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Property/DIY

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Original poster

Valuation survey came in at 10,000 under what we have offered - what now?

23 replies

Lottapianos · 14/08/2013 20:29

Valuation survey has valued the house at £230,000. We have offered £240,500.

We are first time buyers and really not sure where to to from here. Can we go back to seller and see if he will knock something off what we agreed, maybe not the full ten grand but may be worth a try? The other options are to find an extra 7 grand for the deposit or to take the hit and pay a higher rate for our mortage.

All advice welcome - thanks

OP posts:

TerrysNo2 · 14/08/2013 20:42

If the Bank has valued it at that, why would you pay more?

Unless they have made a mistake then you need to make a decision as to whether the house is worth any kind of premium.

If it was me I would be using that information to get the price down to £230k

thehairybabysmum · 14/08/2013 20:47

I also would be offering £230, 000 and no more.

MousyMouse · 14/08/2013 20:47

you have a few options

suck it up and just pay the difference yourself (but I really only would do that if the difference is relatively small, like 1000 and you really really want the house)
re-negotiate with the sellers
walk away

a friend who works at a bank told us that they on principle value houses a couple of thousand lower than offered. but I don't know if that is just a tale...

rubyrubyruby · 14/08/2013 20:56

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Original poster

Lottapianos · 14/08/2013 20:58

And what did you do ruby? Renegotiate?

I'm thinking we should contact the seller and renegotiate. He may not knock the full 10 grand off but may meet us halfway at 5 grand off, which would all help.

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rubyrubyruby · 14/08/2013 21:01

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lucidlady · 14/08/2013 21:02

You may find it impacts your mortgage offer. Talk to the bank first to check.

Original poster

Lottapianos · 14/08/2013 21:02

Fair enough if you can afford it - hope it works out for you

OP posts:

Geordieminx · 14/08/2013 21:06

If you pay that then you are in negative equity before you start really?

I think the seller will re-negotiate as if they don't this problem will arise with the next people to put an offer in.

You really shouldn't pay more than its worth unless its a forever house...

"Can you tell me how much those shoes are please?"
"Certainly madam they are £65"
"Great, I'll give you £100"

Nah.....

rubyrubyruby · 14/08/2013 21:09

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Original poster

Lottapianos · 14/08/2013 21:13

You are all right. It's not a 'dream' house, it's probably not our 'forever' house - it's a nice house that we both feel we could be very happy in. Nothing more. Not worth an extra ten grand.

We have no chain and mortgage has been approved. Surely seller would be mad to walk away, as he will be in this position with any other buyer?

Going to go in hard and push for a reduction to £230,000

Thanks all for advice

OP posts:

rubyrubyruby · 14/08/2013 21:18

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Original poster

Lottapianos · 14/08/2013 21:20

We need it! Thanks

OP posts:

Bumbez · 14/08/2013 21:22

Ours was valued at £15.000 less too ruby the vendor wouldn't drop his price, (though we did try) it would have cost us nearly as much to walk away and rent for 6 months. We've been here nearly a year.

Good luck OP

soverylucky · 14/08/2013 21:38

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rubyrubyruby · 14/08/2013 22:08

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SquinkiesRule · 15/08/2013 00:13

Ours came in 11,000 under the price we were asking, so we have re priced it and the sale is continuing. The buyer is going to pay the full valued price for the house (which I think was undervalued but hey ho) Supposed to close in 2 weeks.
I'd go back and offer the price it was valued at and no more, no bank is going to expect you to pay even more and the vendors would be silly to think anyone would want to.

Original poster

Lottapianos · 15/08/2013 15:33

Estate agent meeting with seller tomorrow - thinks he 'may meet us half way' so would accept offer of £235,000. That still sticks in my craw because the bank has said it's worth £230,000. FFS.

Building survey came back - loads of work needs doing Examples - rotten door frame in bathroom, rotten front door (which we had noticed and planned on changing), walls may need re-plastering, kitchen roof (extension) needs re-doing. There was also loads of stuff they couldn't check like drains and guttering. It's a Victorian property so there could be loads more.

Getting a second opinion from a quantity surveyor who works with a family member of mine. Also starting to panic that kitchen is way too small. Oh Christ, I'm sick of this! Terrified we're going to buy a property that will eat up every spare penny for the next ten years

Also suffering with depression and anxiety at the moment so not at the top of my game. Have looked at rental properties but we would be paying 50% more than what what we're paying now (have a really good deal where we are currently, rent and bills included. Can't stay as landlady is selling).

Thanks for reading and for advice so far

OP posts:

SquinkiesRule · 15/08/2013 21:10

I'd walk away if they don't come down, no way I'd pay over the odds for a house that you know is in need of all kinds of work.
My Dh had fixed every little annoying thing he could find before we even marketed it. No rotten wood anywhere and all in pristine condition, so we are getting as much as we could possibly get for it. Only way we'd get more is if we put in a whole new kitchen and appliances with a granite counter top and no way are we even thinking of doing that.

alwaysinamuckingfuddle · 15/08/2013 21:42

We had same problem on house we wanted to buy except we offered £265k and it was valued at £250k so also had stamp duty implications.

Vendor wouldn't budge on the price and the surveyor who did the valuation told me it wasn't worth the money and to walk away. We did and I'm really glad we did as the house we ended up with was far better!

Good luck.

rubyrubyruby · 15/08/2013 22:58

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mashpot · 15/08/2013 23:08

We had this 2 years ago. Agreed to buy at £270k but bank valued it at £260k. The market was moving quick, we had sold our flat and I didn't have time to waste. We renegotiated to £265k and paid a bit extra into the deposit. Sometimes needs must. It was absolutely not our dream home and here we are looking again but the flat has just been valued at 90k more than we paid.

I'm not trying to convince you to go ahead but a survey will ALWAYS find lots of things wrong with a property. Don't ignore it but do employ a bit of common sense as to what really needs to be done.

Original poster

Lottapianos · 19/08/2013 12:53

Update - we have decided to walk away. The buildings survey was a total disaster - half the house would need pulling apart. Disappointed but also a bit relieved that we're not getting stuck with a money pit. You were right ruby - not the house for us!

So now we have 10 weeks to find somewhere else....... Back to pounding the pavements and viewing viewing viewing

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