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

ScorpiondeRooftrouser

Crashy_Time 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.

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.

Is that opinion grounded in something more solid than it was every time you have spouted exactly the same opinion over seven years, and been wrong?

Crashy_Time

ScorpiondeRooftrouser said:

Crashy_Time 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.

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.

Is that opinion grounded in something more solid than it was every time you have spouted exactly the same opinion over seven years, and been wrong?

Even LLL presenters are changing their tune now, when will you admit that the property bubble is not fit for purpose?

AdrianC

ScorpiondeRooftrouser said:

Crashy_Time said:

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.

Is that opinion grounded in something more solid than it was every time you have spouted exactly the same opinion over seven years, and been wrong?

Crashy is right... when he says that there is no right or wrong. There are simply opinions...

But there are only two opinions that actually matter.
The putative buyer's, and the vendor's.
The buyer thinks the £15k downvaluation should be grounds to reduce the agreed offer.
The vendor disagrees.

If they can come to an agreement, then the sale progresses.
If they can't, then it doesn't.

It's that simple.

(FWIW, given the buyer voluntarily offered above asking, I'm with the vendor)

Mickey666

Agreed.

Though the interesting thing is that as far as market statistics are concerned, if there is no sale as a result of this down valuation then it remains invisible to the market. 

As far as the vendor is concerned, the house is still worth their asking price and they are likely to simply keep it on the market until someone can offer that price AND complete . . . at which point the house IS worth that price and THAT is what the market stats will reflect. 

In effect, there is NO down-valuation at all, only a number of discontented potential buyers who didn't offer enough.

Crashy_Time

AdrianC said:

ScorpiondeRooftrouser said:

Crashy_Time said:

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.

Is that opinion grounded in something more solid than it was every time you have spouted exactly the same opinion over seven years, and been wrong?

Crashy is right... when he says that there is no right or wrong. There are simply opinions...

But there are only two opinions that actually matter.
The putative buyer's, and the vendor's.
The buyer thinks the £15k downvaluation should be grounds to reduce the agreed offer.
The vendor disagrees.

If they can come to an agreement, then the sale progresses.
If they can't, then it doesn't.

It's that simple.

(FWIW, given the buyer voluntarily offered above asking, I'm with the vendor)

Not really, the banks make the market, if they start down valuing what sellers and buyers think is secondary, and cash buyers tend to want a bargain and so bid lower than valuation in a lot of cases as they are totally proceedable.

Crashy_Time

Mickey666 said:

Agreed.

Though the interesting thing is that as far as market statistics are concerned, if there is no sale as a result of this down valuation then it remains invisible to the market. 

As far as the vendor is concerned, the house is still worth their asking price and they are likely to simply keep it on the market until someone can offer that price AND complete . . . at which point the house IS worth that price and THAT is what the market stats will reflect. 

In effect, there is NO down-valuation at all, only a number of discontented potential buyers who didn't offer enough.

That is the definition of "delusional kite flyer", but in reality they will struggle to get their asking price after a devaluation from the bank.

Rachylou1981

The house we had to pull out of due to a 40K down valuation has just had second sale fall through. Back on the market for same price

Personally I think anyone would be mad to pay that 40K+deposit themselves but each to their own.

I think some sellers are not being advised very well or they are ignoring what is going on

AdrianC

Mickey666 said:

Though the interesting thing is that as far as market statistics are concerned, if there is no sale as a result of this down valuation then it remains invisible to the market. 

Of course.

Just as offers rejected for being too low "remain invisible".

ScorpiondeRooftrouser

AdrianC said:

ScorpiondeRooftrouser said:

Crashy_Time said:

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.

Is that opinion grounded in something more solid than it was every time you have spouted exactly the same opinion over seven years, and been wrong?

Crashy is right... when he says that there is no right or wrong. There are simply opinions...

But there are only two opinions that actually matter.
The putative buyer's, and the vendor's.
The buyer thinks the £15k downvaluation should be grounds to reduce the agreed offer.
The vendor disagrees.

If they can come to an agreement, then the sale progresses.
If they can't, then it doesn't.

It's that simple.

(FWIW, given the buyer voluntarily offered above asking, I'm with the vendor)

The point is really that Crashy either ought to admit to the fact that he has been pushing the same line incorrectly for seven years or shut up.  To continue to push it without acknowledging his errors is at best disingenuous.  You can't treat his posts as individual and disconnected, they are all a part of his body of work, so to speak.  He will obviously be right once out a hundred times by pure chance.  As it is his constant repetition of a line that suits his position without regard to the particular situation is dangerous to anyone coming to the board looking for advice.

eidand

can you ppl stop spamming every single thread with this? The discussion is about a specific matter. Every single thread here ends the same way with the same people having exactly the same discussion on 15 pages and no OP ever comes back.

Nobody cares,, leave the threads alone, maybe create one thread where you can argue until you are blue in the face but stay away from everyone else