Discussion
so a spanner in the works.
Mortgage lender has down valued by £20k, to £315k.
Meaning we would need to stump up £20k to buy the house, which we are not prepared to do.
The vendors have come down to £325k but we are still not prepared to pay £10k into a potential negative equity situation.
The valuers evidence is that there is no comparable house sale data in the area, as houses, especially ones like this, do not go up for sale often. The EA has pretty much washed their hands of it and are leaving the vendors to negotiate direct with us it seems after we dropped our offer to the £315k. As the vendors say they need £325k to be able to buy their next house, it is looking like we may have to walk away from this one.
Mortgage lender has down valued by £20k, to £315k.
Meaning we would need to stump up £20k to buy the house, which we are not prepared to do.
The vendors have come down to £325k but we are still not prepared to pay £10k into a potential negative equity situation.
The valuers evidence is that there is no comparable house sale data in the area, as houses, especially ones like this, do not go up for sale often. The EA has pretty much washed their hands of it and are leaving the vendors to negotiate direct with us it seems after we dropped our offer to the £315k. As the vendors say they need £325k to be able to buy their next house, it is looking like we may have to walk away from this one.
I don't believe the EA can have washed their hands of it. Actually I can, but anyway. Someone needs to sit down with your vendor and chat things through. Either your offer is a fair one (by which I mean your revised offer) in light of the surveyor's report and the result of being marketed for a decent period or they can chance further exposure with a hope to finding a possibly fictitious other buyer in a better financial position than you. Their requirement to receive a higher bid in order to proceed with a purchase? Is that a real purchase or just their opinion or ego in play? Is there a chain above already?
This sounds all too familiar, if I'm honest. Just everyday agency.
This sounds all too familiar, if I'm honest. Just everyday agency.
They have put an offer in on another house which has been accepted. I'm not 100% convinced that our revised offer of £315k isn't enough for them to buy the other house. We have actually raised our offer to £320k, funding the £5k ourselves. They still want £325k.
I think our offer is very fair based on the lack of evidence for houses in the area, especially ones that are a little unique like this one.
I think our offer is very fair based on the lack of evidence for houses in the area, especially ones that are a little unique like this one.
Mental.
Or a reflection of their exasperation in dealing with their vendor. With too much exposure to godawful agents and godawful vendors I'd say the jury is out on why they (the EA) might be taking that position!
If there's a real purchase above in play then someone needs to get to the bottom of the motivations in that link (and any subsequent motivations further above). This is (one of the reasons) why we pay our agents, for goodness' sake. Come on everyone. This is pennies in the grandest scheme of things.
Best of luck.
Or a reflection of their exasperation in dealing with their vendor. With too much exposure to godawful agents and godawful vendors I'd say the jury is out on why they (the EA) might be taking that position!
If there's a real purchase above in play then someone needs to get to the bottom of the motivations in that link (and any subsequent motivations further above). This is (one of the reasons) why we pay our agents, for goodness' sake. Come on everyone. This is pennies in the grandest scheme of things.
Best of luck.
scenario8 said:
scenario8 said:
This sounds all too familiar, if I'm honest. Just everyday agency.
Glad to hear this hurdle has been cleared. A shame so frequently issues become enormous irreconcilable disputes. Best of luck with the ongoing transaction.bristolbaron said:
Jackpot! Rregardless of stumping up extra cash upfront etc, you've saved 15k on what you were going to pay regardless of a valuers 'opinion'. Thats a definite win!
Definitely. I do feel a bit bad for the vendors as well TBH but we only had a choice between this or walking away. Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff