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Original poster

Survey undervalued-seller won't budge

24 replies

StressedOuta · 08/10/2019 18:40

Hi
We saw a house we liked, up for offers over 260k. Empty as it'd been previously rented out.
Seller refused to budge on asking price so we eventually offered 260 which was accepted. Our current house is sold stc and we are cash buyers - our house sale has previously fell through twice so we're desperate to get to exchange.
Anyway we had the homebuyers report done and its been valued at 245. There are more issues than what we thought - the porch may need retying (?) and its a non standard construction which may make resale problematic (timber frame, brick outer.) Also signs of damp which surveyor said may have affected the frame, it also has an extension which may or may not have the correct supports?

I've emailed the surveyors to discuss further and I'm waiting for them to get back, however we revised our offer down to 250 but the seller won't budge - at all.

As we're cash buyers we can ignore the valuation but we won't have any spare cash for any repairs, apart from maybe 10k for essentials.

Has anyone ignored their survey and gone ahead? DH is still very keen to proceed but I'm slightly more cautious. Any wise advice?

OP posts:

Wonkydonkey44 · 08/10/2019 18:43

I’d get some quotes in to do the work see how much it’s going to rectify and then walk away if the seller won’t budge.
Do you feel it’s over priced for the area?

BernadetteRostankowskiWolowitz · 08/10/2019 18:45

I'd walk away. Let them know your 245k offer is on the table for ten days.

Original poster

StressedOuta · 08/10/2019 19:07

If anything it's cheap for the area (estate built in the early to mid 1980s.)
There's absolutely nothing else in our price range. DH thinks surveyor is just over cautious - most of the statements are may be, could be rather than anything definite.

I've spoke to the estate agent who said that the vendor had other agents out who valued it at 270 - 280.

Aaaaaagh this is so stressful!

OP posts:

TamarindCove · 08/10/2019 19:23

Was this an independent survey/valuation or the one done for mortgage purposes?

The same thing happened to us, but we were buying a house that needed a fair bit of work and we were intending to live in it for a considerable period of time so it didn’t bother us. When our mortgage valuation came in it was valued at asking price whereas our independent one was 18k less.

You can’t make the vendor budge so it’s simply a case of pay it or walk away.

At the end of the day a valuation is just one persons opinion. It was obviously worth to you what you offered and why should that change just because somebody else didn’t agree with you?

TamarindCove · 08/10/2019 19:27

Our surveyor was also very cautious and covered their backs with lots of maybes and advice to seek further specialist reports.

Passthecherrycoke · 08/10/2019 19:30

Have you had a full survey? I would get one if so to confirm

I sold my house to someone who paid over the survey value as I refused to budge so people do do it

RolytheRhino · 08/10/2019 19:30

Walk away. A rotting timber-framed house is no joke.

blankittyblank · 08/10/2019 19:33

How long are you planning to live in it? It's going to be really difficult to mortgage, so selling on will be tough.

Perch · 08/10/2019 19:37

Walk away, seriously. We are about to move out of a money pit, the relief that it is now someone else’s problem is immense. Also, it is a buyers’ market out there even more so if you are cash buyers.

Perch · 08/10/2019 19:39

Is is like a Potton timber house? Or one of these ‘kit’ houses?

Original poster

StressedOuta · 08/10/2019 20:50

Its a fairly standard mid 80s Barratt house, semi det with an extension. Surveyor said the house is timber framed therefore non standard but the extension is traditionally built.
We're planning on staying in it for the foreseeable future.
We had the homebuyers report as we really weren't anticipating any issues apart from the usual 'minor' things. It was independent as we're not getting a mortgage.

OP posts:

Original poster

StressedOuta · 08/10/2019 20:51

Sorry, meant to say thanks for the replies 😊

OP posts:

misspiggy19 · 08/10/2019 20:52

I would walk away too. You are cash buyers too so ball is in your court

dudsville · 08/10/2019 20:58

I would also walk away. I've only ever bought twice. Both surveys showed lots of possible problems, which we interpreted ad being over cautious, but both times the survey before of the home matches what we were paying for it. Unless it's your dream home or dream location or whatever I'd keep looking. There's no need to rush THE biggest purchase of your lives.

ViserionTheDragon · 08/10/2019 21:01

Another vote to walk away. Perhaps rent short term until the right house comes along...

shiningstar2 · 08/10/2019 21:28

Not sure what the surveyor means by saying that because it's timber framed it's 'non standard'? Surely all of the other 80's Barrett houses in the area will have been constructed the same way and will also be timber framed? If so and these are going for approx £270 thousand you may be already getting it cheaper than similar in good condition. I would see if you can get a viewing on similar at the £270 thousand mark and try to make a comparison before you walk away. Of course you won't have a surveyor's report on a similar house but you could perhaps get more of an idea on whether you think it's worth going ahead. Good luck op.

AthollPlace · 08/10/2019 21:31

I’d walk away from a house with problems unless the seller was willing to accept a low enough price to cover the work.

Magstermay · 09/10/2019 10:45

Could you talk to the surveyor about whether a full survey would be worthwhile? Might answer some of the questions in more detail about work needed.
Is the property mortgageable in the future if non standard construction?

Original poster

StressedOuta · 09/10/2019 11:29

Spoke to the surveyor and he said that particular type of house is known for possible structural deterioration. He also said to get an independent builder out to assess the walls etc, he stressed that we should do this before exchanging.
I think we're going to have a look around and possibly extend our ideal area.
He knows we're cash buyers but said if we came to sell then we'd have a limited market due to the construction method.

He also said there were signs of previous flood damage from the ensuite through to downstairs? I was completely unaware of this!! As well as penetrating damp in various areas.

I think we're going to withdraw our offer - DH is gutted but imo it's just too risky. I told the ea we'd let them know by Friday either way.
Thanks all x

OP posts:

AllFourOfThem · 09/10/2019 11:31

I would withdraw the offer as well.

zonkin · 09/10/2019 12:03

I agree you should walk away. We ignored a survey valuation once as we loved the house so much. Definitely regretted it.

If the surveyor says that you'll have a limited market if you do need to sell it then that is a major red flag.

howabout · 09/10/2019 13:27

Previously rented out houses are almost always cheap for the area because tenants have no incentive to look after them and landlords do the bare minimum they can get away with. IF you get them cheap and have the know how and cash to give them a bit of tlc they can be a good buy but people generally underestimate the required discount. If you were reliant on a mortgage you wouldn't even be contemplating overpaying because you couldn't.

As a cash buyer it is too easy to let your heart rule your head and estate agents and sellers know this.

P1nkHeartLovesCake · 09/10/2019 13:31

I’d walk away! I think that’s the best decision here

TobyHouseMan · 10/10/2019 13:22

If the house has been labeled as 'non standard construction' then its extremely hard to get a mortgage on it. Might not worry you as a cash buyer but when you come to sell it you'll discover that most buyers will be unable to proceed as they too would not be able to get a mortgage. You're then left with a house which is almost unsellable and if it does sell will be far below the price you would expect.

If there is a hint of rotting wood then welcome to the start of a whole series of nightmares.

Walk, no actually run away.

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