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If the survey values the property lower than the price you offered...

(10 Posts)
LovingTheSunshine Wed 03-Jun-09 14:37:08

...have any of you tried to renegotiate the price down? Thanks

queenrollo Wed 03-Jun-09 14:46:41

this happened to us a few weeks ago.

Valuation came back a whopping 15,000 lower than our offer shock.....we phoned the agent and explained some of the major reasons pointed out in the survey (in our case wood-worm in roof timbers and damp problem)and offered £2000 above the valuation with a view to negotiating some of that extra down to help pay for the wood-worm treatment etc
We had no choice as we are taking out a 90% mortgage and simply couldn't afford any more than that. Our seller accepted our offer.....

WorzselMummage Wed 03-Jun-09 14:49:13

This happened to us 4 years ago, the mortgage company refused to give us the amount we had offered as they valued the house at 10k less.. They either had to drop the price or the house sale would have fallen though.

Good for us, not so good for them.

queenrollo Wed 03-Jun-09 15:00:45

when our valuation came through we did some research and found it is very common when the housing market is in decline as it is at the moment.

LovingTheSunshine Wed 03-Jun-09 19:12:39

Thanks everyone, have more questions but think they warrant a new thread.

noddyholder Wed 03-Jun-09 19:14:23

You can definitely renegotiate the price

lal123 Wed 03-Jun-09 19:16:06

happened to us - survey came back 20K less that we offered, we offered £10k over that and they turned it down. We didn't buy it. The house is still on the market over a year later and for £10k less than we'd offered.

KathyBrown Wed 03-Jun-09 22:17:28

Absolutely, do not pay over the building society valuation, you'll regret it.

Jampot Wed 03-Jun-09 23:52:13

i would definitely renegotiate down, the house we're in at the moment has been sold stc and due to complete in 2 weeks, the landlord has telephoned me tonight to ask if the valuer can come round on friday. As far as I was aware he was round about a month ago. I suspect a drop in offer is on teh cards, the house was originally on market for 365, dropped to 345 and they accepted 305

LyraSilvertongue Wed 03-Jun-09 23:55:35

Happened to us twice last summer while we were trying to buy the house we're now living in. The sellers were not prepared to go down to what the survveyors were saying the place was worth (even we thought the valuations were too low). we ended up going through three valuations till we found one that agreed with the price we were paying. Complete nightmare but we got there in the end.

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