Surveyor says house we buying £50k overpriced

[kerala]

Do we walk away?

This is the second house we have got to the survey stage of incurring lots of costs etc and can't believe its going wrong again. Sold our place in London for a good price (agreed price in Jan phew) now squatting with my parents whilst trying to find somewhere to buy in the South West.

Its a lovely Edwardian family house but needs abit of work. I just cant stomach overpaying by that much but DH and MIL think we should press on. Expecting second dd in November. Aargh.

DD had an offer on a flat accepted last week. It is being surveyed tomorrow and now I am worried about it being worth less than we offered. We are actually pleased with the price as she has paid £53.000 less than it cost when it was built in 2005. We are also a bit worried that she will be gazumped at the last minute although the seller is desperate. She has already had an offer fall through. We are Scottish so our system is different to England. If we offer on a property we know we have to through with it, I would like to think the same would go for the other party although I know that is not the case.

Honestly, keep negotiating.

Ask the agent to show you similar properties selling (and this is the key) at similar prices in the same area at the moment. He hopefully wont be able to.

What about applying a bit of pressure, like we can only give you until the end of the week.

Trust me (as a seller) it is a real buyers market right now. You will never have a better chance to pocket 50K for so little effort (unless you rob banks or win the lottery - in which case, 50K is peanuts!)

I would also try and re-negoiate the price.
We're also buying at the moment and our surveyor said the one we're buying was 25k overpriced.We really didn't want to lose the house and to be honest we were going to carry on and buy it for the original price,but then thought it was worth a try and ended up getting 20k off the price and hopefully we're exchaging on Tuesday and moving shortly afterwards.

If renegotiating the price fails, you could try going for a mortgage that lets you pick your surveyor. The first place I tried buying was clearly worth £200k - on an estate where 8 identical properties had recently been sold for around that.

Halifax surveyor from outside London came round and said "Yes, it's fantastic - but ugh, there's council tenants within 500 yards so it's only worth £150k not £200k"!

All local estate agents thought he was a muppet and we went for a mortgage with Bank of Ireland instead (their surveyor valued it at £220k)

As it happened the seller pulled out the day we should have exchanged, but we got a nicer flat on the same estate for much less, because it wasn't done up as pretensiously.

But all that was a few years ago - now I would expect a seller to be a lot more amenable to negotiation.