FTB - How do I give myself the best chance in this competitive market?

maton91

jenni_fer said:

maton91 said:

As I was anxious about, the lendor has down valued my offer by £10k

I have now gone back to the EA and asked if the vendor would be willing to proceed at the down valued number. This is actually the same value as the original listing ('asking price'), so I'm hoping they will agree and things can get moving again.

If not, well I guess it's renegotiation time, hoepfully we can compromise at a half way point and I'll stup up the £5k delta in cash

Our original buyer tried this...if it was valued at asking, you knowingly offered £10k over so shouldn't be surprised it's not worth that to the bank.
We said no.

Zerforax said:

maton91 said:

As I was anxious about, the lendor has down valued my offer by £10k

I have now gone back to the EA and asked if the vendor would be willing to proceed at the down valued number. This is actually the same value as the original listing ('asking price'), so I'm hoping they will agree and things can get moving again.

If not, well I guess it's renegotiation time, hoepfully we can compromise at a half way point and I'll stup up the £5k delta in cash

Good luck! Keep us updated.

EA emailed back this evening saying 5x other offers were over asking price and the vendor could ask to go with one of them instead of mine if they weren't willing to drop to the mortage valuation.

I've emailed back for the EA to ask the vendor if they can meet halfway as I don't want to risk losing the sale. I can't see all 5x offers being close to mine (I offered £10k over), we are already two weeks into the process, I can get things moving by accepting the mortage offer & paying the delta £5k in cash and the seller also potentially avoids the risk of another down value from one of the other offers

If not I guess I'll have to try another lender

maton91

Zoe02 said:

My tip would be also have your AIP and proof of deposit to show you are a serious buyer. 

This was a pre-requisite to the EA as part of the offer. I can borrow more than what I have offered, just the bank didn't meet what I offered

movilogo

I can't see all 5x offers being close to mine (I offered £10k over), we are already two weeks into the process, I can get things moving by accepting the mortage offer & paying the delta £5k in cash and the seller also potentially avoids the risk of another down value from one of the other offers

While EAs lie all the time, sometimes they tell the truth as well. Depending on local market, demand and supply, there could be other buyers willing to offer more.

Question is, are you happy to walk out if vendor does not accept down valuation?

Paying extra cash separately is something solicitors/lender may not be happy with. 

maton91

Ok we are back on track, sale now agreed where I provide the extra £5k as cash (essentially increasing the deposit by £5k) and the mortgae covers the rest as per the bank's valuation

Hopefully all should go smoothly now!