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Original poster

Are we overpaying?

88 replies

Winniepoo · 16/02/2023 22:33

Am a couple of weeks away from completing on a new house but am now worried we're overpaying. We had an offer of 470k accepted but Zoopla estimates the house at 390k - 440k and the mortgage offer from the company has a valuation of 390k, what should we do?

OP posts:
converseandjeans · 17/02/2023 09:30

I would pull out tbh as there are various problems which will cost loads to resolve. I think £470k when one sold recently for £390k is way too much.

GoodChat · 17/02/2023 09:33

Was the plan for this to be your forever home?

I would pay over the odds for the perfect home but id assume it's not the perfect one if you're prepared to pull out.

teachingbean · 17/02/2023 10:15

If you're set on the house then I would go back with what the survey has shown and what the mortgage company have said. I would offer around £400 mark no more.

Then be prepared to go up to £405 and walk.

Do you know if they are moving on and what situation is?

We had similar when we sold our house but our buyers totally took the mickey - they waited until we were 2 days from exchange. They dropped offer on basis of 'nigggles' from survey by about £15k. I was livid because I had had so many similar offers but 'choose' them as first time buyers etc.

We agreed on drop of £4.5k. I'm still furious. The house was worth original offer.

Just be prepared to walk.

Original poster
Winniepoo · 17/02/2023 10:34

I did it, we've put a revised offer in of 395k and we are prepared to walk away 🤷🤦‍♀️ will let you know how it goes!

OP posts:
GoodChat · 17/02/2023 10:39

Winniepoo · 17/02/2023 10:34

I did it, we've put a revised offer in of 395k and we are prepared to walk away 🤷🤦‍♀️ will let you know how it goes!

£85k is a ridiculous drop and less than the survey value. You're taking the piss with that.

teachingbean · 17/02/2023 10:41

@GoodChat

Errrrr have you read the posts? Valued at £390

GoodChat · 17/02/2023 10:41

teachingbean · 17/02/2023 10:41

@GoodChat

Errrrr have you read the posts? Valued at £390

I thought OP had offered £385k Blush sorry OP.

RudsyFarmer · 17/02/2023 10:42

Agree that Zoopla is a nonsense. You’ll be better off looking on Rightmove and seeing what similar properties in the area sold for recently.

As an aside I think you need to decide how much you want the property. Lots of people pay over the odds to get the property and location they want, particularly if those properties don’t come up get often. Plus you need to consider whether your mortgage company giving a lower estimate will prevent you from buying the house anyway.

Original poster
Winniepoo · 17/02/2023 10:43

GoodChat · 17/02/2023 10:39

£85k is a ridiculous drop and less than the survey value. You're taking the piss with that.

Show quote history

Are you the owner of the house 🤣😁 no it wasn't, the mortgage valuation was 386k, we've offered 395k so 9k over the valuation.

OP posts:
GoodChat · 17/02/2023 10:43

@Winniepoo yeah I already apologised. I misread your new offer.

Original poster
Winniepoo · 17/02/2023 10:43

The survey didn't give a valuation, just a list of issues that need fixing 🤷

OP posts:
Ecoo · 17/02/2023 10:48

Winniepoo · 17/02/2023 10:43

Are you the owner of the house 🤣😁 no it wasn't, the mortgage valuation was 386k, we've offered 395k so 9k over the valuation.

Show quote history

Is 386 the amount of mortgage?

teachingbean · 17/02/2023 10:49

Winniepoo · 17/02/2023 10:43

The survey didn't give a valuation, just a list of issues that need fixing 🤷

Keep us updated. You've done the right thing

GasPanic · 17/02/2023 10:52

Feels to me like you haven't so much as dodged a bullet as managed to jump 20ft away from a giant hand grenade.

Good luck with your new offer.

CottonSock · 17/02/2023 11:00

Someone I know selling recently had to take a drop of 85k.

Original poster
Winniepoo · 17/02/2023 11:01

Oh god, the sale has fallen through, they weren't willing to come down AT ALL! It's crazy, tell me I've done the right thing, I feel sick. It was too much wasn't it? Shit we visited the school and everything, back to the drawing board. Thank you all x

OP posts:
squtable · 17/02/2023 11:02

The valuation being 80k would really worry me!

hotfairballoon · 17/02/2023 11:02

In this climate, with a mortgage down valuation and dodgy survey on your side, you have DEFINITELY done the right thing

Soapyspuds · 17/02/2023 11:02

They are going to think you are both an unreliable buyer and a piss taker for dropping £85k. Suggest you start looking for another property because the chance of you getting this one is about nil.

GoodChat · 17/02/2023 11:03

Winniepoo · 17/02/2023 11:01

Oh god, the sale has fallen through, they weren't willing to come down AT ALL! It's crazy, tell me I've done the right thing, I feel sick. It was too much wasn't it? Shit we visited the school and everything, back to the drawing board. Thank you all x

You've done the right thing if they want an amount you weren't comfortable paying.

C4tastrophe · 17/02/2023 11:03

Winniepoo · 17/02/2023 10:43

The survey didn't give a valuation, just a list of issues that need fixing 🤷

The mortgage company gave the valuation. Whether that was an over the phone or drive by, we don’t know.

I think the reduced offer is also the correct thing to do.
The vendors now have the valuation, and feedback from the survey.
IF they are pragmatic, they’ll realise if they lose you, all new potential buyers will have the same information, and they’ll face the same situation, if they even get any offers.
It would have to be an exceptional property to even price it at 10% over valuation.

CottonSock · 17/02/2023 11:03

Sorry to hear that OP. There will be other houses though. I think you did the right thing especially with the mortgage valuation.

Soapyspuds · 17/02/2023 11:03

Oh god, the sale has fallen through

And you are actually surprised? Jesus fucking wept.

squtable · 17/02/2023 11:04

@Winniepoo in this economic climate unless you are minted you absolutely made the right decision.

squtable · 17/02/2023 11:06

tbh in any economic climate I wouldn't pay so much more than the mortgage valuation

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