Am I being unreasonable?

lookstraightahead

eidand said:

lookstraightahead said:

Chris_English said:

lookstraightahead said:

Noneforit999 said:

Chronotrigger said:

You are still paying 10k over the valuations and add to the fact the lease length isn't as initially advertised.

Lender valued it at £320k. Technically that is the only valuation which matters as they can pay whatever they want for the house as long as they have the funds in place to buy it, which they do.

If I were the seller and I had a buyer with a full mortgage offer of £320k, why on earth would I drop the price £10k because a home buyer valuer disagreed?

Once the offer has been made and the buyer has a full mortgage offer, unless the survey found something which needed money spending on it, I wouldn't even entertain renegotiating with the buyer at that point. 

Which is why the buyer should walk - vendors choice of course but their loss, depending on the buyers mindset.

It’s not their loss if they then sell for more though. They had one buyer who was willing to pay the higher price, they may well find another.

Ok fair enough. It depends how much they value their time 😬. 6 months later zzzzzz

I think you'll find that a lot of people would rather wait than sell at a discount.
The fact that it might sell in 6 months is irrelevant to the OP as it doesn't concern them anyway. The only question is do they want the house or not. That's it. Everything else is simply noise.

I don't disagree but it might be worth spending a bit of time to furnish yourself with the op's situation. It's not a house it's a leasehold flat where the lease is shorter than they were told. So for that lie, I would have walked ages ago.

in that respect I reckon the vendor will wait months and then also have to sell at a discount. 

It's not just noise really with flats. You can want one but there's lots of questions to ask.

eidand

lookstraightahead said:

eidand said:

lookstraightahead said:

Chris_English said:

lookstraightahead said:

Noneforit999 said:

Chronotrigger said:

You are still paying 10k over the valuations and add to the fact the lease length isn't as initially advertised.

Lender valued it at £320k. Technically that is the only valuation which matters as they can pay whatever they want for the house as long as they have the funds in place to buy it, which they do.

If I were the seller and I had a buyer with a full mortgage offer of £320k, why on earth would I drop the price £10k because a home buyer valuer disagreed?

Once the offer has been made and the buyer has a full mortgage offer, unless the survey found something which needed money spending on it, I wouldn't even entertain renegotiating with the buyer at that point. 

Which is why the buyer should walk - vendors choice of course but their loss, depending on the buyers mindset.

It’s not their loss if they then sell for more though. They had one buyer who was willing to pay the higher price, they may well find another.

Ok fair enough. It depends how much they value their time 😬. 6 months later zzzzzz

I think you'll find that a lot of people would rather wait than sell at a discount.
The fact that it might sell in 6 months is irrelevant to the OP as it doesn't concern them anyway. The only question is do they want the house or not. That's it. Everything else is simply noise.

I don't disagree but it might be worth spending a bit of time to furnish yourself with the op's situation. It's not a house it's a leasehold flat where the lease is shorter than they were told. So for that lie, I would have walked ages ago.

in that respect I reckon the vendor will wait months and then also have to sell at a discount. 

It's not just noise really with flats. You can want one but there's lots of questions to ask.

again, you're looking at the wrong thing. The OP needs to decide what they want to do. What the seller may or may not do is irrelevant.

lookstraightahead

eidand said:

lookstraightahead said:

eidand said:

lookstraightahead said:

Chris_English said:

lookstraightahead said:

Noneforit999 said:

Chronotrigger said:

You are still paying 10k over the valuations and add to the fact the lease length isn't as initially advertised.

Lender valued it at £320k. Technically that is the only valuation which matters as they can pay whatever they want for the house as long as they have the funds in place to buy it, which they do.

If I were the seller and I had a buyer with a full mortgage offer of £320k, why on earth would I drop the price £10k because a home buyer valuer disagreed?

Once the offer has been made and the buyer has a full mortgage offer, unless the survey found something which needed money spending on it, I wouldn't even entertain renegotiating with the buyer at that point. 

Which is why the buyer should walk - vendors choice of course but their loss, depending on the buyers mindset.

It’s not their loss if they then sell for more though. They had one buyer who was willing to pay the higher price, they may well find another.

Ok fair enough. It depends how much they value their time 😬. 6 months later zzzzzz

I think you'll find that a lot of people would rather wait than sell at a discount.
The fact that it might sell in 6 months is irrelevant to the OP as it doesn't concern them anyway. The only question is do they want the house or not. That's it. Everything else is simply noise.

I don't disagree but it might be worth spending a bit of time to furnish yourself with the op's situation. It's not a house it's a leasehold flat where the lease is shorter than they were told. So for that lie, I would have walked ages ago.

in that respect I reckon the vendor will wait months and then also have to sell at a discount. 

It's not just noise really with flats. You can want one but there's lots of questions to ask.

again, you're looking at the wrong thing. The OP needs to decide what they want to do. What the seller may or may not do is irrelevant.

