Help- mortgage valuation significantly less than offer price

meggles88

Thanks I don’t mind paying a bit more than what it’s worth as we like it so much, but there are some issues that require resolving such as urgent roof repair, extractor fans needed in all 3 new bathrooms, rendering on an external wall of the new extension etc so gives us a little bit of wiggle room to knock some of the overall cost down however at the end of the day we want the house. I thought the house would have been worth £410000 minimum with all that had been done. Silly me! 

meggles88

Well I had the surveyor who did the level 2 homebuyers survey come back. He’s valued it at even less! £365,000! 

Hoenir

meggles88 said:

Thanks I don’t mind paying a bit more than what it’s worth as we like it so much, but there are some issues that require resolving such as urgent roof repair, extractor fans needed in all 3 new bathrooms, rendering on an external wall of the new extension etc so gives us a little bit of wiggle room to knock some of the overall cost down however at the end of the day we want the house. I thought the house would have been worth £410000 minimum with all that had been done. Silly me! 

You've offered £420k without the work done though. Sounds as if you've outbid others without thinking through the consequences. If you want the house that badly be prepared to fund the premium out of your own pocket. The vendor isn't going to be very pleased at being messed around. 

meggles88

Reply there was a house on the same street which went for £425000 within the 12 months prior and not much sells in the area as people stay so was hard to put a value on the house and conduct lots of research. foolishly expected the asking price to be around the value of the house but was not expecting it to be valued so low. We shall try to negotiate and pay the amount we over bid by potentially, however I am not prepared to overpay by an extortionate amount and my heart is no longer over ruling my head! The  private surveyor will be the more accurate reflection I would imagine given he has seen the property in person

ReadySteadyPop

meggles88 said:

Well I had the surveyor who did the level 2 homebuyers survey come back. He’s valued it at even less! £365,000! 

Obviously the seller is trying it on here.

Hoenir

ReadySteadyPop said:

meggles88 said:

Well I had the surveyor who did the level 2 homebuyers survey come back. He’s valued it at even less! £365,000! 

Obviously the seller is trying it on here.

Buyers have been known to pay over market value. 

meggles88

ReadySteadyPop said:

meggles88 said:

Well I had the surveyor who did the level 2 homebuyers survey come back. He’s valued it at even less! £365,000! 

Obviously the seller is trying it on here.

I’m not sure it’s the sellers I think it’s the estate agent, giving them incorrect valuations. I don’t mind paying over asking as we did offer more and will honour that. But £56,000 over. No thanks! Also lots on the homebuyers survey which wasn’t visible to naked eye. Sadly I think they will have to relist and face the same thing happening again if we can’t agree. The estate agent has asked for a visit valuation from lenders.. may end up in an even worse position if they do that. 

ReadySteadyPop

Hoenir said:

ReadySteadyPop said:

meggles88 said:

Well I had the surveyor who did the level 2 homebuyers survey come back. He’s valued it at even less! £365,000! 

Obviously the seller is trying it on here.

Buyers have been known to pay over market value. 

When borrowing was cheap maybe, less so now.

ReadySteadyPop

meggles88 said:

ReadySteadyPop said:

meggles88 said:

Well I had the surveyor who did the level 2 homebuyers survey come back. He’s valued it at even less! £365,000! 

Obviously the seller is trying it on here.

I’m not sure it’s the sellers I think it’s the estate agent, giving them incorrect valuations. I don’t mind paying over asking as we did offer more and will honour that. But £56,000 over. No thanks! Also lots on the homebuyers survey which wasn’t visible to naked eye. Sadly I think they will have to relist and face the same thing happening again if we can’t agree. The estate agent has asked for a visit valuation from lenders.. may end up in an even worse position if they do that. 

meggles88 said:

ReadySteadyPop said:

meggles88 said:

Well I had the surveyor who did the level 2 homebuyers survey come back. He’s valued it at even less! £365,000! 

Obviously the seller is trying it on here.

I’m not sure it’s the sellers I think it’s the estate agent, giving them incorrect valuations. I don’t mind paying over asking as we did offer more and will honour that. But £56,000 over. No thanks! Also lots on the homebuyers survey which wasn’t visible to naked eye. Sadly I think they will have to relist and face the same thing happening again if we can’t agree. The estate agent has asked for a visit valuation from lenders.. may end up in an even worse position if they do that. 

You mean they might value even lower?

meggles88

ReadySteadyPop said:

meggles88 said:

ReadySteadyPop said:

meggles88 said:

Well I had the surveyor who did the level 2 homebuyers survey come back. He’s valued it at even less! £365,000! 

Obviously the seller is trying it on here.

I’m not sure it’s the sellers I think it’s the estate agent, giving them incorrect valuations. I don’t mind paying over asking as we did offer more and will honour that. But £56,000 over. No thanks! Also lots on the homebuyers survey which wasn’t visible to naked eye. Sadly I think they will have to relist and face the same thing happening again if we can’t agree. The estate agent has asked for a visit valuation from lenders.. may end up in an even worse position if they do that. 

meggles88 said:

ReadySteadyPop said:

meggles88 said:

Well I had the surveyor who did the level 2 homebuyers survey come back. He’s valued it at even less! £365,000! 

Obviously the seller is trying it on here.

I’m not sure it’s the sellers I think it’s the estate agent, giving them incorrect valuations. I don’t mind paying over asking as we did offer more and will honour that. But £56,000 over. No thanks! Also lots on the homebuyers survey which wasn’t visible to naked eye. Sadly I think they will have to relist and face the same thing happening again if we can’t agree. The estate agent has asked for a visit valuation from lenders.. may end up in an even worse position if they do that. 

You mean they might value even lower?

If the lender comes out and does a proper in person evaluation then yes may end up being even lower!