Nationwide down valued

housebuyer143

fackers_2 said:

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.  

He can't really say that though? What if the bank come back after the survey and put a retention on the mortgage offer and it's £20k worth of work? The OP wouldn't be able to proceed as they do not have enough money.

mi-key

fackers_2 said:

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.  

And what if the buyers surveyor says they think it is worth the £220K the OP offered already and the timber and damp is fine? This is actually quite likely as the buyers surveyor has no interest in what the mortgage lender has said, they will ask the buyer how much they have agreed to buy at and say if they think that's a reasonable price rather than give a specific figure.

fackers_2

mi-key said:

fackers_2 said:

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.  

And what if the buyers surveyor says they think it is worth the £220K the OP offered already and the timber and damp is fine? This is actually quite likely as the buyers surveyor has no interest in what the mortgage lender has said, they will ask the buyer how much they have agreed to buy at and say if they think that's a reasonable price rather than give a specific figure.

Well in that instance you keep quiet. You do not legally have to disclose what’s said in the survey. It’s for the buyer as a tool to understand if the house is safe and fair value vs what they’ve paid. 

Sarah1Mitty2

lookstraightahead said:

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.

Or ....

The vendor and yourself have overpriced the property, and the lender (who is paying for the property after all) won't take a risk at that price.

Extra info is useful. 

The housing market is there to be negotiated on. Prices are not set in stone. 

As we are seeing, there are reductions all over the place Op. 

PropertyLog is certainly a very handy tool, I don`t think the OP should get too attached to a specific property in this market.

Seanj123

What do you mean? Could this be a problem across the broad of houses being down valued with the market how it is 

fackers_2

Seanj123 said:

What do you mean? Could this be a problem across the broad of houses being down valued with the market how it is 

Well ye, economy and particularly the housing market is each month slowly receding, it's only fair that the value of properties are then also down valued as and when if the surveyors see so. 

Sarah1Mitty2

Seanj123 said:

What do you mean? Could this be a problem across the broad of houses being down valued with the market how it is 

Yes, until interest rates find their ceiling lenders will be testing the waters very carefully.

jimbog

Sarah1Mitty2 said:

Seanj123 said:

What do you mean? Could this be a problem across the broad of houses being down valued with the market how it is 

Yes, until interest rates find their ceiling lenders will be testing the waters very carefully.

Seems like they have already:

Sarah1Mitty2 said:

I think mortgage rates may have dipped slightly recently.

Sarah1Mitty2

mi-key said:

fackers_2 said:

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.  

And what if the buyers surveyor says they think it is worth the £220K the OP offered already and the timber and damp is fine? This is actually quite likely as the buyers surveyor has no interest in what the mortgage lender has said, they will ask the buyer how much they have agreed to buy at and say if they think that's a reasonable price rather than give a specific figure.

Mortgage lender is the best guide to future value.

Seanj123

We are gonna attempt to appeal the down valuation, if this were to be unsuccessful and we try another lender and they come back with the same valuation and the vendor refuses again to lower the price.

Can we find another house and edit one of the previous applications or would we have to start all over again? Just because of multiple hard search’s, or won’t it make any difference?