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Denspe
Posts: 19 Forumite
Hello all, after a bit of advice. To give you some context.. viewed house 5 weeks ago, three other interested party’s so went in with full asking price of £175k. mortgage valuation came back 14k lower than asking price, went back to EA vendors not willing to lower price. Now home buying report came back with a number of issues (drains, repointing, no party wall in loft) and also surveyor down valued by 24k. Went to see EA a copy of hb report yesterday. Said I would want to get builders quotes but don’t see the point of arranging If Vendors are not willing to negotiate. Any advice would be greatly appreciated. I guess if there is no room to negotiate we should walk away?
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Hello all, after a bit of advice. . I guess if there is no room to negotiate we should walk away?
if the vendor wont negotiate you will need to find the extra to cover the funds up to the asking price.
The vendor may negotiate simply because if your survey has picked up faults and downvalued other prospective purchasers are likely to get a similar result if they try to buy the house.
Some vendors however just see a figure they want for a property and wont budge an inch!
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Thanks for your reply. After mortgage valuation we re-worked our figures to pay the difference. Now the homebuyer report has come back we are just not sure this a wise thing to do? £24k is a lot of money. Just feels like the house is overpriced. Vendors seem to think they can get full asking price.0
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The advice has kind of been put in the reports. It's up to you whether you want the house enough to feel it's worth more.
Personally it would leave a sour taste for me - what are the vendors thinking ! I wouldn't pay over valuation.0 -
walk or run away if they will not lower the price0
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With the initial interest you describe vendors probably will get full asking price again if they remarket it soon, after all you offered it without hesitation.
It depends on their specific situation whether they are willing/able to start again with a new buyer, if they are in no hurry they probably will rather than negotiate. Although the market gets a bit quieter now, there's a good chance the EA is still in contact with the other interested parties.
Although you are having second thoughts they only need one buyer who is less fazed by the report advice and/or can more easily justify the shortfall. But you need to decide based on only your circumstances though.
If I were in your position I'd probably prepare to negotiate, but in parallel with a back up plan of viewing more houses. We always tried to have multiple options on the go right up until our full chain was complete.
Our vendors did too and that strategy served them well when the chain broke on exchange day above us. They had been continuing to view houses and got an offer accepted on an alternative within a week.0 -
When's the last time a 'valuer' has ever 'valued' a property above the asking price? Jumped up and self-opinionated 'experts'... and that goes to the estate agents too who probably overpriced it to get it on their books - everybody is an 'expert'!0
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If I really like the house, was going to stay put for a long time and there weren't many similar properties coming to market I'd be inclined to stick with purchase if funds allowed.
That's a lot of caveats though - I'd most likely offer a reduced amount and walk away if declined.0 -
It is amusing to see sellers not getting the link between price and available lending, where did they think most of the money for the property bubble came from?0
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It's amusing to see bedsit crashtrolls not getting that if lenders can't lend enough they'll make borrowing easier
https://www.telegraph.co.uk/personal-banking/mortgages/mortgage-lenders-relax-affordability-criteria-hunt-new-business/0 -
westernpromise wrote: »It's amusing to see bedsit crashtrolls not getting that if lenders can't lend enough they'll make borrowing easier
https://www.telegraph.co.uk/personal-banking/mortgages/mortgage-lenders-relax-affordability-criteria-hunt-new-business/
The clue is in the title of your link, they are "hunting" for new business, it isn`t necessarily coming to them any more, and that is because sentiment towards property and high property prices has shifted, so it is a double whammy - less lending because banks are down-valuing, and less lending because people don`t want to borrow any more - interesting times if you are trying to sell a house you paid too much for.0
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