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  • FIRST POST
    • FirstTimeMoron
    • By FirstTimeMoron 5th Jul 18, 10:53 AM
    • 1Posts
    • 0Thanks
    FirstTimeMoron
    Vendors won't budge on price
    • #1
    • 5th Jul 18, 10:53 AM
    Vendors won't budge on price 5th Jul 18 at 10:53 AM
    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.
Page 1
    • Oakdene
    • By Oakdene 5th Jul 18, 10:54 AM
    • 2,319 Posts
    • 8,427 Thanks
    Oakdene
    • #2
    • 5th Jul 18, 10:54 AM
    • #2
    • 5th Jul 18, 10:54 AM
    Can you afford the extra 10k? If not then you'll have to walk away.
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydion ddolen,
    Dau enaid ond un taith.


    • kingstreet
    • By kingstreet 5th Jul 18, 10:57 AM
    • 33,685 Posts
    • 18,267 Thanks
    kingstreet
    • #3
    • 5th Jul 18, 10:57 AM
    • #3
    • 5th Jul 18, 10:57 AM
    Applied for a mortgage?

    What is the current value on the mortgage report & valuation? Any essential repairs required? Any post-repair valuation?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • saajan_12
    • By saajan_12 5th Jul 18, 11:12 AM
    • 1,296 Posts
    • 908 Thanks
    saajan_12
    • #4
    • 5th Jul 18, 11:12 AM
    • #4
    • 5th Jul 18, 11:12 AM
    Nothing your solicitors can do, they take the price you tell them.

    The vendors are under to obligation to lower the price, so its all a negotiation. You can
    * Take the 155k and make up any difference to what the bank will lend
    * Negotiate a lower price (if the vendors agree)
    * Walk away
    • Crashy Time
    • By Crashy Time 5th Jul 18, 11:24 AM
    • 6,255 Posts
    • 2,380 Thanks
    Crashy Time
    • #5
    • 5th Jul 18, 11:24 AM
    • #5
    • 5th Jul 18, 11:24 AM
    Run away, they won`t get a higher offer.
    • moneyistooshorttomention
    • By moneyistooshorttomention 5th Jul 18, 11:49 AM
    • 16,144 Posts
    • 44,426 Thanks
    moneyistooshorttomention
    • #6
    • 5th Jul 18, 11:49 AM
    • #6
    • 5th Jul 18, 11:49 AM
    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.
    Originally posted by FirstTimeMoron
    When you say "I have accepted offer" - that sounds like you are the vendor #confused.

    Assuming you are the would-be buyer - then indeed there is nothing you can do to make them lower the price. Their house = their choice. They know you (of yourself) are willing to pay that price all else being equal. So they're waiting for you to either "bridge that gap" yourself or, if you don't, then they're waiting for someone else to come along and offer that and have a better valuation than you had on their house.
    No (Brexit) deal = no big deal #shrugs and leave anyway

    These boots are made for walkin' and that's just what they'll do....
    • eddddy
    • By eddddy 5th Jul 18, 1:05 PM
    • 6,604 Posts
    • 6,475 Thanks
    eddddy
    • #7
    • 5th Jul 18, 1:05 PM
    • #7
    • 5th Jul 18, 1:05 PM
    Should I get my solicitor involved?
    Originally posted by FirstTimeMoron
    Just to add... there's no benefit to getting your solicitor involved.

    The best approach is usually to communicate/negotiate via the estate agent.

    Assuming the EA is paid on completion, they will be motivated to find a way of making the sale happen. (They might push you hard, but they're probably pushing the sellers equally hard as well.)
    • ACG
    • By ACG 5th Jul 18, 1:08 PM
    • 17,154 Posts
    • 9,046 Thanks
    ACG
    • #8
    • 5th Jul 18, 1:08 PM
    • #8
    • 5th Jul 18, 1:08 PM
    You could try another lender.
    We occasionally get down valuations, sometimes a negotiation is possible, other times a different surveyor may value it differently and it may work out.

    You can not force them to alter the price, so you have a choice of potentially spending money on another valuation or walking away. Maybe suggest you will leave the lower offer on the table until you find somewhere else?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Jockeyjames
    • By Jockeyjames 5th Jul 18, 1:10 PM
    • 10 Posts
    • 3 Thanks
    Jockeyjames
    • #9
    • 5th Jul 18, 1:10 PM
    • #9
    • 5th Jul 18, 1:10 PM
    Unfortunately there's nothing your solicitor can do.

    If they wanted they could increase the price by 100k...

    It's completely down to the vendor until the contracts are signed.
    • foxy-stoat
    • By foxy-stoat 5th Jul 18, 2:01 PM
    • 2,192 Posts
    • 1,186 Thanks
    foxy-stoat
    When you say "I have accepted offer" - that sounds like you are the vendor #confused.

    Assuming you are the would-be buyer - then indeed there is nothing you can do to make them lower the price. Their house = their choice. They know you (of yourself) are willing to pay that price all else being equal. So they're waiting for you to either "bridge that gap" yourself or, if you don't, then they're waiting for someone else to come along and offer that and have a better valuation than you had on their house.
    Originally posted by moneyistooshorttomention
    You assume correct given the OP is a first time buyer, he missed out the word "an".
    • ReadingTim
    • By ReadingTim 5th Jul 18, 2:09 PM
    • 2,773 Posts
    • 3,979 Thanks
    ReadingTim
    You assume correct given the OP is a first time buyer, he missed out the word "an".
    Originally posted by foxy-stoat
    Yet adding the word "an" in the wrong place in the sentence gives the completely opposite meaning:

    "I have an accepted offer" = I am the buyer

    "I have accepted an offer" = I am the seller.
    • Smodlet
    • By Smodlet 5th Jul 18, 3:16 PM
    • 3,459 Posts
    • 6,692 Thanks
    Smodlet
    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.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • madvicker
    • By madvicker 5th Jul 18, 3:24 PM
    • 51 Posts
    • 29 Thanks
    madvicker
    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
    • By westernpromise 5th Jul 18, 4:08 PM
    • 4,098 Posts
    • 5,330 Thanks
    westernpromise
    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.
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
    • kev25v6
    • By kev25v6 5th Jul 18, 4:37 PM
    • 178 Posts
    • 106 Thanks
    kev25v6
    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.
    • Hengus
    • By Hengus 5th Jul 18, 4:46 PM
    • 6,041 Posts
    • 3,719 Thanks
    Hengus
    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.
    Originally posted by FirstTimeMoron
    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
    • By Hoploz 5th Jul 18, 5:06 PM
    • 3,686 Posts
    • 3,227 Thanks
    Hoploz
    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
    • By comeandgo 5th Jul 18, 5:31 PM
    • 2,104 Posts
    • 2,863 Thanks
    comeandgo
    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.
    Originally posted by FirstTimeMoron
    Sellers do not have to accept your reduced offer, you can just walk away and buy somewhere cheaper that you can afford.
    • Smodlet
    • By Smodlet 5th Jul 18, 8:33 PM
    • 3,459 Posts
    • 6,692 Thanks
    Smodlet
    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.
    Originally posted by westernpromise
    Pardon?
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Thrugelmir
    • By Thrugelmir 5th Jul 18, 8:50 PM
    • 59,225 Posts
    • 52,610 Thanks
    Thrugelmir
    I like the place but I'm willing to walk away.
    Originally posted by FirstTimeMoron
    Are you intending to returm here?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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