apparently the seller has over valued the house by 13000 pounds,so what advice would you give us?.We can negotiate if the seller can bring down the price by 5 or 6000.So my question is what advice would you give us at this stage?any suggestions would be very appreciated.x.
2007-12-16 05:03:23 · 8 answers · asked by sarz 2 in Business & Finance ➔ Renting & Real Estate
We do have an esate agent but our survey came back saying the house has been over valued by 13000,my partner said with the house prices the way they are the seller should meet us half way but we shall see.Wish us luck but any more advice is very grateful thankyou to u all so far.x
2007-12-16 05:29:54 · update #1
Go for the price that the survey returned! They now KNOW they can't get much more and if you love the house and can afford to you can always go up. They may just be so shocked that they sell it at the price it came back at, take the chance!
2007-12-16 05:13:54 · answer #1 · answered by helprhome 5 · 0⤊ 0⤋
You don't say if there's an estate agent involved. If there is, get them to negotiate. I wonder how the surveyor came to the conclusion that it was over-valued? Is it just because of work that needs doing - if so, then you can usually come to some arrangement as to who will do the work, and who will pay. Or has the surveyor chosen poor examples to do his comparisons? Surveyors, when doing a valuation, use local houses that are for sale or that have recently sold, to help them work out the building's value. It could be that the house you're buying has a large extension, which would make it worth more than another house on the road.
EDIT - Go to the estate agent and ask them to negotiate for you. Ask them to go through the survey with you to find out if there's a specific reason why the surveyor has said this.
2007-12-16 05:22:49 · answer #2 · answered by chip2001 7 · 0⤊ 0⤋
I assume that this valuation has come from the mortgage valuation. These are often way out, since they tend to be carried out by a surveyor from outside the local area, who has no local knowledge, and will just look at the price of similar properties and base it on that. A house 3 streets away from mine backing onto a 'problem' street and alleyway put my mortgage valuation out by the same amount as yours.
Where this may cause you a problem is with how much your lender will let you borrow to buy that property. If you have enough deposit to cover the difference, you could proceed anyway, if you wish. Have another look at other local property prices and see if you still feel the price you're paying still seems fair.
If you decide to continue, use this valuation as a bargaining tool to try to reduce the price you're paying. But also take account if any money you've paid so far when working out whether it is worth continuing.
2007-12-16 06:56:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The valuer has indicated that the actual value of the house is cheaper than the selling price. The valuer has taken into account the area, the properties condition and the average house sale price for similar properties in that area. Therefore, anything above that is the vendor 'trying their luck'.
I would wait to see what offers come in first, then I would hope to be in a situation where I could offer the valuers price. You might find it shocking to know that it is nearly always 1st time buyers who fall for greedy vendors. Experienced people, pick and tear at properties until they get the price they are prepared to pay.
The market is very precarious at the moment so I would NOT offer any more than the valuers recommended price.
2007-12-18 22:16:00 · answer #4 · answered by Wine Apple 5 · 0⤊ 0⤋
If the house has been over valued then you shouldnt even meet the seller half way, tell him you will only pay the value of the house, if he disagrees then tell him that he will have to pay for an independent surveyor to value the property to see what they think it is worth. Never pay more for a house than what it is worth, valuation surveys are carried out by people who are specifically trained to do this job, they know what they are talking about and will have looked at comparison properties in the area as well.
2007-12-16 20:19:07 · answer #5 · answered by leambi 5 · 0⤊ 0⤋
if u really want it then pay the full asking price. and next year when the property market crashes and you r reposessed you can always take comfort from knowing u in common with 1000s of others, lived way above your means for a few months of your entire earthly existance. how good is that.
2007-12-16 05:29:12 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Your lender will now lend you 13k less than they were going to, so I suggest asking them to reduce the whole amount. With a falling market, you do not want to end up in negative equity before you even start.
2007-12-16 05:08:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
NEVER pay more than the appraised value! PERIOD! If the seller won't reduce the price, walk away.
2007-12-16 05:09:30 · answer #8 · answered by Bostonian In MO 7 · 3⤊ 0⤋