renegotiating the price

[gg12346]

hello all
cut the long story short ,we had put the offer on the house and after valuation the property comes around 37k less .So there is a difference of 37 k .We shall negotiate but what would you do

It really depends on the current demand in the area you're in - if they pulled out, how difficult would it be for you to find another property? How easy would it be for them to find another buyer?

How much do you love the house, and what's the chain situation?

What did you offer for the house? What % of the offer is £37K and why was it undervalued?

I wouldn’t pay more than it was worth so would negotiate and if they wouldn’t lower then I would pull out

the house was valued at 400k and we have offered 437 this is exlcluding stamp duty since the seller is not chain free and will take time to close his own house .So adding 16 k more we shall be paying 443 for a house which will be valued at 400k

What was the house on the market for? Is there any other houses in the area similar you can compare against?

When we sold our old house the surveyor said our buyer had overpaid but it was a standard price for the house in the area. For our house 5/10mjns down the road he was right but the area we moved from was well sort after. We had an offer 5 days after being in the market and other houses sell and sold for similar prices.

Guess it comes down to, is this your forever home? Is it’s a dream house in the dream location as then you can’t put a price on that esp if you live there for another 40 years

We were in this position and the bank refused to mortgage if they didn't lower price. She wouldn't budge.

We ended up going to a different mortgage company who used a different surveyor and it cake in at offered price.

Get a different mortgage valuation, unless you can only go with this mortgage provider? Also, stamp duty is a tax, so whilst it comes out of your pocket and should be budgeted for it isn't reflected in the house price.

The stamp duty is irrelevant.
Why was it valued lower? Are there any issues that need resolving?
I am very wary of these valuations - we had our home valued six months apart and first one valued it at £1.6m, second at £1.8. The area had not increased by anything like that. It's a guesstimate.

I wouldn't pay more than it was valued for :(

I do think valuations can be unfair, it's one person's decision on the day after all.

I'd consider your price in relation to what else you could get for the same money - could you find an alternative comparable home for the £437k? And what does £400k get in your market?

If you think it's still a decent buy at the higher price (and particularly if you plan to stay a while) then surely it's worth putting more in if you can (vendor might split the difference?), or consider an alternative lender.