Surveyor valued house at less than accepted offer

(10 Posts)
Ilikedogs Fri 15-Jul-16 08:35:53

Anyone experienced this before? What did you do?
The mortgage valuation came in fine but we are only having a 30% mortgage so it's a pretty safe bet.
However, although I haven't seen the full report yet our independent surveyor has sent his initial thoughts that the house is over priced and should be perfect for the price we are paying! One of the things he flagged were the windows are in need of attention (there are 4 large bay windows).

Just as background we had to go to best and finals for this house and it is in or preferred (very specific) area.

I really want to house and think negotiation is highly unlikely. Would you be willing to accept this for your 'dream' house.

Pootles2010 Fri 15-Jul-16 08:37:11

Wait till you have seen the full report, see how costly the works needed are.

AnnoyedByAlfieBear Fri 15-Jul-16 08:45:27

This happened to the house I was selling. The buyer was desperate for it and so he found the extra cash and we met in the middle.

Are you sure there's no room for negotiation?

JT05 Fri 15-Jul-16 10:19:59

Our independent surveyor slightly undervalued our recent purchase, we were not getting a mortgage. It had recently come back on the market after selling quickly and we had to go to best and final, as others also wanted it.

It was the only house we wanted, so the undervalue didn't worry us. If you intend to stay and love the house go for it. The improvements can be done over a period of time. Most houses need some work.

Ilikedogs Fri 15-Jul-16 12:47:14

I don't know 100% but it's highly unlikely they would negotiate. We ended up in best and finals despite the house never hitting rightmove etc. And at the beginning we were told the vendor would only move if they get a specific house so I think they would likely just stay put if it came down to it.
We are only interested in about 3 streets and will stay there for the longterm. So I guess we will have to accept the price of we want the house.

I will take a proper look at the full report when it comes out though.

Ilikedogs Sat 16-Jul-16 10:48:38

Have just had the mortgage valuation and it is valued at £100k less than we are paying sad

BrieAndChilli Sat 16-Jul-16 10:53:24

That s a big difference, would the surveyor take into account area/school catchment etc? Or are they just basing it on the size and structure of the house?

pegomassive1 Sat 16-Jul-16 10:59:50

My mortgage survey determined that the house was worth 15k less than what we had initially agreed to pay. I reduced my offer by 15k and it was eventually accepted but I was happy to walk away if the seller didn't accept the lower offer which was a massive factor to the decision. If it's your perfect and forever home I would look to negotiate with the vendor

Northernlurker Sat 16-Jul-16 11:16:44

What are the issues the surveyor has flagged? It does sound like the vendors are riding on the popularity of the area and it's easy for things to get out of hand in that situation.

Ilikedogs Sat 16-Jul-16 17:59:45

I think the main things are the Windows are near the end and that he generally felt small corners had been cut here and there despite a lot of money being spent on decoration .
It is a very popular road in an also very popular area within catchment of an outstanding primary and outstanding secondaries.

I have spoken to the surveyor about it and he did say he would expect everything to be perfect for the price but at the same time if we don't buy it he knows someone else would.

I'm not sure if the mortgage valuation takes area into account. So maybe that's something! We are going to go and see the house again once we have the full survey.

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