Down Valuation in Survey Report

FTB_Dan

custardly said:

If it was me then I would try to negotiate the offer down using the valuation survey. Why not? £20k is a lot of money so you might as well try.

You never know, they may meet you in the middle. Or they might not budge at all. But, you won't know until you try.

A great way to !!!!!! your buyer. OP knew the value of the house, there's no major repair works so why the u-turn now? 

lookstraightahead

FTB_Dan said:

custardly said:

If it was me then I would try to negotiate the offer down using the valuation survey. Why not? £20k is a lot of money so you might as well try.

You never know, they may meet you in the middle. Or they might not budge at all. But, you won't know until you try.

A great way to !!!!!! your buyer. OP knew the value of the house, there's no major repair works so why the u-turn now? 

I think you mean seller. 

But either way sellers annoy buyers all the time as well. If the op is not happy to buy at that price then it's worth asking. But it's a risk. 

I'm sure the seller also had it in the back of their mind that the valuation may come back k different so might be expecting some negotiation. 

There is extra info on the table now.

custardly

lookstraightahead said:

FTB_Dan said:

custardly said:

If it was me then I would try to negotiate the offer down using the valuation survey. Why not? £20k is a lot of money so you might as well try.

You never know, they may meet you in the middle. Or they might not budge at all. But, you won't know until you try.

A great way to !!!!!! your buyer. OP knew the value of the house, there's no major repair works so why the u-turn now? 

I think you mean seller. 

But either way sellers annoy buyers all the time as well. If the op is not happy to buy at that price then it's worth asking. But it's a risk. 

I'm sure the seller also had it in the back of their mind that the valuation may come back k different so might be expecting some negotiation. 

There is extra info on the table now.

It is not a U-turn FTB_Dan, try to take the emotion out of it (it is a business transaction, that is all).

It is worth testing the bottom out with this extra information. You want to know that you got the house for the best possible price. Why pay an extra £10k / £20k if you don't have to?

 If I was in that situation I would test the bottom out. However, I would still purchase if seller rejected my low ball offer as I obviously thought it was worth what I offered at the time (as I assume you did your due diligence). 

Edit to add: I don't think it is a risk, seller is unlikely to tell you to get lost and risk the transaction. They may stand their ground and be firm on price, which is fine. Or they may reduce the price by £xxx, every little helps.

Deedoodee

custardly said:

lookstraightahead said:

FTB_Dan said:

custardly said:

If it was me then I would try to negotiate the offer down using the valuation survey. Why not? £20k is a lot of money so you might as well try.

You never know, they may meet you in the middle. Or they might not budge at all. But, you won't know until you try.

A great way to !!!!!! your buyer. OP knew the value of the house, there's no major repair works so why the u-turn now? 

I think you mean seller. 

But either way sellers annoy buyers all the time as well. If the op is not happy to buy at that price then it's worth asking. But it's a risk. 

I'm sure the seller also had it in the back of their mind that the valuation may come back k different so might be expecting some negotiation. 

There is extra info on the table now.

It is not a U-turn FTB_Dan, try to take the emotion out of it (it is a business transaction, that is all).

It is worth testing the bottom out with this extra information. You want to know that you got the house for the best possible price. Why pay an extra £10k / £20k if you don't have to?

 If I was in that situation I would test the bottom out. However, I would still purchase if seller rejected my low ball offer as I obviously thought it was worth what I offered at the time (as I assume you did your due diligence). 

Edit to add: I don't think it is a risk, seller is unlikely to tell you to get lost and risk the transaction. They may stand their ground and be firm on price, which is fine. Or they may reduce the price by £xxx, every little helps.

I’d agree with this. It’s not a U-turn. It’s reconsidering with new information. As well has having the extra information in a survey/ valuation, the situation feel different now compared to 6 weeks ago.  The cost of living has hit me harder than I had expected and there’s little sign of that trend changing.

merrygoroundhk

Deedoodee said:

custardly said:

lookstraightahead said:

FTB_Dan said:

custardly said:

If it was me then I would try to negotiate the offer down using the valuation survey. Why not? £20k is a lot of money so you might as well try.

You never know, they may meet you in the middle. Or they might not budge at all. But, you won't know until you try.

A great way to !!!!!! your buyer. OP knew the value of the house, there's no major repair works so why the u-turn now? 

I think you mean seller. 

But either way sellers annoy buyers all the time as well. If the op is not happy to buy at that price then it's worth asking. But it's a risk. 

I'm sure the seller also had it in the back of their mind that the valuation may come back k different so might be expecting some negotiation. 

There is extra info on the table now.

It is not a U-turn FTB_Dan, try to take the emotion out of it (it is a business transaction, that is all).

It is worth testing the bottom out with this extra information. You want to know that you got the house for the best possible price. Why pay an extra £10k / £20k if you don't have to?

 If I was in that situation I would test the bottom out. However, I would still purchase if seller rejected my low ball offer as I obviously thought it was worth what I offered at the time (as I assume you did your due diligence). 

Edit to add: I don't think it is a risk, seller is unlikely to tell you to get lost and risk the transaction. They may stand their ground and be firm on price, which is fine. Or they may reduce the price by £xxx, every little helps.

I’d agree with this. It’s not a U-turn. It’s reconsidering with new information. As well has having the extra information in a survey/ valuation, the situation feel different now compared to 6 weeks ago.  The cost of living has hit me harder than I had expected and there’s little sign of that trend changing.

Hi, Deedoodee,

You have spoken my mind.

TheJP

merrygoroundhk said:

Deedoodee said:

custardly said:

lookstraightahead said:

FTB_Dan said:

custardly said:

If it was me then I would try to negotiate the offer down using the valuation survey. Why not? £20k is a lot of money so you might as well try.

