Down Valuation in Survey Report

cymruchris

If the survey valuation is below asking by only £5k - I'd say that's pretty close.

You bid-up because you wanted the house. So did others. You won. Now you want to drop your offer. If I were the seller I'd be telling you where to go, and then going with the next highest offer, or re-marketing it. As things stand - in a few months the house will likely have gone up to the 'asking price valuation' anyway. 

lookstraightahead

cymruchris said:

If the survey valuation is below asking by only £5k - I'd say that's pretty close.

You bid-up because you wanted the house. So did others. You won. Now you want to drop your offer. If I were the seller I'd be telling you where to go, and then going with the next highest offer, or re-marketing it. As things stand - in a few months the house will likely have gone up to the 'asking price valuation' anyway. 

I'm not sure - if I were the seller now I wouldn't be confident the market will go up. 

I certainly wouldn't want to start selling again for a few thousand.

MobileSaver

lookstraightahead said:

cymruchris said:

If I were the seller I'd be telling you where to go, and then going with the next highest offer, or re-marketing it.

I certainly wouldn't want to start selling again for a few thousand.

You wouldn't but others like me would, just on principle alone - the problem is the OP doesn't know whether their seller is like you or like me, so it's a risk. Whether it's a risk worth taking only the OP can say.

Not quite the same but I've turned down higher offers on a property before now on principle because I'd already accepted someone else's offer.

eidand

This has nothing to do with any principle, it is simply a giant waste of everyone's time and money.

The vendor is well within their rights to send the OP packing and I hope they do, tbh. Next time, think, when you make an offer, don't just throw sums around and then start crying how you don't want to pay the money you yourself offered.

lookstraightahead

eidand said:

This has nothing to do with any principle, it is simply a giant waste of everyone's time and money.

The vendor is well within their rights to send the OP packing and I hope they do, tbh. Next time, think, when you make an offer, don't just throw sums around and then start crying how you don't want to pay the money you yourself offered.

I agree as it's a cash buyer, but if you need a mortgage it can totally change the situation. The morale of the story is to only offer a realistic amount in the first place 

eidand

lookstraightahead said:

eidand said:

This has nothing to do with any principle, it is simply a giant waste of everyone's time and money.

The vendor is well within their rights to send the OP packing and I hope they do, tbh. Next time, think, when you make an offer, don't just throw sums around and then start crying how you don't want to pay the money you yourself offered.

I agree as it's a cash buyer, but if you need a mortgage it can totally change the situation. The morale of the story is to only offer a realistic amount in the first place 

If you need a mortgage, you do the same thing, you use the thing which occupies the space between your ears and realize that if you offer more than the asking price, chances are the banks will agree with the original price and you will have to cover the difference yourself.

In other words, offer what you can afford not a dream amount you dreamt on a hot summer's night. Stop wasting everyone's time basically. The buying process is long and hard enough as it is, there's no need to make it harder.

If you can't afford something, here's a clue, DON'T OFFER IT.

owenjt

Think some of the comments here are a bit harsh. You made an offer, the survey has unexpectedly downvalued the property and you want to negotiate. You obviously have to factor in market demand and expect to pay over the market value, but if you're not happy paying £20k then you've every right to go back and negotiate. If the vendors say no then it's your decision whether to continue or pull out.

MobileSaver

owenjt said:

Think some of the comments here are a bit harsh. the survey has unexpectedly downvalued the property and you want to negotiate.

No, I don't think you've read the whole thread. It wasn't an unexpected down-valuation; the OP knew they were bidding above asking price because they wanted to secure the property when bidding against three other interested parties.

If I was the vendor I'd be furious if the OP tried to renegotiate back to the asking price when the survey has confirmed there are no hidden surprises with the property. I'd be straight on to one of the unsuccessful bidders and wouldn't sell to the OP at any price but maybe that's just me.

owenjt said:

If the vendors say no then it's your decision whether to continue or pull out.

Unless the vendor makes the decision for you and refuses to sell to someone who reneges on what they'd previously agreed.

badger09

As above.

This is not 'an unexpected downvaluation'. It is simply a difference of opinion as to what this house is worth. That difference amounts to 7%.

If the survey had indicated any 'unexpected' major issues, then there would be reason to renegotiate. In this case, there is no such reason IMO.

custardly

MobileSaver said:

lookstraightahead said:

cymruchris said:

If I were the seller I'd be telling you where to go, and then going with the next highest offer, or re-marketing it.

I certainly wouldn't want to start selling again for a few thousand.

You wouldn't but others like me would, just on principle alone - the problem is the OP doesn't know whether their seller is like you or like me, so it's a risk. Whether it's a risk worth taking only the OP can say.

Not quite the same but I've turned down higher offers on a property before now on principle because I'd already accepted someone else's offer.

Utter tripe, no seller will risk the sale just because OP asked for some money off.
Seller will just say no.