Soldato
I'm not too far from your status.
I've got the contract a few days ago and going through reading the whole reports etc.
There is literally almost 100 pages to read on lol.
The nervous wait to exchange....
- Thread starter noj
- Start date
I've got the contract a few days ago and going through reading the whole reports etc.
There is literally almost 100 pages to read on lol.
We asked about obtaining the existing survey but the EA said the surveyor wasn't interested in selling it to us, which I found a bit odd. He could make money for doing nothing essentially as I just want a copy of the existing one.
I also asked if we could not just buy it from the previous buyer as they would have a copy but she said the survey actually remains the property of the surveyor and not the person buying the house which i found a bit odd.
IMO it isn't the surveyors to sell, it is the previous buyers.
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That is what I thought but my EA's exact words were....
"Unfortunately, the survey cannot be bought from the previous buyer and this is because it actually belongs to the surveyor and not her. The liability if anything goes wrong ultimately then sits on the surveyors’ shoulders and not the previous buyers…"
Na BS man. They are in cahoots. If you got in touch with the buyer I would imagine they'd bite your hand off to make even 30% of their money back.
That is exactly what I said to the EA. Can we not approach the prev buyer instead of the surveyor so they can make some money back.
Either way we have a family friend who is a well known, time-served builder who said he would gladly come round and have a good look at the house and give us his opinion - then we can decide if we want to get a survey done, however I sometimes feel they leave so many caveats that they arent worth the paper they are written on.
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No reason for the EA to facilitate it. No money in it for them, you get no insurance based on the report and there could be somewhere in it that put the previous person off that they hope will be missed on the next one. Equally it doesn't speed anything up as the bank will still want at least a valuation survey to be completed by someone for them.
Home buyer survey has nothing to do with bank valuation survey. The EA's reason to facilitate is because it gets the process step completed quicker. Insurances are BS because the surveyors write themselves out of any liability anyway.
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for the survey they're like a FYEO affair AFAIK and say for example you had a l3 one carried out this apparently includes like insurance against things they've missed.
This wouldn't then be passed to anyone else, however there's no harm in passing over the contents of the survey unless there's a written clause in it by the surveyor that it cannot be passed on.
We were effectively given the last buyers survey in what I believe to be an attempt to get us to drop the price.
The prior buyer did have a survey and searches done.. I asked for a copy of both... 220 for the searches and they wanted like 600 for the survey... I wasn't THAT curious lmao
In other news, our current buyer actually has her head screwed on, all comms are going very well, valuations set for next week then were onto exchange.
Not been this close in a while haha
Managed to locate another newbuild on one of the sites we liked ready for November, meaning we also get to reuse the 1.99% mortgage, happy days!
I'm not believing anythings actually gonna happen til the keys are in my hands tho
This wouldn't then be passed to anyone else, however there's no harm in passing over the contents of the survey unless there's a written clause in it by the surveyor that it cannot be passed on.
We were effectively given the last buyers survey in what I believe to be an attempt to get us to drop the price.
The prior buyer did have a survey and searches done.. I asked for a copy of both... 220 for the searches and they wanted like 600 for the survey... I wasn't THAT curious lmao
In other news, our current buyer actually has her head screwed on, all comms are going very well, valuations set for next week then were onto exchange.
Not been this close in a while haha
Managed to locate another newbuild on one of the sites we liked ready for November, meaning we also get to reuse the 1.99% mortgage, happy days!
I'm not believing anythings actually gonna happen til the keys are in my hands tho
Sigh. Estate agent just called to say our buyers lender came back after their valuation survey undervaluing our property. Offer was accepted at £333k but they've valued it at £315k. Apparently our buyers still want to proceed but will need to revise their offer and they didn't know what that offer was yet. Anyone been in this situation? I feel like I want to ask for proof that this is actually the case (I mean I don't doubt it with the market being what it is right now, thanks Liz/Kwasi). Should I?
Soldato
Yea my first offer of a house fell through when the valuation came back way lower then what we bidded.
After we told the vendor, the vendor's dad had 3 months to live and they took the property off the market
The house we bought had this.
The previous sale had fallen through. The asking price and offer from buyer was 280 (from what I gather) but the bank under valued.
We got it second time around.
From a buyers perspective, especially now, going for an overvalued house is a tad concerning.
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Depends on how desperate you are to sell. If they have locked in a decent mortgage rate they may share some value with you...
We are far down the road already with our onward purchase and things like that. I guess I just need to wait and see what the revised offer is. As you say they may share some of it with us or they may come in hard at the banks valuation. Time will tell.
Soldato
Prices are ludicrous and agents have been plucking numbers out of thin air for a long time now. It's hardly surprising that it's going to end in a lot of undervaluations.
My house got valued at 135 in December/January, which I already felt optimistic at the time as it was about the same as the highest ever sale price on the estate. They valued it at what I put in on the remortgage application.
A house on the street behind mine got put on the market in August for 175!! It's the same size house but mid-terrace rather than end, smaller gardens front and rear, no off street parking, no garage (mine has both). It would be absolute insanity for a bank to value it at anything close to 175. It was sold STC within 2 weeks so will be interesting to see if it goes through or not.
My house got valued at 135 in December/January, which I already felt optimistic at the time as it was about the same as the highest ever sale price on the estate. They valued it at what I put in on the remortgage application.
A house on the street behind mine got put on the market in August for 175!! It's the same size house but mid-terrace rather than end, smaller gardens front and rear, no off street parking, no garage (mine has both). It would be absolute insanity for a bank to value it at anything close to 175. It was sold STC within 2 weeks so will be interesting to see if it goes through or not.
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and with 0 accountability.
Soldato
If the bank have valued it less then a compromise has to be reached.
Houses have had their prices inflated to stupid amounts.
Got to be realistic now.
Houses have had their prices inflated to stupid amounts.
Got to be realistic now.
Soldato
Many estate agents are still valuing in cloud cuckoo land. Taking their clients valuation, ie what the seller wants and thinks it's worth as the starting point for their sales literature.
Why employ presumably qualified valuers and then take the estimate made by the house owner as more reliable.
A nearby bungalow in poor to average condition has dropped 425k, to 400k, to 385k, to 375k over several months. It makes a mockery of the profession and the place won't sell at that. In my admitted ignorance of valuing houses professionally, I would call 300 to 325k
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