FTB in a panic: Lender down-valued property by several thousand. How do I renegotiate price?

PirateSwan

@Crashy_Time They had two other offers

Carrot007

PirateSwan said:

@Crashy_Time They had two other offers

In the sealed bids thing?

To be fair anytime it has gone to sealed bids you know the seller is going to be a pain. Should have pulled out then. Or put in a bid of £0 to show your thoughts on thast process.

PirateSwan

@Carrot007 That's right, three bids in total including me. TBH I would have pulled out but the house was the only decent place I'd seen at the price point, plus I haven't seen one since. Prices are getting crazy where I live.

Crashy_Time

PirateSwan said:

@Carrot007 That's right, three bids in total including me. TBH I would have pulled out but the house was the only decent place I'd seen at the price point, plus I haven't seen one since. Prices are getting crazy where I live.

Is PropertyLog showing no price drops at all?

Hannimal

propertyhunter said:

I luckily have the fortune of having a really nice estate agent who has told me the prices that have been accepted for the houses I have viewed in the past over the past 6 months (May-October 2021) - even if they are still in the conveyancing process. Of course, it depends on the house and the circumstances of the buyer and seller, but over an average of 10 properties, accepted offers were 1.5% below asking prices - in an area of NW London where 3 bed houses are 775-800. Over those 10 properties, 1 sold at asking price, 1 sold 30 k over and 8 sold under.

I thought this was not legal

Crashy_Time

PirateSwan said:

@Carrot007 That's right, three bids in total including me. TBH I would have pulled out but the house was the only decent place I'd seen at the price point, plus I haven't seen one since. Prices are getting crazy where I live.

Feels to me that you are pressuring yourself to buy at a bad time (massive bubble, rising mortgage rates) and are not really in a financial position to "own" a house (the bank won`t fix things like a landlord) what are you going to do if there is big repair like roof or boiler etc.?

PirateSwan

@Crashy_Time Vendor is having the heating serviced before I move in, plus roof looks new. I am hoping the Level 3 building survey will throw up any defects that would affect the value of the house and I can throw them in as bargaining points to help get the price down.

TXC

Crashy_Time said:

PirateSwan said:

@Carrot007 That's right, three bids in total including me. TBH I would have pulled out but the house was the only decent place I'd seen at the price point, plus I haven't seen one since. Prices are getting crazy where I live.

Feels to me that you are pressuring yourself to buy at a bad time (massive bubble, rising mortgage rates) and are not really in a financial position to "own" a house (the bank won`t fix things like a landlord) what are you going to do if there is big repair like roof or boiler etc.?

Depends why s/he's buying I guess? If its for a change of lifestyle (i.e. im buying because i live with parents currently and its about time I had my own space - to pay a rent i may as well pay a mortgage, stable job etc,) then the right time is whatever you personally say it is - some are lucky enough for this to co-incide with crashes, some not so with bubbles.

Its never really sat right with me on this forum that people take it upon themselves to tell others that they are not financially stable enough to be buying a house based on very limited information, and very rarely is that appraisal what the OP asked for in the first place!

I daresay the truth is very few homeowners would be comfortable enough with their level of savings to easily absorb the cost of a broken roof or a broken boiler without the slightest worry, but they manage, they cope. 

OP - if its the right time for you, you go ahead, hope this all goes your way.

Crashy_Time

TXC said:

Crashy_Time said:

PirateSwan said:

@Carrot007 That's right, three bids in total including me. TBH I would have pulled out but the house was the only decent place I'd seen at the price point, plus I haven't seen one since. Prices are getting crazy where I live.

Feels to me that you are pressuring yourself to buy at a bad time (massive bubble, rising mortgage rates) and are not really in a financial position to "own" a house (the bank won`t fix things like a landlord) what are you going to do if there is big repair like roof or boiler etc.?

Depends why s/he's buying I guess? If its for a change of lifestyle (i.e. im buying because i live with parents currently and its about time I had my own space - to pay a rent i may as well pay a mortgage, stable job etc,) then the right time is whatever you personally say it is - some are lucky enough for this to co-incide with crashes, some not so with bubbles.

Its never really sat right with me on this forum that people take it upon themselves to tell others that they are not financially stable enough to be buying a house based on very limited information, and very rarely is that appraisal what the OP asked for in the first place!

I daresay the truth is very few homeowners would be comfortable enough with their level of savings to easily absorb the cost of a broken roof or a broken boiler without the slightest worry, but they manage, they cope. 

OP - if its the right time for you, you go ahead, hope this all goes your way.

Many people caught in the cladding/leasehold nightmare probably said similar but from the OP`s opening post it just seemed to me that they don`t have enough of a cash cushion for the unexpected and may be overpaying at the wrong time.

[Deleted User]

Crashy_Time said:

TXC said:

Crashy_Time said:

PirateSwan said:

@Carrot007 That's right, three bids in total including me. TBH I would have pulled out but the house was the only decent place I'd seen at the price point, plus I haven't seen one since. Prices are getting crazy where I live.

Feels to me that you are pressuring yourself to buy at a bad time (massive bubble, rising mortgage rates) and are not really in a financial position to "own" a house (the bank won`t fix things like a landlord) what are you going to do if there is big repair like roof or boiler etc.?

Depends why s/he's buying I guess? If its for a change of lifestyle (i.e. im buying because i live with parents currently and its about time I had my own space - to pay a rent i may as well pay a mortgage, stable job etc,) then the right time is whatever you personally say it is - some are lucky enough for this to co-incide with crashes, some not so with bubbles.

Its never really sat right with me on this forum that people take it upon themselves to tell others that they are not financially stable enough to be buying a house based on very limited information, and very rarely is that appraisal what the OP asked for in the first place!

I daresay the truth is very few homeowners would be comfortable enough with their level of savings to easily absorb the cost of a broken roof or a broken boiler without the slightest worry, but they manage, they cope. 

OP - if its the right time for you, you go ahead, hope this all goes your way.

Many people caught in the cladding/leasehold nightmare probably said similar but from the OP`s opening post it just seemed to me that they don`t have enough of a cash cushion for the unexpected and may be overpaying at the wrong time.

The wrong time being - anytime in the last 30 years?