Property down valued and points from survey

[Harry116]

Hi all,

I am in the process of purchasing a house and the seller is a emotional but also difficult ie comes across argumentative and doesn’t believe what we say.

Any ways
The bank did a valuation which has gave a worth 12% lower then offer - told EA and waiting to here back

But on top of this our private survey also said the worth was lower but in addition listed major points estimating these be £30k told the EA this but not the estimate as need professional advice there
Roof/chimney/internal walls/ceilings/full rewire/pointing/windows

The area is great and why we holding out.
Another fully modernised top spec house 2 doors down went for sale 18 month ago at a lower price then our banks valuation.

Am worried they may adjust to new value but not negotiate over these other issues.
The neighbour has even said they are asking too much

Any advice on best approach?

The down valuation takes into account current issues and work needed

Are you happy to go ahead at -12%?

@NewbieManager

The down valuation takes into account current issues and work needed

Are you happy to go ahead at -12%?

Hi

I was under the impression it didn’t go into that much detail and was just a value as they didn’t do a survey just value based on area and size

I would send a copy of valuation through so there's proof of what they valued at. I think its very unlikely they will go down 12% and then a further £30k. The valuation should already take that into account. You can ask but they might just go back on market.

Surveyors often include a lot of things as warnings they may need doing rather than they do need doing. It may be worth getting specialists out to see. Ours said roof needed redoing, we called roofer out and he said it didn't and 10 years on its still fine and no issues. It's often it doesn't meet current building regs as built before.

Hi @SilkieCat

Yep I have requested the valuation from bank they said as it was a free valuation will not share for the purpose of estate agent but have confirmed in writing the worth they valued at. This is with the EA now.

It makes good sense what you say with the survey and yes likely wouldn’t budge further.
It’s never clear if it’s over confident EA or the expectations of vendor are high

I will ask all the same because as they say “don’t ask don’t get”

If it’s a no we will weigh up the pros and cons of continuing - great thing is am in no rush or pressure or chain.