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HAPPY_BEING_A_YUMMY_MUMMY
Posts: 23 Forumite
WE HAVE HAD A HOUSE ON THE MARKET FOR THREE YEARS NOW - BELONGED TO MY PARENTS WHO HAD TO MOVE OUT AFTER 55 YEARS AND WE HAD THE WHOLE HOUSE REFURBISHED BEFORE PUTTING ON MARKET.
IT FIRST WENT ON THREE YEARS AGO FOR £450,000 - WE KNEW THAT WAS OPTIMISTIC BUT AS IT WAS IN AN AREA WITH ITS OWN LITTLE MICRO CLIMATE OF VALUE WE TRIED TO BE OPTIMISTIC WITH THE ADVICE FROM THE ESTATE AGENT.
OVER THE THREE YEARS WE HAVE HAD LOST AND LOTS OF VIEWINGS AND A FAIR FEW OFFERS BUT THE MARKET HAS GONE COMPLETELY STALE HERE WITH HOUSES IN THIS PRICE BRACKET (ITS BEEN ON A GRADUAL REDUCTION OF PRICE IN THE THREE YEARS TOO) SO WHEN WE ACCEPTED AN OFFER FROM SOMEONE WE KNOW FOR 357,000 WE ACCEPTED AND WE AGREED TO PAY THEIR STAMP DUTY.
THEY ARE DESPERATE TO MOVE IN AND ARE BOTH IN HIGHLY PROFESSIONAL TOTALLY SECURE JOBS (IF THERE IS SUCH A THING!!) BUT WHEN THEY HAVE GONE TO THE BUILDING SOCIETY WHO HAVE AGREED A MORTGAGE OFFER WITH THEM BASED ON THEIR INCOMES ETC THE BUILDING SOCIETY HAVE ARRANGED A VALUATION WHO HAS COME BACK WITH A VALUE OF £275,000!!! :mad::mad::mad::mad:HE HAS GOT TO BE KIDDING - THE BRICK HOUSE NEXT DOOR SOLD EARLIER THIS YEAR FOR 290,000 AND THAT IS A THREE BEDROOM (WAS ORIGINALLY A TWO BED) WITH ONE BATHROOM - THIS IS A LARGE VICTORIAN STONE WITH FIVE BEDROOMS AND THREE BATHROOMS TOTALLY REFURBISHED - ELECTRIC, PLUMBING, BATHROOMS, KITCHEN - THE LOT!!!
WE HAVE HAD TO AGREE A PRICE OF 311,000 (THEY HAVE BORROWED 275,000 AND GOT 36,000 ON A PRIVATE LOAN) BECAUSE THEY ARE DESPERATE TO BE IN AND OF COURSE WE WANT TO SELL - THE SALE SHOULD BE GOING THROUGH ANYTIME SOON - FINGERS CROSSED.
BUT I AM STILL ABSOLUTELY LIVID THAT A TWO BIT VALUER CAN COME ALONG AND COMPLETELY WRECK THE HOPES OF TWO FAMILIES WHEN THEY KNOW THE HOUSE IS SO SUBSTANTIAL IT CAN HOLD THE AGREED FIRST PRICE AND THE COUPLE WHO ARE BUYING IT ARE GOOD FOR THE MONEY.
I KNOW PEOPLE ARE GOING TO COME BACK AND SAY -
- WHY DIDNT THEY GO SOMEWHERE ELSE - THEY LITERALLY DONT HAVE THE TIME AS TWO BUSY PROFS AND THEY HAVE A YOUNG BABE AND ANOTHER ON WAY!
- WHY DIDNT WE ACCEPT ANOTHER OFFER - BECAUSE HOW DO WE KNOW THE VALUER :mad::mad::mad:ON THE NEXT OFFER WONT COME BACK PLAYING SILLY DEVILS - IT COULD EVEN BE THE SAME VALUER:mad::mad::mad:.
ANOTHER INTERESTING POINT THOUGH IS THIS VALUER :mad::mad::mad:COMES FROM OUT OF THE AREA!!
IT FIRST WENT ON THREE YEARS AGO FOR £450,000 - WE KNEW THAT WAS OPTIMISTIC BUT AS IT WAS IN AN AREA WITH ITS OWN LITTLE MICRO CLIMATE OF VALUE WE TRIED TO BE OPTIMISTIC WITH THE ADVICE FROM THE ESTATE AGENT.
OVER THE THREE YEARS WE HAVE HAD LOST AND LOTS OF VIEWINGS AND A FAIR FEW OFFERS BUT THE MARKET HAS GONE COMPLETELY STALE HERE WITH HOUSES IN THIS PRICE BRACKET (ITS BEEN ON A GRADUAL REDUCTION OF PRICE IN THE THREE YEARS TOO) SO WHEN WE ACCEPTED AN OFFER FROM SOMEONE WE KNOW FOR 357,000 WE ACCEPTED AND WE AGREED TO PAY THEIR STAMP DUTY.
