Renegotiating price due to down-valuation

themilkman

twoLou said:

themilkman said:

Invested around £3K so far probably, survey, solicitors, searches etc. I'm more worried about paying over the odds than the £3K!

I’m a little confused as to how you have managed to spend that much money so far and why?

I assume you require a mortgage hence the bank valuation so why was the mortgage application made so far into the process?

Survey £1,400, solicitors buying and selling fees, searches - prob around £2.5K, all adds up!

themilkman

fackers_2 said:

CSI_Yorkshire said:

themilkman said:

Now we don't feel comfortable paying such a high price in the current market state of which interest rates continue to rise, and property prices continue to drop.

That's the only bit of the post that's really important.

You are not comfortable with the price.  Ask for whatever reduction is required to make you comfortable, and if they say no, walk away.

Agreed however, many people take for granted that the headline national drop relates to their property too, this is wrong way of looking at it. 

OP have you got a solid list of comparables to use for when the sellers ask. It's best to be honest and upfront, present the info because otherwise they'll laugh at you and see it for just trying it on. If it's a long-term home, pfftt, negligible. 

Yeah there are similar houses for sale in a close proximity that are cheaper and bigger, including one to view today.

Sarah1Mitty2

RelievedSheff said:

themilkman said:

RelievedSheff said:

Are there any other properties on the market that you would be as happy living in?

Sometimes a home purchase isn't just abouts its monetary value. 

Yes, viewing arranged for tomorrow. House is 25% bigger and 15% cheaper, within a mile - proves the bank's point on the valuation of current offered house, but not enough to make the vendor understand the market 

Values can change massively over a 1 mile distance. Where we live a mile can make the difference between a £40k property or one worth several million.

Sounds extreme, can you post some examples?