You never know, they may meet you in the middle. Or they might not budge at all. But, you won't know until you try.

A great way to !!!!!! your buyer. OP knew the value of the house, there's no major repair works so why the u-turn now? 

I think you mean seller. 

But either way sellers annoy buyers all the time as well. If the op is not happy to buy at that price then it's worth asking. But it's a risk. 

I'm sure the seller also had it in the back of their mind that the valuation may come back k different so might be expecting some negotiation. 

There is extra info on the table now.

It is not a U-turn FTB_Dan, try to take the emotion out of it (it is a business transaction, that is all).

It is worth testing the bottom out with this extra information. You want to know that you got the house for the best possible price. Why pay an extra £10k / £20k if you don't have to?

 If I was in that situation I would test the bottom out. However, I would still purchase if seller rejected my low ball offer as I obviously thought it was worth what I offered at the time (as I assume you did your due diligence). 

Edit to add: I don't think it is a risk, seller is unlikely to tell you to get lost and risk the transaction. They may stand their ground and be firm on price, which is fine. Or they may reduce the price by £xxx, every little helps.

I’d agree with this. It’s not a U-turn. It’s reconsidering with new information. As well has having the extra information in a survey/ valuation, the situation feel different now compared to 6 weeks ago.  The cost of living has hit me harder than I had expected and there’s little sign of that trend changing.

Hi, Deedoodee,

You have spoken my mind.

So OP what's your plan here? Will you go back with an asking price offer? What will you do if the seller declines to accept your lower price?

merrygoroundhk

TheJP said:

merrygoroundhk said:

Deedoodee said:

custardly said:

lookstraightahead said:

FTB_Dan said:

custardly said:

If it was me then I would try to negotiate the offer down using the valuation survey. Why not? £20k is a lot of money so you might as well try.

You never know, they may meet you in the middle. Or they might not budge at all. But, you won't know until you try.

A great way to !!!!!! your buyer. OP knew the value of the house, there's no major repair works so why the u-turn now? 

I think you mean seller. 

But either way sellers annoy buyers all the time as well. If the op is not happy to buy at that price then it's worth asking. But it's a risk. 

I'm sure the seller also had it in the back of their mind that the valuation may come back k different so might be expecting some negotiation. 

There is extra info on the table now.

It is not a U-turn FTB_Dan, try to take the emotion out of it (it is a business transaction, that is all).

It is worth testing the bottom out with this extra information. You want to know that you got the house for the best possible price. Why pay an extra £10k / £20k if you don't have to?

 If I was in that situation I would test the bottom out. However, I would still purchase if seller rejected my low ball offer as I obviously thought it was worth what I offered at the time (as I assume you did your due diligence). 

Edit to add: I don't think it is a risk, seller is unlikely to tell you to get lost and risk the transaction. They may stand their ground and be firm on price, which is fine. Or they may reduce the price by £xxx, every little helps.

I’d agree with this. It’s not a U-turn. It’s reconsidering with new information. As well has having the extra information in a survey/ valuation, the situation feel different now compared to 6 weeks ago.  The cost of living has hit me harder than I had expected and there’s little sign of that trend changing.

Hi, Deedoodee,

You have spoken my mind.

So OP what's your plan here? Will you go back with an asking price offer? What will you do if the seller declines to accept your lower price?

Maybe I will make an offer a bit higher than the asking price, but I haven't decided how much I should indicate, which is the hardest part.  I still want to proceed and do not want to ruin too much of the relations with the seller, so I could only accept if the seller refuses the new proposal.

Welcome to share your thoughts if you have any.

Thrugelmir

If the "market" is prepared to match what you've offered. Then you've little choice but to proceed or pull out. As no reason for the vendor to concede any ground. If the local market is starting to slip then the vendor might well be in a mood to compromise. The person you need to be discussing this is with the EA. 

custardly

Thrugelmir said:

If the "market" is prepared to match what you've offered. Then you've little choice but to proceed or pull out. As no reason for the vendor to concede any ground. If the local market is starting to slip then the vendor might well be in a mood to compromise. The person you need to be discussing this is with the EA. 

This is bang on. Give it a go mate and let us know how you got on.

FTB_Dan

custardly said:

lookstraightahead said:

FTB_Dan said:

custardly said:

If it was me then I would try to negotiate the offer down using the valuation survey. Why not? £20k is a lot of money so you might as well try.

You never know, they may meet you in the middle. Or they might not budge at all. But, you won't know until you try.

A great way to !!!!!! your buyer. OP knew the value of the house, there's no major repair works so why the u-turn now? 

I think you mean seller. 

But either way sellers annoy buyers all the time as well. If the op is not happy to buy at that price then it's worth asking. But it's a risk. 

I'm sure the seller also had it in the back of their mind that the valuation may come back k different so might be expecting some negotiation. 

There is extra info on the table now.

It is not a U-turn FTB_Dan, try to take the emotion out of it (it is a business transaction, that is all).

It is worth testing the bottom out with this extra information. You want to know that you got the house for the best possible price. Why pay an extra £10k / £20k if you don't have to?

 If I was in that situation I would test the bottom out. However, I would still purchase if seller rejected my low ball offer as I obviously thought it was worth what I offered at the time (as I assume you did your due diligence). 

Edit to add: I don't think it is a risk, seller is unlikely to tell you to get lost and risk the transaction. They may stand their ground and be firm on price, which is fine. Or they may reduce the price by £xxx, every little helps.

I see your point. It may not be a u-turn but there is no extra/new information available to the buyer based off this survey report. The seller had put it up for market value and the buyer decided to bid higher than the asking price. 

Sure you can try your luck (and fingers crossed the seller does accept a lower offer), but it's a bit cheeky when you've knowingly gone above and beyond the asking price and now want to reduce your offer when no variables have changed.