Nationwide down valued

lookstraightahead

Seanj123 said:

RelievedSheff said:

Seanj123 said:

I totally understand what you’re saying, the problem we have is we can’t find another house atm that we really like, we could potentially try another lender, and end up with the same result. And maybe that would persuade the vendor to drop otherwise we will be walking away from it 

The thing is it isn't up to the vendor to make up the shortfall. 

You were happy with the price you offered for the property. Now you can't fund that price.

Not the vendors problem at all.

If you can't fund the purchase. Withdraw your offer and let them find another buyer who can.

It’s easy to sit and say that, but the vendor is one who has requested I find another lender to value it, iv not been under any pressure from anyone. And then just maybe if if comes back lower then agreed price they may potentially negotiate a new price. The market is a lot slower now, the house has been up for sale for 2 months already so waiting another 2 weeks for maybe a new lender to accept the price ain’t gonna make a huge difference 

The vendor sounds like a pain 😩. 

I know you want the house, but do think carefully. Keep looking around as well.
They sound like they think their house is worth more than it is. Bear in mind another lender will probably down value as well (which is a helpful tool for negotiation but they might not accept whatever).
get as many eggs in as many baskets as you can.

Seanj123

Im still looking yea but the market is quite and mostly void run down properties in my price range, so struggling tbh, I hoping another valuation comes back good otherwise I think the deal is off if no negotiations can take place. Il find out very soon. 

jimbog

Seanj123 said:

RelievedSheff said:

Seanj123 said:

I totally understand what you’re saying, the problem we have is we can’t find another house atm that we really like, we could potentially try another lender, and end up with the same result. And maybe that would persuade the vendor to drop otherwise we will be walking away from it 

The thing is it isn't up to the vendor to make up the shortfall. 

You were happy with the price you offered for the property. Now you can't fund that price.

Not the vendors problem at all.

If you can't fund the purchase. Withdraw your offer and let them find another buyer who can.

It’s easy to sit and say that, but the vendor is one who has requested I find another lender to value it, iv not been under any pressure from anyone

Other than the vendor. 

I would be careful of multiple mortgage applications as to what it might do to your credit rating 

Seanj123

jimbog said:

Seanj123 said:

RelievedSheff said:

Seanj123 said:

I totally understand what you’re saying, the problem we have is we can’t find another house atm that we really like, we could potentially try another lender, and end up with the same result. And maybe that would persuade the vendor to drop otherwise we will be walking away from it 

The thing is it isn't up to the vendor to make up the shortfall. 

You were happy with the price you offered for the property. Now you can't fund that price.

Not the vendors problem at all.

If you can't fund the purchase. Withdraw your offer and let them find another buyer who can.

It’s easy to sit and say that, but the vendor is one who has requested I find another lender to value it, iv not been under any pressure from anyone

Other than the vendor. 

I would be careful of multiple mortgage applications as to what it might do to your credit rating 

I fully aware of that, no more than 2 and I should be fine. Hopefully 

[Deleted User]

Seanj123 said:

Im still looking yea but the market is quite and mostly void run down properties in my price range, so struggling tbh, I hoping another valuation comes back good otherwise I think the deal is off if no negotiations can take place. Il find out very soon. 

I am not really sure how you can conclude that the property is worth less, in the absence of a better value alternative...? 

And dont say the valuation. We had different lender valuations on the same property weeks apart.

Just remember you dont have to look hard on these forums to find the same characters advising people to offer less, with no specific knowledge of even basic facts such as location of the property. They just say the same thing in every topic, not tailored to the situation.

Sarah1Mitty2

[Deleted User] said:

Seanj123 said:

Im still looking yea but the market is quite and mostly void run down properties in my price range, so struggling tbh, I hoping another valuation comes back good otherwise I think the deal is off if no negotiations can take place. Il find out very soon. 

I am not really sure how you can conclude that the property is worth less, in the absence of a better value alternative...? 

And dont say the valuation. We had different lender valuations on the same property weeks apart.

Just remember you dont have to look hard on these forums to find the same characters advising people to offer less, with no specific knowledge of even basic facts such as location of the property. They just say the same thing in every topic, not tailored to the situation.

Are you saying that the people advising to offer more have specific knowledge of the property that others don`t have? Surely a lender saying it is worth 20k less (they will have specific knowledge?) trumps someone on a forum?

ManuelG

Doesn't this all come down to the obvious, it's how much a buyer is able to disregard the valuation vs how much the seller is prepared to ignore the valuation.

I mean if it was me and I had the cash I'd be trying a lower offer based on the valuation and, if I wanted the house, just accepting it if the seller said nope, original price agreed or nothing but... that's just me. Another seller (me again!) might bend quicker on the price after all.

[Deleted User]

Sarah1Mitty2 said:

[Deleted User] said:

Seanj123 said:

Im still looking yea but the market is quite and mostly void run down properties in my price range, so struggling tbh, I hoping another valuation comes back good otherwise I think the deal is off if no negotiations can take place. Il find out very soon. 

I am not really sure how you can conclude that the property is worth less, in the absence of a better value alternative...? 

And dont say the valuation. We had different lender valuations on the same property weeks apart.

Just remember you dont have to look hard on these forums to find the same characters advising people to offer less, with no specific knowledge of even basic facts such as location of the property. They just say the same thing in every topic, not tailored to the situation.

Are you saying that the people advising to offer more have specific knowledge of the property that others don`t have? Surely a lender saying it is worth 20k less (they will have specific knowledge?) trumps someone on a forum?

Everyone has the same information, but when you disregard the specifics, and simply give the same viewpoint and advice everytime, its noticeable.

lookstraightahead

[Deleted User] said:

Sarah1Mitty2 said:

[Deleted User] said:

Seanj123 said:

Im still looking yea but the market is quite and mostly void run down properties in my price range, so struggling tbh, I hoping another valuation comes back good otherwise I think the deal is off if no negotiations can take place. Il find out very soon. 

I am not really sure how you can conclude that the property is worth less, in the absence of a better value alternative...? 

And dont say the valuation. We had different lender valuations on the same property weeks apart.

Just remember you dont have to look hard on these forums to find the same characters advising people to offer less, with no specific knowledge of even basic facts such as location of the property. They just say the same thing in every topic, not tailored to the situation.

Are you saying that the people advising to offer more have specific knowledge of the property that others don`t have? Surely a lender saying it is worth 20k less (they will have specific knowledge?) trumps someone on a forum?

Everyone has the same information, but when you disregard the specifics, and simply give the same viewpoint and advice everytime, its noticeable.

More specifically here the lender has down valued. So we actually do have info that it's worth less. Personally I'm saying don't ignore the evidence given. It helps make a decision. Rather than just paying a random amount, based on nothing. Thankfully the op isn't doing that. But many people do. 

mi-key

More specifically here the lender has down valued. So we actually do have info that it's worth less. Personally I'm saying don't ignore the evidence given. It helps make a decision. Rather than just paying a random amount, based on nothing. Thankfully the op isn't doing that. But many people do. 

Or they pay an amount based on what they can afford and what they feel the house is worth to them. Not everyone needs to try and chip off as much money as possible to think they are getting a deal