Nationwide down valued

Seanj123

Who would normally pay for the damp and timber survey 

housebuyer143

Seanj123 said:

Who would normally pay for the damp and timber survey 

You do unfortunately. My mate had a similar issue and couldn't be bothered with it and just found a different house. All depends how attached to it you are. 

lookstraightahead

Seanj123 said:

Who would normally pay for the damp and timber survey 

You do, but if the vendors know it's going to be a problem with all lenders, then if they have it done it might help them in the future to sell, if you pull out.

only suggesting this as our vendors had a structural survey to hand when they put the house on the market (old house) to back up the survey we had. It was a real help to us.

But it's usual for you to pay. And you don't have to show them unless you're negotiating based on it and it will be useful.

lookstraightahead

housebuyer143 said:

Seanj123 said:

Who would normally pay for the damp and timber survey 

You do unfortunately. My mate had a similar issue and couldn't be bothered with it and just found a different house. All depends how attached to it you are. 

This too. 

Seanj123

Ok, so first thing is to negotiate a price for the house the lender are happy with then pay the 3/400 for the survey and if anything else comes up then address it. 

mi-key

Seanj123 said:

Ok, so first thing is to negotiate a price for the house the lender are happy with then pay the 3/400 for the survey and if anything else comes up then address it. 

Yep, no point getting the survey done if the seller rejects your offers anyway

Sarah1Mitty2

Seanj123 said:

That may well be the road Il have to attempt to go down, I can’t see the vendor dropping by 20k that would be 25k on original asking price 

The problem the seller has is that by waiting or rejecting your offer the next buyer could get an even lower valuation. If you are happy with 200k offer that and be prepared to walk away, are you using PropertyLog to compare similar houses?

Sarah1Mitty2

RelievedSheff said:

Seanj123 said:

That may well be the road Il have to attempt to go down, I can’t see the vendor dropping by 20k that would be 25k on original asking price 

It isn't really up to the vendor to find your shortfall in funding!

You have offered what you thought the property was worth and now you can't fund that.

You can ask for them to accept a lower offer but they are under no obligation to accept it.

You can try a different lender and hope they come up with a different valuation. Or realistically you need to be looking at properties that are cheaper and that you can raise the funding on.

It is likely that the lender has a better idea than the seller of the worth of the property, it isn`t up to the buyer to fund a seller`s next move or mortgage debt obligation.

fackers_2

Sellers have to understand that it is an ASKING PRICE guided and valued by an unqualified estate agent. IMO a mortgage valuation carried out by an in person qualified RICS surveyor will be a fairer an much more accurate. Sellers can cling on to their made-up figure. So when any reduction is needed they benchmark the 5 decrease from that number and not the qualified assessed real value. Therefore it's why I believe Estate agent valuations who over value to win instruction are inflating this problem and misguiding the seller. 

Long winded but I really wish the system would adopt the Scottish way of doing it. 

I'd stick to the RICS valuation, if you desperately want the house, find the difference if they won't budge. Or walk away, other sellers out there more desperate to sell quicker might likely offer a better discount.


Goodluck!  

fackers_2

mi-key said:

Seanj123 said:

Ok, so first thing is to negotiate a price for the house the lender are happy with then pay the 3/400 for the survey and if anything else comes up then address it. 

Yep, no point getting the survey done if the seller rejects your offers anyway

You could appreciate it with them again and say "This survey has valued the property at X.. which is a reduction of Y%... There is a note to carry out a timber survey due to further 'unforseen' repair issues (they could come back and say it's factored into initial cost). I will forgo any repair costs for this timber survey and repairs needed if the initial reduced value is accepted."

For them it will initially look like a better deal as you're compromising yet still showing the value could still come down. Then hold your ground.