My Surveyor says the asking price of the house is too high, what should I do?
Jane H from London
Buying a house questions and answers
I have found what I think is the perfect house. After looking for such a long time, it was such a thrill to finally find the right property, in the right area, and within my budget. The problem is however, the surveyor has informed me that the property value has been set too high. He was the one recommended by the estate agent too, so they probably won't be too pleased. I am now very unsure as to what I can do, and what it means for the offer I have already made. I am a cash buyer.
Firstly I assume that you either instructed your surveyor to produced a Home Buyers Report for you or a Building Survey including a valuation in the first instance.
I would recommend that you speak to the surveyor who says the asking price is too high and discuss this with him.
Presumably you did not offer more than the asking price. I also presume you are intending to live in the property yourself and not sell the property for say another 5 years, everything being equal, I make this point because as everyone appreciates, residential property will not see much increase in the next few years.
If you were discussing this with me then I would remind you the market is made between a buyer and a seller and if you are happy to pay the higher price because you have found what you think is the perfect house. After looking for such a long time, it was such a thrill to finally find the right property, in the right area, and within your budget then a market has been made. If you have not already done so, I would not necessarily let the vendor know of your emotions!
Also you must appreciate that valuation of residential property is an art and not a science. – when property valuations are subject to law court hearings, the court appreciates that this is not a science and finds for any figure within 10% above or below the valuation being contested.
For more information about getting a survey on a house as a cash buyer, take a look at our Property Professor article, 'Do I need a house survey for a cash purchase?'
Malcolm Osborne FRICS
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The survey was done on time and the report was with me on the same day.
Yorky on 28/04/2023