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Vendors won't budge on price

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  • Smodlet
    Smodlet Posts: 6,976 Forumite
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    Perhaps English is not the OP's first language or perhaps he/she thinks we all understand textese. Either way, correct grammar makes for clarity.
  • madvicker
    madvicker Posts: 157 Forumite
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    There is another route, you are able to appeal the valuation report with some lenders. You will need to do some research to identify similar properties in the area that have recently sold. Hopefully with photos and other property details that will show the initial valuation has undervalued the property you are looking at.
  • westernpromise
    westernpromise Posts: 4,833 Forumite
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    I have to say property market people don't help matters by the opacity of the language they use. I do not understand this practice of saying the buyer makes the offer. Sellers offer, buyers bid. Sellers hit the bid, buyers lift the offer and if the seller wants 155 and the buyer is at 145 then the market is 145 bid at 55. Simple.
  • kev25v6
    kev25v6 Posts: 235 Forumite
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    Houses near me sell for what ever you ask for not what the valuation guy decides. They are so in demand that they don!!!8217;t last 2 days. If you want the house and nothing else around fits what you want then you will have to find the extra cash to buy.
  • System
    System Posts: 178,094 Community Admin
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    FirstTimeMoron wrote: »
    Hello. I have accepted offer of 155k, independent survey valuation came back at 145k. Estate agent spoke to vendors but they're unwilling to negotiate. Uncertain how to proceed as a first time buyer. Should I get my solicitor involved? I like the place but I'm willing to walk away.

    This keeps coming up again and again. The seller is entitled to hold out for as much as he can get. I imagine that the independent valuation was undertaken on behalf of your lender. The lender is not interested in what you are prepared to pay: they are only interested in a valuation that will get them a quick sale in the event of a mortgage default. By all means use the valuation as a basis for negotiation but, at the end of the day, no deal is ever struck until contracts are exchanged.

    For what it is worth, as someone who has just exchanged contracts on a sale, the three independent valuations that I got on my property had a spread of £75K. Some estate agents value high because they think that this will secure them the sale: others pitch low in the hope that a quick sale is what the vendor is after. So which valuer was right?. In truth, it came down to what my buyer was prepared to offer, and what I was prepared to accept. Either party has the right to walk away until contracts have been exchanged.
  • Hoploz
    Hoploz Posts: 3,888 Forumite
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    They may well get the higher price from someone else. Lenders are less fussy when people have large deposits, so as a FTB I'd assume you are looking to get a 90% or thereabouts mortgage - greater risk to lender in case of default. If someone else has a 50% deposit there's less risk for lender therefore they may go ahead. Also, someone else may be in a position to make up the difference by adding cash and altering the LTV, which you may not be able to do.
  • comeandgo
    comeandgo Posts: 5,744 Forumite
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    FirstTimeMoron wrote: »
    Hello. I have accepted offer of 155k, independent survey valuation came back at 145k. Estate agent spoke to vendors but they're unwilling to negotiate. Uncertain how to proceed as a first time buyer. Should I get my solicitor involved? I like the place but I'm willing to walk away.

    Sellers do not have to accept your reduced offer, you can just walk away and buy somewhere cheaper that you can afford.
  • Smodlet
    Smodlet Posts: 6,976 Forumite
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    westernpromise wrote: »
    I have to say property market people don't help matters by the opacity of the language they use. I do not understand this practice of saying the buyer makes the offer. Sellers offer, buyers bid. Sellers hit the bid, buyers lift the offer and if the seller wants 155 and the buyer is at 145 then the market is 145 bid at 55. Simple.

    Pardon? :think::o
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    FirstTimeMoron wrote: »
    I like the place but I'm willing to walk away.

    Are you intending to returm here?
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