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FTB in a panic: Lender down-valued property by several thousand. How do I renegotiate price?
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Sky_ said:Crashy_Time said:Catsacor said:morhen said:I had a 15k down valuation from the survey the other month. I took the survey around to the seller, and we went through it while drinking a cup of tea. When we reached the end, I asked how would they feel about changing the sale price to match the survey valuation? "Yes, seems fair to me" was the reply. If you don't ask, you will never know
Sellers aren't usually kind and sweet and this scenario shouldn't be used as any form of yardstick.
I feel for first time buyers as prices were high enough 2 years ago--I live in a relatively affordable northern area and prices have gone crazy even here.0 -
Sky_ said:Crashy_Time said:Catsacor said:morhen said:I had a 15k down valuation from the survey the other month. I took the survey around to the seller, and we went through it while drinking a cup of tea. When we reached the end, I asked how would they feel about changing the sale price to match the survey valuation? "Yes, seems fair to me" was the reply. If you don't ask, you will never know
Sellers aren't usually kind and sweet and this scenario shouldn't be used as any form of yardstick.
I feel for first time buyers as prices were high enough 2 years ago--I live in a relatively affordable northern area and prices have gone crazy even here.
https://www.bbc.co.uk/news/business-59296839
Gather ye rosebuds while ye may0 -
[Deleted User] said:morhen said:I had a 15k down valuation from the survey the other month. I took the survey around to the seller, and we went through it while drinking a cup of tea. When we reached the end, I asked how would they feel about changing the sale price to match the survey valuation? "Yes, seems fair to me" was the reply. If you don't ask, you will never know
Sellers aren't usually kind and sweet and this scenario shouldn't be used as any form of yardstick.
Unsual, yes but not very. If a proper survey has thrown up issues and a valuation bellow the asking, the seller will face the exact same issue with other buyers. Maybe being a FTB with no chain helped. My point was simply, you don't know unless you ask, at worse they say no!
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jimbog said:Sky_ said:Crashy_Time said:Catsacor said:morhen said:I had a 15k down valuation from the survey the other month. I took the survey around to the seller, and we went through it while drinking a cup of tea. When we reached the end, I asked how would they feel about changing the sale price to match the survey valuation? "Yes, seems fair to me" was the reply. If you don't ask, you will never know
Sellers aren't usually kind and sweet and this scenario shouldn't be used as any form of yardstick.
I feel for first time buyers as prices were high enough 2 years ago--I live in a relatively affordable northern area and prices have gone crazy even here.
https://www.bbc.co.uk/news/business-59296839
https://www.bbc.co.uk/news/live/uk-59302812
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Very much true where I am. Rents have increased 5% - 10% in the past 6 months alone. My landlord has increased my rent 16% (it has been held low for a while). Meanwhile, I've had an offer accepted on a house. Can't wait and praying it all goes through ok. As crazy as house prices may be, rents are crazier with much less security.2
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pretamang said:This happened to me when buying. The seller wouldn't budge on price.
We went for a different mortgage, who did their own valuation and this time agreed with the full purchase price.
This is a bit of a gamble - some lenders use the same valuer so it could have come back at the same price, or perhaps even lower. Plus we had to pay £500 for the 2nd survey, which we'd have lost if the valuation wasn't where we wanted it or the seller didn't move after a 2nd low valuation.
Can you find another mortgage to try a 2nd valuation, and can you afford to lose the fee if you can't find one that's free?
I would have told the vendor to do one.
why, out of interest, did you want to pay more for your property than its value? I presume you're thinking of staying for a long time.
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Hedgepigs said:Very much true where I am. Rents have increased 5% - 10% in the past 6 months alone. My landlord has increased my rent 16% (it has been held low for a while). Meanwhile, I've had an offer accepted on a house. Can't wait and praying it all goes through ok. As crazy as house prices may be, rents are crazier with much less security.0
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Thanks for the responses, all - given me plenty of food for thought0
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Are you going ahead with the purchase?0
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lookstraightahead said:pretamang said:This happened to me when buying. The seller wouldn't budge on price.
We went for a different mortgage, who did their own valuation and this time agreed with the full purchase price.
This is a bit of a gamble - some lenders use the same valuer so it could have come back at the same price, or perhaps even lower. Plus we had to pay £500 for the 2nd survey, which we'd have lost if the valuation wasn't where we wanted it or the seller didn't move after a 2nd low valuation.
Can you find another mortgage to try a 2nd valuation, and can you afford to lose the fee if you can't find one that's free?
I would have told the vendor to do one.
why, out of interest, did you want to pay more for your property than its value? I presume you're thinking of staying for a long time.0
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