To those selling in these difficult times

hostiegirl

pawpurrs wrote: »

Its soooooooooooooooooooooooooo Rude though isnt it!

:mad: Yes it bloomin is I had two no shows one who rang agent 3 hours after was meant to be here saying had driven past and wasn't close enough to centre (maps and location all in details!!).
Second didn't bother to show and I stayed in all day as a Sunday and EA closed:mad:
So frustrating! Got fed up of buying plugin refills and fresh flowers for time wasters!.
Hope the end is in sight for you pawpurrs!

1echidna

On Estate Agents advice we put our house on the market for £299,995 (seemed a little on the high side given what other agents had said but we went along with it) and to our surprise had immediate strong interest. Estate agent's expectation given condition of our house and what other houses had sold for that we would get £285k to £290k. To our surprise we had immediate strong interest and offers of £290k and £295k. The Estate agent checked out the party offering £295k and he seemed to be financial sound with a large deposit for a mortgage and we accepted this offer.. Estate agent was confident that survey would be no problem and indeed surveyor considered our house to be in average condition for property in the area of this type (although he seemed to get some details wrong). It was just that the surveyor thought that typical prices were lower and he valued the house at £280k. With this valuation the buyer cannot get his mortgage. The Estate Agent is trying to get the valuation changed with evidence of houses selling for higher prices but we are not holding our breaths that he will succeed. The surveyor who was from Birmingham Midshires, part of the Lloyds HBOS empire and I wonder whether they are leaning on their surveying contractors to give valuations on the low side and of course whether the problem will recur, especially if a buyer is seeking finance from any arm of this group, who may well use the same firm of surveyors. Any thoughts on this gratefully received.

QTPie

RICS are cautioning their surveyors to NOT be overly cautious in valuing properties... you yourself said that you thought that the asking price was a bit on "the high side".

Personally - assuming your EA is unsuccessful at convincing the surveyor to increase their estimate - I would try to negotiate with the buyers... Assuming you and they are happy to do that.

If you didn't negotiate - and the sale fell through - you would risk the same thing happening again (either getting the same surveyor back with the same valuation or another surveyor with a very similar valuation). That is, of course, if you get such a good offer again. Plus many believe that the market is still falling - you could risk getting a lower valuation in the future.

A bird in the hand (with a good deposit, being able to get a mortgage AND ready to go), with a good offer, is worth about 50 in the bush...

Good luck - sounds like a pretty good position to me
QT

1echidna wrote: »

On Estate Agents advice we put our house on the market for £299,995 (seemed a little on the high side given what other agents had said but we went along with it) and to our surprise had immediate strong interest. Estate agent's expectation given condition of our house and what other houses had sold for that we would get £285k to £290k. To our surprise we had immediate strong interest and offers of £290k and £295k. The Estate agent checked out the party offering £295k and he seemed to be financial sound with a large deposit for a mortgage and we accepted this offer.. Estate agent was confident that survey would be no problem and indeed surveyor considered our house to be in average condition for property in the area of this type (although he seemed to get some details wrong). It was just that the surveyor thought that typical prices were lower and he valued the house at £280k. With this valuation the buyer cannot get his mortgage. The Estate Agent is trying to get the valuation changed with evidence of houses selling for higher prices but we are not holding our breaths that he will succeed. The surveyor who was from Birmingham Midshires, part of the Lloyds HBOS empire and I wonder whether they are leaning on their surveying contractors to give valuations on the low side and of course whether the problem will recur, especially if a buyer is seeking finance from any arm of this group, who may well use the same firm of surveyors. Any thoughts on this gratefully received.

pawpurrs

Have your buyers not tried to renogiate based on the valuation?
Normally in a good market, when I have known this happen, you just apply to a different mortgage provider who sends round a different surveyor, and its normally fine.
But from what you have said, it sounds like the surveyor is right, I wouldnt lose the buyer, can they meet you halfway? They obviously want the house.
Dont lose them, I also had an offer straight away, but for one reason or another that fell through, thought I would get another buyer quickly, but that hasnt happened.......so as QT says a buyer in the hand is woeth (in my case more than 50 in the bush :rotfl:)
I would be very wary of losing your buyer.

moneysavingfamilycomp

i have to agree a buyer in a good position is like gold dust at the min. what other valuations did the other agents give you if they were close to what the surveyer has said then i would go with it and try to negotiate with your buyer. good luck

Fowler0505

Evening All,

Well EA called earlier to say that the lady that viewed twice last week is only prepared to offer 128,000. She has not put a formal offer in though.

The man that viewed yesterday has gone back to the bank to try and get 130,00 so he can make an offer.

We also had a viewing tonight from couple over the road that are renting.

I am so confused. Is 10,000 under asking price usual at the moment.

Would appreciate any advice.

Liz

1echidna

Thanks for the responses on our situation. Unfortunately rather tied up but will report further on our situation in a day or two.

Davesnave

Fowler0505 wrote: »

Evening All,

Well EA called earlier to say that the lady that viewed twice last week is only prepared to offer 128,000. She has not put a formal offer in though.

The man that viewed yesterday has gone back to the bank to try and get 130,00 so he can make an offer.

We also had a viewing tonight from couple over the road that are renting.

I am so confused. Is 10,000 under asking price usual at the moment.

Would appreciate any advice.

Liz

Liz, I've checked your posts & I can't see how much your house is on the market for, so can't advise on the offer. I dropped over £50k, but it's all relative to the time on the market and the original price of the house.

pawpurrs

Wow Lots of interest Liz, you lucky thing! Yes I would say its VERY normal to have offers 10k under the asking price, and in lots of cases a lot more than that! I had a offer 20k under and an offer 40k under! :rolleyes: The 4ok under was after it had been reduced 20k allready so was 60k under the first one!
I dont think thats such a bad offer at all. The 130k man is that is top limit? Depends how much you want to sell, and whether you really think you will get any more for it. I dont know how reasonably priced yours is in the first instance.

kymie

Hey Pawpurrs, no, still no luck my end. Not had a viewing since mid Feb, even though dropped the price twice since then. But I dont think its my property so much, not many houses round here for sale, those that are dont seem to be selling,and those that do sell are literally being given away or repo's. Made me laugh on the national news this morning they were saying market had picked up....lots of cash buyers and not enough properties etc!! Yeah,maybe in certain pockets of the country but certainly not all over eh!?! I just keep telling myself that it will happen at the right time