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My Surveyor says the asking price of the house is too high, what should I do?

  1. Jane H from London
  2. Surveys questions and answers

Question

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.

Answer

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.


reallymoving comment:

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

Malcolm Osborne FRICS

Osborne & Co

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Comments (2)

  • Steven

    posted on 21 Aug 2012

    With this article the surveyor is covering his options , nothing wrong with that , assuming this has had quite a few alterations so you have to add this to the local values. Ask the surveyor what his view off any additions are -good,bad,or ugly , good luck.

    Wayne Norcliffe

    posted on 30 Sep 2012

    Always remember, the price you offered before the survey was without the knowledge you gleened from it. As such it's perfectly reasonable to go back and renegotiate the initial price, what can they say but no. If they do, then you have a decision to make, but haven't lost anything (dependent upon the vendor of course). Independent and research shows that 1 in 4 people who don’t have a survey find they have repairs costing an average of £2,500, for 1 in 10 it is over £10,000. The type of surveys we undertake could also help you achieve an asking price reduction on average of £2,000 (Source: Building Research Establishment, Aug 2010). Hope this helps, best of luck from Castle Surveyors Ltd. covering Dorset and Hampshire areas.

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