". Why would they?

It isn`t nearly as "mental" as the seller hoped obviously, they will struggle to get 15k more than a bank thinks it is worth from anyone IMO.

Average UK house price when you joined this forum as "Crashy Time" in July 2014  : £189,709

Average house price in UK in February 2021 : £250,341

Remind us again why anyone should ever listen to you?

 That is because transaction numbers collapsed, but how does any of that help a seller with a 15k down valuation?

Transaction numbers have collapsed constantly for seven years as that average has gradually and consistently risen? 

You've been saying the same thing for seven years and been consistently wrong.  Haven't you.  Have the courage to say "Yes, I have", and then, if you like, make your case as to why are you right this time.  If you won't admit to having been wrong constantly, nobody is going to listen to you now.  So before you say anything else about the current situation, admit that you've been wrong for seven years.  If you will do that, I will listen to you.  If you won't, nobody in their right mind will pay any attention to you.

What relevance do average property prices have to a house that has been down valued by 15K?

What relevance does anything you have to say have to anything seeing as you have been consistently wrong for seven years and refuse to admit it?

The person you are talking to might not be aware of how wrong you have been.  They need to be told, so they can discount your advice and listen to other people, who might be right.

That's a fair point @Crashy_Time.  Without some explanation of your personal circumstances and experience you lose all credibility.

For seven years now you've been advising people of an imminent house price crash and why they should not be sucked into buying until the crash because otherwise they will be over-paying.

To your credit, you have taken your own advice and remained in rental accommodation while waiting for your predicted price crash, so you can best 'time the market'.

So how about a progress update, seven years on?
Which way have house prices moved in the past seven year and by how much?
How much have you paid out in rent in the last seven years?
Why do you believe your strategy has been correct, when you could today be seven years nearer to living rent/mortgage free?

Give us those answers, and others, to justify your position so that people can better judge your advice for themselves.

https://www.thetimes.co.uk/article/relocators-beware-dont-rush-into-too-radical-a-change-7d9h0dnd5

ScorpiondeRooftrouser

Crashy_Time said:

Mickey666 said:

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

ScorpiondeRooftrouser said:

Crashy_Time said:

eidand said:

jodiepoke said:

We are in the early stages of purchasing a property but the mortgage company have come back valuing the property we want to buy by 15k less than what we offered. 

We went a few thousand over asking (because it’s mental out there). The estate agent is currently filling out the forms to appeal...we aren’t hopefully because everything has jumped in price over the past few months and there isn’t much to compare it with price wise. 

Do you think it’s fair to ask the seller to meet in the middle and take a little price cut? Would you?

At the same time we don’t feel it’s worth paying over the odds for and don’t want to put ourselves in a risky position over so if they don’t we will have to leave it. 

I know it’s all down to the seller and their situation but the estate agent is taking their time and it’s driving me a little mad. 

This is the very definition of time wasting on the OPs part.

You offered over asking ( over by definition means you should have expected a lower valuation so none of this was a shock really)  to secure the property and you are now worried that the evaluation is a bit lower?

What did you expect? Pay the piper, the seller has no reason to accept lower if "it's mental our there". Why would they?

It isn`t nearly as "mental" as the seller hoped obviously, they will struggle to get 15k more than a bank thinks it is worth from anyone IMO.

Average UK house price when you joined this forum as "Crashy Time" in July 2014  : £189,709

Average house price in UK in February 2021 : £250,341

Remind us again why anyone should ever listen to you?

 That is because transaction numbers collapsed, but how does any of that help a seller with a 15k down valuation?

Transaction numbers have collapsed constantly for seven years as that average has gradually and consistently risen? 

You've been saying the same thing for seven years and been consistently wrong.  Haven't you.  Have the courage to say "Yes, I have", and then, if you like, make your case as to why are you right this time.  If you won't admit to having been wrong constantly, nobody is going to listen to you now.  So before you say anything else about the current situation, admit that you've been wrong for seven years.  If you will do that, I will listen to you.  If you won't, nobody in their right mind will pay any attention to you.

What relevance do average property prices have to a house that has been down valued by 15K?

What relevance does anything you have to say have to anything seeing as you have been consistently wrong for seven years and refuse to admit it?

The person you are talking to might not be aware of how wrong you have been.  They need to be told, so they can discount your advice and listen to other people, who might be right.

That's a fair point @Crashy_Time.  Without some explanation of your personal circumstances and experience you lose all credibility.

For seven years now you've been advising people of an imminent house price crash and why they should not be sucked into buying until the crash because otherwise they will be over-paying.

To your credit, you have taken your own advice and remained in rental accommodation while waiting for your predicted price crash, so you can best 'time the market'.

So how about a progress update, seven years on?
Which way have house prices moved in the past seven year and by how much?
How much have you paid out in rent in the last seven years?
Why do you believe your strategy has been correct, when you could today be seven years nearer to living rent/mortgage free?

Give us those answers, and others, to justify your position so that people can better judge your advice for themselves.

No, I am saying that they can overpay if they like but need to be aware of the potential for negative equity, rising mortgage rates and possibly not getting back what they paid when they sell, in other words DYOR and don`t blindly follow people on the internet.

Especially people who have been consistently wrong for seven years?  You are right though, people who know absolutely nothing and are constantly wrong really shouldn't keep telling people their opinions over the internet.