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First time buyer

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  • First time buyer

    I am a furst time buy, I saw a propery advertised for £259, we made an offer for £230 that was accepted by the vendor, nationwide are waiting our confirmation to do a valuation, in the meantime we have done an online valuation with hometrack.co.uk and they are valuing this at £216, are we still able to negotiate with the vendor/agent now we have had this valuation done? Jason

  • #2
    Aren't you supposed to do a valuation before making an offer?

    Also, why on earth do you think Hometrack's valuation - which appears to be based on best-guess scenarios - should be regarded as accurate?

    A valuation means getting someone to view the property - surveyor or similar - not using a "guess the price!" website!! The mortgage provider is unlikely to accept that.

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    • #3
      I have to agree with you there, any online price guide is purely an estimate and can't really be relied upon.

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      • #4
        Yeah you simply cannot base anything on what you read online.

        You need to get a proper valuation done - no offence but the vendor would just laugh at you if you tried to negotiate based on a website valuation tool!
        Free UK Property Investment Seminar

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        • #5
          hi Jason, you are able to renegotiate the price right up until the contracts are exchanged. I don't see any lender having an issue with a price being lowered. I've heard about a lot of purchasers actually 'nibbling' the price just prior to exchange.
          I agree with other comments that a website is no place to do your price research, too many variables to factor in, like specific style/size/condition etc etc, is it south facing of north facing - I guess you get the picture.

          The price of the property is what you the buyer (or any other buyer) is prepared to buy at, and seller prepared to sell at ( loose parady of RICS definition of market price).
          Mark Donald
          www.Reports4Planning.co.uk
          providing more effective reports.......

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          • #6
            It's a buyer's market- go back in with a lower offer and stick with it. As long as it's the market price (and say less 5% for the expected fall)- you'll be acting reasonably.

            Good luck

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            • #7
              Well, like Brian says, you should never go in to a purchase blind but...

              From the figures you actually have on the table, in the current market your making a fatal error.

              You need to be getting a property thats pimped to the max or has some kind of planning permission to add the value to get it close to what its worth.

              Do your valuations first!

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