THEY ARE DESPERATE TO MOVE IN AND ARE BOTH IN HIGHLY PROFESSIONAL TOTALLY SECURE JOBS (IF THERE IS SUCH A THING!!) BUT WHEN THEY HAVE GONE TO THE BUILDING SOCIETY WHO HAVE AGREED A MORTGAGE OFFER WITH THEM BASED ON THEIR INCOMES ETC THE BUILDING SOCIETY HAVE ARRANGED A VALUATION WHO HAS COME BACK WITH A VALUE OF £275,000!!! :mad::mad::mad::mad:HE HAS GOT TO BE KIDDING - THE BRICK HOUSE NEXT DOOR SOLD EARLIER THIS YEAR FOR 290,000 AND THAT IS A THREE BEDROOM (WAS ORIGINALLY A TWO BED) WITH ONE BATHROOM - THIS IS A LARGE VICTORIAN STONE WITH FIVE BEDROOMS AND THREE BATHROOMS TOTALLY REFURBISHED - ELECTRIC, PLUMBING, BATHROOMS, KITCHEN - THE LOT!!!
WE HAVE HAD TO AGREE A PRICE OF 311,000 (THEY HAVE BORROWED 275,000 AND GOT 36,000 ON A PRIVATE LOAN) BECAUSE THEY ARE DESPERATE TO BE IN AND OF COURSE WE WANT TO SELL - THE SALE SHOULD BE GOING THROUGH ANYTIME SOON - FINGERS CROSSED.
BUT I AM STILL ABSOLUTELY LIVID THAT A TWO BIT VALUER CAN COME ALONG AND COMPLETELY WRECK THE HOPES OF TWO FAMILIES WHEN THEY KNOW THE HOUSE IS SO SUBSTANTIAL IT CAN HOLD THE AGREED FIRST PRICE AND THE COUPLE WHO ARE BUYING IT ARE GOOD FOR THE MONEY.
I KNOW PEOPLE ARE GOING TO COME BACK AND SAY -
- WHY DIDNT THEY GO SOMEWHERE ELSE - THEY LITERALLY DONT HAVE THE TIME AS TWO BUSY PROFS AND THEY HAVE A YOUNG BABE AND ANOTHER ON WAY!
- WHY DIDNT WE ACCEPT ANOTHER OFFER - BECAUSE HOW DO WE KNOW THE VALUER :mad::mad::mad:ON THE NEXT OFFER WONT COME BACK PLAYING SILLY DEVILS - IT COULD EVEN BE THE SAME VALUER:mad::mad::mad:.
ANOTHER INTERESTING POINT THOUGH IS THIS VALUER :mad::mad::mad:COMES FROM OUT OF THE AREA!!
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Comments
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THERE'S NO NEED TO SHOUT.
We can hear you perfectly well.....0 -
You have followed the market down for 3 years, always being slightly above market price.
You can appeal valuations, you need to provide evidence of comparable properties that have sold - recently in the same area and same condition.
I suspect the valuer you had was not aware of your area's micro climate.
The other option is to pay for an independent valuation.
By the sounds of it your buyer is getting a mortgage that is a very high percentage of the purchase price and that makes lender's nervous.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
welcome as a newbie but do turn those caps off
You perhaps misunderstand how mortgages work. It's not simply "we will lend you this amount based on your income" ( a mortgage in principle) - the property *has* to value up and yours hasn't done. It matters not that you say your buyers are "good for" the figure at which you wanted to sell - the lender is securing the loan against the property. In the event of your buyers defaulting the lender would need to be able to recoup their funds.0 -
I don't think the valuer has 'wrecked the hopes' of the other family; 46k off seems like a pretty good deal on their end!0
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Simple solution - don't sell it!
I'm sorry, but you've knocked £46k off the price because your buyers are too busy to try other lenders, more fool you.
Also, why were you paying their stamp duty, Halifax were that last lender to permit Vendor gifted deposits and they stopped doing them quite some time ago? Or were your buyers not intending telling their mortgage company and commiting fraud?0 -
The surveyor has a duty of care to his employer/client (the building society) to ensure the asset is worth the amount they are lending on it. He's probably sleeping fairly well to be honest.
If you think it's worth more, don't sell to them and keep it on the market.0 -
Just sell it for what you think it's worth, to a keen cash-buyer if it's important to acquire the maximum possible. You appear to be in a not-quite-so-advantageous situation with the property having been on the market for so long. If it rally was competitively and realistically-priced you would have sold it a long, long time ago. After fifty-five years of ownership the equity should be ruddy astronomical. What's forty grand or so compared to that?
Still, my own feeling is that some valuers don't actually sleep during the night-time. They'll be kipping in a coffin somewhere dark.....0 -
hope they watch out for their office sharing colleagues who act as " stake holders.".....;)BitterAndTwisted wrote: »Still, my own feeling is that some valuers don't actually sleep during the night-time. They'll be kipping in a coffin somewhere dark.....0 -
1. If it was worth anywhere near the £450k it wouldn't have been on the market for 3 years. That asking price seems utterly deluded.
2. If you don't like what you are being offered then don't sell it.
3. The other families dreams have come true. The valuer has given them a £46k discount.0 -
Interesting that the OP seems to be of the opinion that the buyers have secured a mortgage on the property at 100% of the valuation, in addition to obtaining that private loan.THE BUILDING SOCIETY HAVE ARRANGED A VALUATION WHO HAS COME BACK WITH A VALUE OF £275,000!!!..........WE HAVE HAD TO AGREE A PRICE OF 311,000 (THEY HAVE BORROWED 275,000 AND GOT 36,000 ON A PRIVATE LOAN
Looks like the buyers are happy to put themselves in negative equity from the off. Even if there's a local house price "micro climate" not taken into account by the valuer in question, it would have to be a pretty impressive one to make those sums add up.
Why do people not get it that generally a house that will not sell over a lengthy period of time is likely to be overpriced?0
This discussion has been closed.
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