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

PirateSwan

TheJP said:

TXC said:

Let us know how you get on OP - hopefully they can meet you in the middle. in the grand scheme of things 3.5k isnt a lot if you really love the house and can lay your hands on it

Edit: just to play devils advocate would you not pause the survey until you know if the vendor is even up for renegotiation? if its a flat no and you cant bridge the gap surely youd like to know before you plow another 500 quid into the purchase? (alongside the solicitors costs you've assumingly incurred up to this point? the way the market is at the moment and to your earlier point re your wage you'll need every spare pound you can get, cant afford to be throwing money down fallen sales if you can help it)

 I fully agree you need to loop the EA in tomorrow morning first thing and get the vendors feedback, dont prolong the agony - if only so you can get on with your life, grieve for the place and dust yourself off asap if the vendor decides not to budge 

Send the email now so it's in their box first thing and follow up with a phone call tomorrow morn. As others have said you've done nothing wrong. Get verbal confirmation of the vendors response to your offer in line with valuation and take it from there.

I would agree with you however the valuation alone may not tip the vendors over in reducing the price, if there are a few things in the survey that the OP is ok with living with and can manage to fix over time then it may give him more bargaining to get to the valuation price at least. 

Do whats best for you OP, i agree its not great for the vendor as the clock ticks on but the survey could be the deciding difference in their decision.

Hello, thanks for your input, both. I have already paid for the survey, so figured it might as well go ahead, although I get your point. I think meeting the vendor halfway would be a good outcome, considering the way prices are exploding around here at the moment.

I agree prolonging the agony is excruciating. I need to make a decision, and I have. I think I'll go with TheJP's advice and will wait until the survey has been done, then follow TXC's advice with an email and a follow up phone call.

It never really registered when I used to hear people say house stressful housebuying is. I fully sympathise now!  

lookstraightahead

Op I also think you should place yourself as being equally as important in this transaction. You are buying their property, they're not doing you a favour. So yes think about what you want the outcome to be but don't go out of your way to accommodate them beyond that. You are their customer.

PirateSwan

@lookstraightahead - that's a really good point. I find the whole process so daunting, but I need to toughen up if I'm to get anything out of this situation.

TXC

Hope it all works out for you OP - remember what's for you won't pass you by

TheJP

PirateSwan said:

TheJP said:

TXC said:

Let us know how you get on OP - hopefully they can meet you in the middle. in the grand scheme of things 3.5k isnt a lot if you really love the house and can lay your hands on it

Edit: just to play devils advocate would you not pause the survey until you know if the vendor is even up for renegotiation? if its a flat no and you cant bridge the gap surely youd like to know before you plow another 500 quid into the purchase? (alongside the solicitors costs you've assumingly incurred up to this point? the way the market is at the moment and to your earlier point re your wage you'll need every spare pound you can get, cant afford to be throwing money down fallen sales if you can help it)

 I fully agree you need to loop the EA in tomorrow morning first thing and get the vendors feedback, dont prolong the agony - if only so you can get on with your life, grieve for the place and dust yourself off asap if the vendor decides not to budge 

Send the email now so it's in their box first thing and follow up with a phone call tomorrow morn. As others have said you've done nothing wrong. Get verbal confirmation of the vendors response to your offer in line with valuation and take it from there.

I would agree with you however the valuation alone may not tip the vendors over in reducing the price, if there are a few things in the survey that the OP is ok with living with and can manage to fix over time then it may give him more bargaining to get to the valuation price at least. 

Do whats best for you OP, i agree its not great for the vendor as the clock ticks on but the survey could be the deciding difference in their decision.

Hello, thanks for your input, both. I have already paid for the survey, so figured it might as well go ahead, although I get your point. I think meeting the vendor halfway would be a good outcome, considering the way prices are exploding around here at the moment.

I agree prolonging the agony is excruciating. I need to make a decision, and I have. I think I'll go with TheJP's advice and will wait until the survey has been done, then follow TXC's advice with an email and a follow up phone call.

It never really registered when I used to hear people say house stressful housebuying is. I fully sympathise now!  

Nothing worse than having to negotiate twice. Im all for saying remove emotion from the transaction, and you need to do the same when it comes to the vendors as hard as that is. You seem pretty level headed and i wish you the very best wit this sale, i hope its what you want at the price you can afford. Good luck mate.

theoretica

Depending on the survey you have paid for, it is likely that it too will come with a valuation.  If that is close to the mortgage company's valuation that is probably the simplest case - but prepare yourself for if this second professional opinion is different - either that their valuation is what you offered or somewhere between the two.

comeandgo

lookstraightahead said:

Op I also think you should place yourself as being equally as important in this transaction. You are buying their property, they're not doing you a favour. So yes think about what you want the outcome to be but don't go out of your way to accommodate them beyond that. You are their customer.

Problem with your thought is there are many people wanting to buy this property so if OP is too silly in their proceedings there are others waiting to take their place. This is the only property the O P has put an offer on.  I’d say the boot is fully on the owners foot.

lookstraightahead

comeandgo said:

lookstraightahead said:

Op I also think you should place yourself as being equally as important in this transaction. You are buying their property, they're not doing you a favour. So yes think about what you want the outcome to be but don't go out of your way to accommodate them beyond that. You are their customer.

Problem with your thought is there are many people wanting to buy this property so if OP is too silly in their proceedings there are others waiting to take their place. This is the only property the O P has put an offer on.  I’d say the boot is fully on the owners foot.

Depends how much you trust the EA and what they have said. Also there is going to be the same problem with anyone buying this property. Also time is pressing on. Of course there is a risk, which is why i said tread carefully, but you cannot just throw money away because someone else might like the house. 

Op isn't being silly. I think the op just doesn't want to over pay in a slowing market. 

It will be interesting to see what the survey comes up with that might (or might not) help.

Crashy_Time

How many other offers do they have?

badger09

TheJP said:

TXC said:

Let us know how you get on OP - hopefully they can meet you in the middle. in the grand scheme of things 3.5k isnt a lot if you really love the house and can lay your hands on it

Edit: just to play devils advocate would you not pause the survey until you know if the vendor is even up for renegotiation? if its a flat no and you cant bridge the gap surely youd like to know before you plow another 500 quid into the purchase? (alongside the solicitors costs you've assumingly incurred up to this point? the way the market is at the moment and to your earlier point re your wage you'll need every spare pound you can get, cant afford to be throwing money down fallen sales if you can help it)

 I fully agree you need to loop the EA in tomorrow morning first thing and get the vendors feedback, dont prolong the agony - if only so you can get on with your life, grieve for the place and dust yourself off asap if the vendor decides not to budge 

Send the email now so it's in their box first thing and follow up with a phone call tomorrow morn. As others have said you've done nothing wrong. Get verbal confirmation of the vendors response to your offer in line with valuation and take it from there.

I would agree with you however the valuation alone may not tip the vendors over in reducing the price, if there are a few things in the survey that the OP is ok with living with and can manage to fix over time then it may give him more bargaining to get to the valuation price at least. 

Do whats best for you OP, i agree its not great for the vendor as the clock ticks on but the survey could be the deciding difference in their decision.

I agree. A single lower valuation from one lender might be dismissed by the vendor. However, if OP's survey indicates major/expensive issues, then vendor should realise that other potential buyers will find the same issues.

Good luck OP. Stick to the facts, but leave your emotions out of any communications