What we want to do sometimes depends on the actions of others. Or whether things can be changed to sway our decision. 

So, again, what the op wants to do may be based on what the seller decides to do. 

It's called context.

Deedoodee

eidand said:

yes you are unreasonable. The only valuation that matters is the bank's as they are the ones providing the cash. If they said the house is worth as collateral then that should be good enough for you. A valuation is not an exact science anyway.

If I was the seller I would send you on your way quite happily to be honest.

Your choice is simple, pay the price you already offered and the bank agreed with or walk away, your choice. If you want the house more than the 10k then buy the house. This really doesn't require 7 pages of pointless discussions.

Walking away sounds like a pretty stupid move to me, but each to their own. Make a decision.

I was under the impression this was only applicable when it came to high LTV’s. 

A friend offered 290k on a house that needed a lot work. Similar sized properties in the area valued sold and listed around 320k. Surveyor said that based on the amount of work required to bring it up to the standard of other houses (there were also structural concerns), and based on his experience, and the listings, he valued it nearer the 240k-250k mark. The bank valuation was 290k. He then guessed that she wasn’t borrowing a huge amount (it was about 60k) and said it was probably just a desktop survey because the location of the house meant they would easily recoup their 60k. 

HotPantsCruiser

Deedoodee said:

eidand said:

yes you are unreasonable. The only valuation that matters is the bank's as they are the ones providing the cash. If they said the house is worth as collateral then that should be good enough for you. A valuation is not an exact science anyway.

If I was the seller I would send you on your way quite happily to be honest.

Your choice is simple, pay the price you already offered and the bank agreed with or walk away, your choice. If you want the house more than the 10k then buy the house. This really doesn't require 7 pages of pointless discussions.

Walking away sounds like a pretty stupid move to me, but each to their own. Make a decision.

I was under the impression this was only applicable when it came to high LTV’s. 

A friend offered 290k on a house that needed a lot work. Similar sized properties in the area valued sold and listed around 320k. Surveyor said that based on the amount of work required to bring it up to the standard of other houses (there were also structural concerns), and based on his experience, and the listings, he valued it nearer the 240k-250k mark. The bank valuation was 290k. He then guessed that she wasn’t borrowing a huge amount (it was about 60k) and said it was probably just a desktop survey because the location of the house meant they would easily recoup their 60k. 

How did the structural issues work out?

Deedoodee

HotPantsCruiser said:

Deedoodee said:

eidand said:

yes you are unreasonable. The only valuation that matters is the bank's as they are the ones providing the cash. If they said the house is worth as collateral then that should be good enough for you. A valuation is not an exact science anyway.

If I was the seller I would send you on your way quite happily to be honest.

Your choice is simple, pay the price you already offered and the bank agreed with or walk away, your choice. If you want the house more than the 10k then buy the house. This really doesn't require 7 pages of pointless discussions.

Walking away sounds like a pretty stupid move to me, but each to their own. Make a decision.

I was under the impression this was only applicable when it came to high LTV’s. 

A friend offered 290k on a house that needed a lot work. Similar sized properties in the area valued sold and listed around 320k. Surveyor said that based on the amount of work required to bring it up to the standard of other houses (there were also structural concerns), and based on his experience, and the listings, he valued it nearer the 240k-250k mark. The bank valuation was 290k. He then guessed that she wasn’t borrowing a huge amount (it was about 60k) and said it was probably just a desktop survey because the location of the house meant they would easily recoup their 60k. 

How did the structural issues work out?

didn’t buy it in the end. It was too much work for her 

HotPantsCruiser

Deedoodee said:

HotPantsCruiser said:

Deedoodee said:

eidand said:

yes you are unreasonable. The only valuation that matters is the bank's as they are the ones providing the cash. If they said the house is worth as collateral then that should be good enough for you. A valuation is not an exact science anyway.

If I was the seller I would send you on your way quite happily to be honest.

Your choice is simple, pay the price you already offered and the bank agreed with or walk away, your choice. If you want the house more than the 10k then buy the house. This really doesn't require 7 pages of pointless discussions.

Walking away sounds like a pretty stupid move to me, but each to their own. Make a decision.

I was under the impression this was only applicable when it came to high LTV’s. 

A friend offered 290k on a house that needed a lot work. Similar sized properties in the area valued sold and listed around 320k. Surveyor said that based on the amount of work required to bring it up to the standard of other houses (there were also structural concerns), and based on his experience, and the listings, he valued it nearer the 240k-250k mark. The bank valuation was 290k. He then guessed that she wasn’t borrowing a huge amount (it was about 60k) and said it was probably just a desktop survey because the location of the house meant they would easily recoup their 60k. 

How did the structural issues work out?

didn’t buy it in the end. It was too much work for her 

Best move probably.