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crashdesk2

Valuation/offer Difference

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Hi,

I put an offer on a house and had the house surveyed. The surveyor has done a report and the house is valued at £5000 less than what I offered. Any advice, apart from the obvious, which is to not pay any more than my offer, minus £5000. Has anyone ever experienced this and have th evendors been receptive?

Thanks!

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Hi,

I put an offer on a house and had the house surveyed. The surveyor has done a report and the house is valued at £5000 less than what I offered. Any advice, apart from the obvious, which is to not pay any more than my offer, minus £5000. Has anyone ever experienced this and have th evendors been receptive?

Thanks!

This was fairly common before the boom.

The normal action would be to lower your offer by £5k and see how the vendor reacts. If the vendor wants you to stick to the original offer either walk away or accept that £5k of your deposit will be gone on completion.

The other option is to walk away and start bidding lower on other properties, remember the HPC rule that if your not embarrassed by an offer it's too high ;)

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Hi,

I put an offer on a house and had the house surveyed. The surveyor has done a report and the house is valued at £5000 less than what I offered. Any advice, apart from the obvious, which is to not pay any more than my offer, minus £5000. Has anyone ever experienced this and have th evendors been receptive?

Thanks!

This is happening all the time! You should not be tempted to pay above the surveyors valuation. The Vendor probably will be receptive or they are very foolish. Remember that this sort of mortgage valuation will most likely happen again if they refuse your lower offer. The EA will probably tell them that while telling you they won't budge to see if you walk.

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Hi,

I put an offer on a house and had the house surveyed. The surveyor has done a report and the house is valued at £5000 less than what I offered. Any advice, apart from the obvious, which is to not pay any more than my offer, minus £5000. Has anyone ever experienced this and have th evendors been receptive?

Thanks!

Out of interest who employed the valuer (which bank or Building Society. I imagine you will get the house at the value the surveyor put on it.

Edited by BelfastVI

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My rule would be to withdraw your current offer, and offer 10% below the new 'value'. House are not selling well at current valuations so I would assume that is wrong also.

Assuming you are getting a mortgage, the bank will want you to provide the overprice as cash equity/deposit on top of their minimum requirement deposit, so your deposit required just went up £5000. This is what is happening with Titanic quarter buyers, the value has dropped and they are contracted to buy at the agreed price so they have to come up with the cash to cover the overprice.

Edited by Ride_on

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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