About To Buy!

[longtomsilver]

Just had the valuation surveyor round to the 3bed semi we are looking to buy. The vendor is being sticky on the price. The surveyor has said that there is a major damp problem (not of the rising kind), house needs a complete rewire and new windows with ventilation.

Wife says will that affect the valuation ?

Unbelievable!

[Harry Monk]

My guess is he will downvalue it by £20,000, which is good news for you.

[Number79]

Just had the valuation surveyor round to the 3bed semi we are looking to buy. The vendor is being sticky on the price. The surveyor has said that there is a major damp problem (not of the rising kind), house needs a complete rewire and new windows with ventilation.

Wife says will that affect the valuation ?

Unbelievable!

u walking away?

[Georgia O'Keeffe]

Just had the valuation surveyor round to the 3bed semi we are looking to buy. The vendor is being sticky on the price. The surveyor has said that there is a major damp problem (not of the rising kind), house needs a complete rewire and new windows with ventilation.

Wife says will that affect the valuation ?

Unbelievable!

offer a curly wurly but take along a crunchie aswell just in case the vendor plays hardball

[Hat]

Just had the valuation surveyor round to the 3bed semi we are looking to buy. The vendor is being sticky on the price.

DON'T ******ING DO IT

[longtomsilver]

u walking away?

That is what any rational minded person would do and I would love to walk away. My wife is still determined as ever though.

Harry, lets hopes so. When I tried to get the selling price down the vendor matter of factly told me that he was on a low interest rate mortgage so could afford to hold on and wait for the market to pick up and get a better offer. So i've been doubly screwed by BOE base rates

[mikthe20]

 You're posting on the wrong forum. You need to go to MSE and post a "My surveryor has undervalued the house - how can I get them to put the valuation up so I can pay what the seller is asking?" thread there. That should keep the missus happy. HTH. 

Edited December 14, 2010 by mikthe20

[Harry Monk]

I wonder what would happen to house prices if women didn't exist?

Well, if they hadn't insisted on the right to work back in the 1960's, I very much doubt it would take two incomes to pay a mortgage now.

To the OP, if the valuer downvalues it then simply explain to the vendor that that is all they will lend you, because that is all it is worth and any future surveyor acting for any other interested party will simply do the same, so if he wants to sell it then here is his opportunity to sell at a valuation which the valuer considers to be correct.

[R K]

I wonder what would happen to house prices if women didn't exist?

That's a whole other thread and probably planet.

Sales of roll top baths would plummet too.

[Guest_James Toney_*]

get them to knock off 10%

[Number79]

That is what any rational minded person would do and I would love to walk away. My wife is still determined as ever though.

I know how women love spending money but when you point out that it needs £4-5k for the electrical work, £5-8k for windows and unknown for damp issues would that sway her? If not then you can try pointing out that none are small or quick jobs and mean living in a building site while works are done.

[longtomsilver]

I know how women love spending money but when you point out that it needs £4-5k for the electrical work, £5-8k for windows and unknown for damp issues would that sway her? If not then you can try pointing out that none are small or quick jobs and mean living in a building site while works are done.

Thanks Harry - i'll 'bear' that in mind

+1 for Hotairmail

Richyc - I'll have a frank chat with her when she gets home from work. I wouldn't have minded so much if it was just her name on the mortgage (this was my original plea bargain) however my name had to go on as well to secure it.

[nohpc]

That is what any rational minded person would do and I would love to walk away. My wife is still determined as ever though.

Harry, lets hopes so. When I tried to get the selling price down the vendor matter of factly told me that he was on a low interest rate mortgage so could afford to hold on and wait for the market to pick up and get a better offer. So i've been doubly screwed by BOE base rates

How long is the vendor going to be able to live in a house with major damp that needs rewiring and new windows before he has to stump up the money to put them in himself in anyway?

Fighting your wife in this one might be difficult but you just have to be firm.

[Kyoto]

How long is the vendor going to be able to live in a house with major damp that needs rewiring and new windows before he has to stump up the money to put them in himself in anyway?

Fighting your wife in this one might be difficult but you just have to be firm.

Ask your partner to work out how long it will take to save up the money you need to put it right as cash. People don't see it as real money when it's mortgaged for some reason.

And I would 100% tell the guy you are walking away to find his limit. You can always go back to him a few days later if he does let you walk. Which he won't.

Please for once listen to people on this site and save yourself £10k+ with just a tiny bit of negotiating nouse. I would love it if you came back on here having secured a saving of 1 year of mortgage payments by negotiating well.

[tomwatkins]

Thanks Harry - i'll 'bear' that in mind

+1 for Hotairmail

Richyc - I'll have a frank chat with her when she gets home from work. I wouldn't have minded so much if it was just her name on the mortgage (this was my original plea bargain) however my name had to go on as well to secure it.

A surveyor will value rebus sic stantibus (as it stands). He does not (or should not) "value up, or value down". It really gets my goat when people use this phrase. He isn't there to spot future trends one way or the other.

If the Missus doesn't like it then tuff say I (and I speak as a recently divorced geezer).

Tom MRICS

[tomwatkins]

I know how women love spending money but when you point out that it needs £4-5k for the electrical work, £5-8k for windows and unknown for damp issues would that sway her? If not then you can try pointing out that none are small or quick jobs and mean living in a building site while works are done.

BTW mould can be a health hazard. Tell the wife that and she might just listen to sense.

[Caveat Mortgagor]

Harry, lets hopes so. When I tried to get the selling price down the vendor matter of factly told me that he was on a low interest rate mortgage so could afford to hold on and wait for the market to pick up and get a better offer. So i've been doubly screwed by BOE base rates

He can only see half the story. He can hold out for now. When base rates go up, he will have to bring his price expectations down to meet what the market dictates.

Has he considered what an increase in interest rates will do to the market value of his property?

Explain to him that low interest rates havent solved his problems, they have created one for him. If it werent for low rates he would have to sell now and crystallise the current market price.

Low rates mean he can hold out and has the choice of gambling that the market price will come up to meet his price expectation as interest rates rise. This plainly defies any sense of logic. In fact logic would suggest the complete opposite.

Some would call him a brave man. Some would call him a fool. I am in the second camp!

[Harry Monk]

I wouldn't actually bother explaining any of the economics to the vendor. I would simply say "The Building Society values it at X and therefore that is all they will lend me and that is therefore all I am in a position to offer" and then be prepared to walk away.

What are the chances of him finding another purchaser at the moment? Slim to none.

[winkie]

That is what any rational minded person would do and I would love to walk away. My wife is still determined as ever though.

Harry, lets hopes so. When I tried to get the selling price down the vendor matter of factly told me that he was on a low interest rate mortgage so could afford to hold on and wait for the market to pick up and get a better offer. So i've been doubly screwed by BOE base rates

Many rates are portable..... if you really want it (because of the location) get a builder around to do a quote for works, add 20% for time, inconvenience incurred deduct that off the price, be prepared to walk away ...something better always comes along.

[Radge]

So i've been doubly screwed by BOE base rates

Sounds to me like you should be offering Mervyn King a BJ. BOE base rates may save you from exchanging on this money pit and it's the vendor who is being screwed by low base rates. Watch him chase the market down as the pit falls around his ears. When rates rise, watch the price fall off a cliff.