Help! Anyone experienced this low survey valuation??

mcnic_2

I have had my house up for sale since march (8 months) for £170,000. There were several properties up for sale in and around my road at varying prices and in various states and mine was valued at the top end due to the fact it's completely renovated and restored victorian terrace. I never anticipated acheiving the asking price, particulary in the current market, but three weeks ago accepted an offer for £160,000.

My buyer has had two surveys done on the property in the last 2 weeks, the first a home buyers survey which valued the property at £140,000 and the second a mortgage valuation which valued my property at £145,000. consequently her mortage has not been approved and the sale has fallen through.

I cannot comprehend the surveyors resoning behind such a low valuation, my estate agent has come up with various reasons as to why this has happened, but even he is baffled as to this outcome. He and I both anticipated the house may have devalued by another £5k but £20K this is insane! Financially it is impossible to sell my property at such a low price, the main reason being my mortgage is £145k and it will actually cost me money to sell (without taking into account my other debts) Has anyone else experienced this or can anyone offer any advice on what I can do? Please help.

poppysarah

What did you buy it for?

mcnic_2

125k but i spent £25k rennovating it.

Rowan1946

Im sure your in england as up here in scotland theres no such thing as asking price, its offers over and i can tell you that a short fall of 15 k on a property at 160k sounds good,, i offered 120k on a flat offers over 99k and still did not get it, thats 21k i was offering over, more than 20% but still did not get it,,

On your situation i may get my own valuation done making sure they take into account all the restoration work.

silvercar

Valuers are being extremely cautious in the current economic climate. Particularly if the mortgage is large compared to the valuation.

Little you can do, unless you get a seller able and willing to pay well over the valuation the only options you have are to reduce the price or not sell.

You say you can't afford to reduce the price, but taking a hit now may be better than taking a larger hit in 6 months time.

The other option is not to sell. If you can afford to hold onto your property then wait until house prices rise again; though be prepared to wait.

mcnic_2

I can't afford to drop the price any lower, when it was origionally valued at £170k that's a £25k drop! I will look in to getting my own valuation report done, but my buyers was based on her mortgage so I don't know if it will hold any weight but it's worth considering thankyou

poppysarah

It'll be down to what the buyers mortgage company value it at. I wouldn't waste any money on your own valuation.

The price of houses can go down as well as up.

Rowan1946

mcnic wrote: »

I can't afford to drop the price any lower, when it was origionally valued at £170k that's a £25k drop! I will look in to getting my own valuation report done, but my buyers was based on her mortgage so I don't know if it will hold any weight but it's worth considering thankyou

After 1st december, you have to get your own report anyway, dont you

pinkshoes

It's the mortgage valuations that count, as the buyers need to get a mortgage. If one mortgage company has said it's £145k, then others will probably be the same.

You said there were many others for sale in the area for less. Did they sell? (look on houseprices.co.uk or zoopla.col.uk). People aren't really that bothered about the interior, as people are after bargains and properties they can add value to at the moment, so if they're looking for a 3 bed property, they'll buy the cheapest that they can then add to one day.

Why do you need to move?

SuperSaverSue_2

We bought our house for £30k 18 months ago, surveyor valued at £250k and we bought the house when it was new!!!

SuperSaverSue_2

sorry meant to say we are now selling and surveyor valued at that