Is this a bit odd or is it me?(14 Posts)
We're buying a house, no chain on either side (although we are in rented so need to give a month's notice). I know seller wants a quick sale and we are happy as long as we have enough time to give notice and not pay more than a week or two crossover rent.
Seller has tenants who are moving out at the end of November. He has sent a message via the Estate Agent to say can we please find out when the mortgage valuation is likely to be/hurry it along as he wants it to be while the tenants are still in there as properties look better with people living in them and it is likely to be valued higher.
Am I right to think WTF? a) why would you think a mortgage valuer could not be objective about a house and b) why would you say that to your buyer as a method of spurring things along - when it's in the buyers interest to have a lower valuation, surely??
I think there are some crossed wires - if your survey comes back showing issues and you and the seller can't agree on how to deal with those and you decide to walk away, he is probably thinking it will look a more attractive proposition to other prospective buyers furnished rather than empty.
Sounds like the EA has passed on a garbled message and the LL probably doesn't intend you to even know the last part!
Hi wow, it specifically said it was so that it would be valued at a higher price - they're only there another 2 weeks anyway - but yes I quite agree that the seller didn't intend us to know that bit!
I'm now concerned that the tenants are going to do something that he doesn't want the valuer to see - they are not happy as he had said they would have a long let and then decided to sell after less than a year. They have put laminate flooring downstairs at their own cost and had threatened to rip it out. However he came to an agreement with them and this is now not the case.....apparently..... (will be chasing this up and getting something in writing)
I'm now thinking that he thinks they'll do something. I'm considering asking the MC to send the valuers after the tenants have gone just in case.
The surveyor the mortgage company sends isn't going to value the floor coverings: the MC are interested in the value of the building they are going to lend money to buy.
Personally, I'd be quite happy if someone removed the laminate flooring in a place I was buying. It would save me a job .
Ask to view again after the tenants have gone in order to measure up for things - much easier without someone else's furniture and possessions about the place. Plus you can see what state the place is in. The tenants are unlikely to trash the place if they want their deposit back and a reference.
I've bought from a LL who had family as tenants and he was totally clueless as to what was his and what was theirs so there were several things we expected to be included missing when we moved in. We got the place for a good price and we knew he had no money so we just put up with it and got on with getting it how we wanted it.
Maybe he's concerned that if the valuation comes in lower than the agreed sale price then it may cause you problems getting a mortgage as the LTV would then be higher.
I guarantee the furniture is hiding something. Like above pp, some surveys mean they wont check floorboards if carpeted, move furniture to check walls etc. i would either go back and have a good look behind wardrobes etc or get a full survey if you need to progress quickly. If not, i'd definitely delay MC until after tenants have gone
Bit of a weird statement from the EA because a surveyor will value the property at what it is worth regardless of tenants in situ or not. I expect the LL just wants to hurry things along. What I would suggest is to let the surveyor go out as planned and when you have the mortgage offer but prior to exchange book another viewing for 'measuring up' and ensure that everything is how you expect it.
Surely the valuation doesn't matter now as you have agreed on a price?
My guess is that the furniture is hiding something he doesn't want you to know about or want the surveyor to see, such as damp?
Or he is worried that you will pull out but thinks the chances are slimmer if you have had your surveyors report done, since you're further along in the process.
I do think cosmetics make a difference in asking price. Think of two identical houses next door to each other but with different decor, they go for different prices so it is a factor IMO.
Whatever you do, do not hurry your surveyor along and do go and visit the property again, even ask the tenants if they believe the property to be in a good state of repair
Valuation or survey for mortgage purposes is only relevant to you from a borrowing point of view
You are not committed to buy until you actually exchange contracts
After the tenants have moved out send someone round to do a full survey, electrics plumbing, structure etc
They will find anything hidden or point you in the direction of anything that needs specialist looking at
Only after you have this and solicitor is totally happy should you proceed
Full survey can also be used for bargaining to reduce price if there are loads of issues that are highlighted
wow the floor is actually really nice, good quality dark flooring. The tenants are really pissed off because they had been told they would be able to stay there for a few years so put some money and effort into the house. (their 'feature wall' silver and black wallpaper is not quite to our taste though)
I've just replied saying that we will be asking the surveyor to check carefully behind furniture etc and will be going in ourselves afterwards (we have a man)
He had also asked what MC we are using but I've not said, can't see why that's his business at this stage.
The current owner refurbished(?) the house last year, new heating system, boiler and radiators and it had a full electrical service and has a certificate so I'm not worried on any of those counts.
Given the additional info, I think it is probably more to do with the value of his portfolio and that he wants to ensure he secures a sale without having a lengthy void period. He probably wants to be sure he has a certain amount of profit for his next purchase/venture too.
I think it's unlikely the tenants would do additional work to the place if there were fundamental issues with the house.
I wouldn't be too concerned about him asking about the mortgage company - if he owns several properties and has borrowed to buy them, he will likely have a fair bit of experience in dealing with mortgage companies. My OH used to have a portfolio of properties let out to residential tenants and on one occasion was selling one of them, but the buyers' mortgage offer didn't come through. He was able to put them in touch with his broker who got them a mortgage deal which meant the sale could go ahead.
On the laminate flooring - I'm afraid you will never convince me: I just don't like it. Many people do though.
Ha ha fair enough
Have heard back from the EA she says he's a bit nervy, although terribly polite, and he just wants to make sure everything goes smoothly and quickly.
I thought he might wonder if we were with a more 'awkward' MC - he may well know about these things. But if my financial adviser can't get me a mortgage no one can - been with her 12 years and she's great.
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