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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:
Candleabra · 17/02/2023 11:32

Even at 390 I’m not sure that was a good buy with all the issues (and more potentially). You’ve done the right thing

instantpotnoodle · 17/02/2023 11:38

If it helps - we got quotes to fix a range of issues with an Edwardian house - came back in region of 10% of purchase price and uncovered smashed drains, possible subsidence as a result of that, needed a new roof and dangerously bad chimneys. We walked away as vendors wouldn’t budge on price or even negotiate on it. It’s just been relisted and I’m sure they’ll get the same issue again!

GasPanic · 17/02/2023 11:39

From what info you posted a good decision.

There will be other places at better value.

sarahc336 · 17/02/2023 11:39

From someone living in an old property damp and possible drain issue you've five right to walk away, trust me that will be a big problem op

Original poster
Winniepoo · 17/02/2023 11:39

I don't think the lower offer is what spooked them, I think it was the fact we said regardless of price we wouldn't go ahead until we had a quote to fix the damp and drainage. I was going to post you a link to the house on Rightmove. It was there yesterday as sold STC.

This morning they've taken it off Rightmove completely! If it was the price they'd have just put it straight back on. I reckon they're going to have work done to it and the problems may be worse than we thought. We've dodged a bullet. FFS am middle aged, when will I learn to trust my gut!

OP posts:
Salome61 · 17/02/2023 11:48

Well done Winniepoo, the seller will have been shocked the house was priced at £390K and it's a knee jerk reaction to remove it from the market. My buyer's lender valued my house at £0 until I had a damp/timber survey, it's very stressful and I feel for both of you. Onwards and upwards, you have been courageous and since my husband died my mantra is 'everything will be alright in the end. If it's not alright, it's not the end' :)

Original poster
Winniepoo · 17/02/2023 12:06

Salome61 · 17/02/2023 11:48

Well done Winniepoo, the seller will have been shocked the house was priced at £390K and it's a knee jerk reaction to remove it from the market. My buyer's lender valued my house at £0 until I had a damp/timber survey, it's very stressful and I feel for both of you. Onwards and upwards, you have been courageous and since my husband died my mantra is 'everything will be alright in the end. If it's not alright, it's not the end' :)

Thank you, I'm sorry you lost your husband, I hear his words xx

OP posts:
Candleabra · 17/02/2023 12:57

We've dodged a bullet. FFS am middle aged, when will I learn to trust my gut!

You did trust your gut though. You’ve walked away. Well done for making a difficult decision, house buying is a ridiculous process.

rainingsnoring · 17/02/2023 13:35

Sounds as if you have made the right decision @Winniepoo
I wonder if the current owners are aware of the damp problems already.

Tessasanderson · 17/02/2023 13:41

You have done the right thing. Maybe do a little bit more homework in future to save you and the vendor some time.

If you like a house, look at similar others in the area. Look at how much others have sold for. If its in recent times then expect to pay less now because the market is stalling. Etc etc etc.

The mortgage valuation stopped you making a mistake this time.

FirstnameSuesecondnamePerb · 17/02/2023 13:45

They may well just re list.
When we sold our last house, the buyers got the "drive buy" valuation survey.

AliceS1994 · 17/02/2023 14:07

Zoopla is rubbish, ignore it. Please listen to the mortgage valuation. I would defo try and drop the offer, are you prepared to drop out if they don't agree?

AliceS1994 · 17/02/2023 14:11

Missed your update. Well done for sticking to your guns. You will find something better, the market is turning on your favour! The estate agents have a lot to answer for, I'm sure the vendors are very disappointed also, perhaps relisting with another agent?

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