Remortgage and stupid valuation report.

homer_j_3

I think you are right to walk away from it - was there any work required doing on the house to drop the value by so much?

Gambler

homer_j wrote: »

I think you are right to walk away from it - was there any work required doing on the house to drop the value by so much?

Not really.

The surveyor took the purchase price £168K and added the rennovation work that had been done to come up to £200K. Was very keen to point out the current market conditions etc.

Tracyk_2

tbh - I'd go and view the property again over the weekend and chat to the owners.
What's their position? Have they got somewhere to move to? Are they in a hurry? Keep pestering the EA with your offer - maybe increasing it £5k a couple of times.
When we were selling to move from England to Scotland - our buyers kept on and on at us, and since we had no others interested, we ended up taking £25k less than we could afford.
But if you really love a property and you have been looking for a while and there's nothing else of interest around - you may be in the position that you have to pay top dollar to get what you want.

WildHaggis

Gambler wrote: »

<snip>. This is potentially the second property to fall through and our first time buyers may not wait too much longer.

In the current climate, why not just sell your property to your customers, and rent somewhere. This gives you huge bargaining power, and will probabaly save you some money mothly as well. You can then decide when to buy - if ever!

michaels

WildHaggis wrote: »

In the current climate, why not just sell your property to your customers, and rent somewhere. This gives you huge bargaining power, and will probabaly save you some money mothly as well. You can then decide when to buy - if ever!

Like people were advising 18 months ago - would have been a very costly 20% loss for me...

Gambler

WildHaggis wrote: »

In the current climate, why not just sell your property to your customers, and rent somewhere. This gives you huge bargaining power, and will probabaly save you some money mothly as well. You can then decide when to buy - if ever!

Yes for the first time ever I had thought of renting but our main reason for moving is to guarantee better schooling for our children. Not much for rent in the area we want but I will keep an open mind.

Gambler

Tracyk wrote: »

tbh - I'd go and view the property again over the weekend and chat to the owners.
What's their position? Have they got somewhere to move to? Are they in a hurry? Keep pestering the EA with your offer - maybe increasing it £5k a couple of times.
When we were selling to move from England to Scotland - our buyers kept on and on at us, and since we had no others interested, we ended up taking £25k less than we could afford.
But if you really love a property and you have been looking for a while and there's nothing else of interest around - you may be in the position that you have to pay top dollar to get what you want.

The owners position is that they have split up and hence the need to move as she can't afford to stay.

I've been reading the golden rule on these message boards is a house is worth what someone is willing to pay. We are both shocked by the valuation on the survey.

From speaking to the surveyor he certainly took a dislike to the property with it's 'higgledy piggledy;' rooms which is a personal taste. We actually like the fact that it has corridors upstairs with the bedrooms and bathroom leading off.

And the garden was on a slope. So? It happens to be a huge long garden for the kids to play in.

There are also 2 large outbuidlings which he went overboard on and how they need repairing etc. They are only for storage !

We have re-started our house hunt but for the price this house, in my opinion still has lots more to it compared to others in the same price bracket.

We shall see.......................

MissMoneypenny

Gambler wrote: »

Yes for the first time ever I had thought of renting but our main reason for moving is to guarantee better schooling for our children. Not much for rent in the area we want but I will keep an open mind.

Perhaps you could just rent anything half suitable in your chosen school catchment area. Once your children are enrolled at the school, you could them buy a property out of that area if you wanted to.

Tracyk_2

Another golden rule is - 'if it's meant for you - it won't go by you' so you may find in a month's time it'll still be on the market at a better price. However - I think she will be kind of desperate soon if she can't afford it - she may have to take a reduced offer. Specially if others get the place surveyed and get the same answer as you've had.

homer_j_3

Seriously, I am struggling to work out how 50k difference between basic and homebuyers valuations - when there was nothing major affecting value.

If they are splitting, it is always going to be difficult because there could be a sense of one party is trying to rip the other one off kind of thing. Renting for 6 months may take the pressure off you for 6 months and something else may come up or you could go to auction for yours.