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  1. Hi, Another update and probably a reason why EA's are the most hated people in the country. To update our situation for 3 days we were trying to re-negotiate the price of our house due to the survey. We were going around in circles admittedly but over the weekend we really did want to sort it out. I rang the EA on Friday and Saturday on a few occassions and only got to speak to him late Saturday as he was too busy with viewings. We had a phone call from a friend on Saturday night to ask why we had pulled out of buying the property. When I explained that we hadn't and we were trying desperately to sort out a 'correct' price for the property he said that he had gone in to the EA that morning asking about properties and been told that 'our' house had come back on the market and that the sale had fallen through. He was advised that the asking price was 485K but due to the fact that an early sale is required due to 'me' pulling out unexpectedly then an offer in the region of 440K would probably secure the property. They viewed the house on Saturday and like it!!!!! (probably viewing it the same time that we were trying to contact the EA to finalise the matter). I explained to my friend that our survey only came up at 385K which is why they would gladly take 440K, I don't think they are interested anymore. It is funny however that no mention of any of this was made to me when I spoke to the EA on Saturday evening. TBH I am not sure whether I am completely furious about the whole thing or whether I am completely in awe of the depths that EA's can actually sink to and am lucky that this is the first (and hopefully) last time that I ever have to deal with EA's. What I actually would like is feedback as to what I should do now and, although I doubt it, whether I have any sort of comeback with the EA.
  2. A quick update on the situation, the Vendor has turned down the 385K but has said that he would be willing to negotiate further. What would other people do in my position. The survey says 385K, my original offer was 435K (50K difference) however I am very reluctant to offer any more than 385K. Naturally I expect the answers to be 'just pull out' however if I still want the propoert how should I play it. If I am really pushed I would pay up to 400K but not a penny more.
  3. Hi all Thank you for the replies, my OP was a genuine post and I have been back in touch with the EA reiterated my offer to purchase at 385K less the cost of any major work that may be required. I have faxed them a copy of the valuation page of the report only (no further details just the valuation page) and they will be approaching the vendor offering as above. I do think the housing market has some way to fall from where we are now however we have no mortgage and quite a bit of money sat in the bank doing nothing. We have acheived a good price for our house (about 12% off peak) and my wife has seen this house that she loves (I can take it or leave it to be honest) and I have no problem with them not accepting the offer as I will just walk away, in the same time satisfying my wife that I have offered the amount that the house has been valued at with the vendor not being interested in selling at the correct rate. I would not need a mortgage if the offer of 385K was accepted. (I would need a small one for 435K).
  4. Hi, I am a buyer who offered 435K for a property on the market for a house on the market for 490K, to cut a long story short survey came up as a value of 385K (50K short) also numerous problems with timber/damp etc I contacted EA to say that my offer has changed to 385K due to survey and was made to feel that I was 'trying it on' and that the valuer did not know what he was on about and didn't understand the local area etc etc I did get the EA's back up a bit when I suggested that I would prefer to listen to the valuation of someone I have paid to carry out a survey rather than anyone else's valuation and suggested that maybe the problems identified by the surveyor were not picked up by the EA when carrying out the initial valuation. To which she did obviously agree. I reiterated that my revised offer was now 385K however the EA insisted that she could not pass this on to the vendor as she would need to see proof of the lower valuation and details of the defects identified as if I was not telling the truth and the vendor later found out that the survey did not say this that the EA would be liable for the 50K deficit. I did remember seeing on the survey that it was for my and my legal representitive's use only and I phoned the surveyors office and was advised that it is not recommended that I give a copy of the survey to anyone other than my representitive. I am now confused as the EA will not pass the offer on but my giving them a copy of the survey I would be compromising my own position. I would like to purchase the house but for no more than the market value of 385K. Any suggestions.
  5. Hi, I am one of the newbies who actually wants to buy a house and was after opinions on what I could realistically offer. House was sold for 575K in May 2008 but now on market again for £525K. The man who is selling it is stating he is moving abroad so don't know how desperate he is to sell. By looking at various indexes the house would have fallen in value by somewhere in the region of 13% since it would have been valued last March (I have assumed the offer of £550K was made 2 months prior to exchange) which would leave it as being 'valued' at 500K. I am in a reasonable position with an offer being accepted on my house and (with the proceeds of the sale and my 'cash deposit') have £400K to spend before I need to start looking at a mortgage. I am hearing predictions of houses being sold for approx 88% of the asking price and house prices set to fall by an average of 15% this year therefore would an offer of £425K (a 15% reduction on my value of the house but a 19% reduction from the asking price) seem to be reasonable. Any opinions/advice would be greatly appreciated
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