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Original poster

Pull out of house purchase over surveyor pricing?

10 replies

QwertyBert · 26/11/2022 19:48

Hello

Just looking for a sense check. We had an offer accepted on a property in September, 5% over asking due to a bidding war.

Things have taken a while to progress but the valuation survey came back 3 weeks ago bang on our offer price. We had a full structural survey done this week and all was well but it valued the property 8% lower than our offer. We know that the previous sale fell through because the buyers tried to negotiate the price late in the day so that’s not an option.

I love the house (it’s the forever home dream) but I don’t know the area (although it’s close to transport links and a lot closer to family and friends).

Could the discrepancy in surveyors estimates just be down to the current market / crisis? The thought of overpaying by over £50k and jeopardizing my kids future is keeping me awake at night.

any advice? Please be kind, I’m an absolute nervous wreck.

OP posts:

Blueroses99 · 26/11/2022 19:53

If I lived the house enough for it to be my ‘forever home’ and I could afford it, I would go for it. Fluctuations in the market will adjust over the long term. I would have thought the fact that there was a bidding war indicates that you are not paying over the odds.

Blueroses99 · 26/11/2022 19:54

Loved, not lived!

TaraRhu · 26/11/2022 20:07

Just go for it. Trust the valuation surveyor over the structural. If you got in a bidding war you are buying a property in a very desirable place and a few percent will undoubtedly be recouped in a few years.

When you get in you really won't care. It sounds flippant but in the scheme of things the difference in valuations isn't that huge. If you were way off the mortgage company wouldn't lend you the money anyway.

We paid £30k more for our house thank our neighbours. Arguably theirs is in better condition. But we needed to move for school and we had a buyer for our old place. Property isn't a guaranteed money maker so you need to see it as a home too. So long as you aren't loosing money it's a goer. Markets change he all the time too. So even though we paid £30 more for ours than next door we may sell it for more than they do. Who knows!

It is scary but it's more than money.

Fleur405 · 26/11/2022 20:11

If it’s your forever home then the likelihood that it will be worse less than you paid for it in say 30 years, is very small. Yes the market fluctuates buy the long term trend is always up. As long as you can afford it I wouldn’t worry too much.

Stripedbag101 · 26/11/2022 20:17

How would it jeopardise your children future? Are you planning on flipping the house?

Ilikewinter · 26/11/2022 20:22

QwertyBert · 26/11/2022 19:48

Hello

Just looking for a sense check. We had an offer accepted on a property in September, 5% over asking due to a bidding war.

I love the house (it’s the forever home dream) but I don’t know the area (although it’s close to transport links and a lot closer to family and friends).

Could the discrepancy in surveyors estimates just be down to the current market / crisis? The thought of overpaying by over £50k and jeopardizing my kids future is keeping me awake at night.

any advice? Please be kind, I’m an absolute nervous wreck.

I would be worried about over paying for a house in an area you dont know ...... I hope that doesnt turn out to be an expensive mistake.

ChicCroissant · 26/11/2022 20:38

There has been an offer on the property before, there was a bidding war this time, it's closer to family, the dream forever home and the mortgage thinks it was worth 5% over the asking price - that all seems pretty positive, but you are focusing on the one thing that doesn't match all that. How it would 'jeopardize' your children's future is not clear from your post. It sounds like spiralling anxiety to me. I don't see why you shouldn't go ahead with the purchase, but you don't want to focus on the many positives that you've listed here.

Curlyfifteen · 26/11/2022 23:08

Ask yourself how you feel if you loose it. If you don't mind, negotiate. If you do, buy it. All i would say is valuations are an art not a science so there is no precise “value” of a property.

if you negotiate i think your better to review your survey and see if reasonable works that might need doing that you can negotiate with rather than valuation.

its hard to find a dream house and if this is yours its worth doing what you can to get it. We lost out on some “dream” homes and got a nice one instead but not a “dream” one. So consider that.

prices go up and down, all house buying is risky u cant avoid it. But probably less risky than you think.

HealingbyFeeling · 26/11/2022 23:49

An 8% swing isn't very much. It wouldn't worry me, valuations aren't an exact science and 8% seems a reasonable variation and within limits.

If. It's amplifying other doubts you have maybe reconsider.

RandomMess · 27/11/2022 00:07

What has the surveyor found to lower the valuation?

Do you have other doubts?

You can go back to the vendors with the report and ask them to meet in the middle. Sure they may say no but then they would be risking it falling through again and it happened. In the future for the exact same reason.

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