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Help! Anyone experienced this low survey valuation??
Comments
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You and your EA may think it's worth £160k, you might need to sell it at £160k to make any kind of money but that really doesn't matter.
What matters is what the mortgage valuation came in at. If they value at £145k then that's what they value at. No other survey matters, don't bother doing one.
You could get the buyer to go for a new mortgage from a different bank and get a new valuation but that's going to cost money. If I were the buyer I would tell you that it's £145k or nothing.
House prices are dropping. If the valuation is £145k now it'll be £143k by January.
I'm afraid you will have to take the hit or find a new buyer.0 -
Do you have a Rightmove link for your property?0
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It's the surveyors job to value houses, they get paid a set fee regardless so have no VI in the property. Its an EA's job to sell a house not value it. Your EA was obviously a fantasist, he also has VI in the price as he gets a percentage, hence EA's delusional valuation
As with anything, something is only worth what someone will pay for it, not what a EA or seller thinks that it's worth.0 -
My buyer is prepared to pay 160k for it (as long as her mrtgage valuation rflected this) and loves the fact it is fully rennovated, there is little else in my area to the same standard for the same price. I appreciate that valuers are cautious in this climate but what surprises me is that I know of noone else who has experienced this in a mortgage valuation, just goes to show it's a sign of the times.
My biggest fear is not being able to afford the rise in mortgage repayments when my current deal runs out in May (due to a change in financial situation and a dismal credit rating which 2 years ago was squeaky clean) I doubt I'll get a good, if any new mortgage deal, so in answer to your question pinkshoes, I wanted to start again and it be my choice and not have the house reposessed.
However after reading all your posts and other threads on the site, things may not be to bad after all partiulary as northern rock have reduced their SVR my payments shouldn't change to much. Clearly the decsion I need to make is whether it's best to cut my losses now or take a risk and wait. Trapped between a rock and a hard place I guess..0 -
LOL! he was not a fantastist ad9898 as the last 3 houses on the road sold for 169k, 165k and 172k! the point is I clearly chose the wrong time to sell but I can't believe the price would have dropped that much! that or they were overpriced in the first place. But thanks for the advice!0
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well mortgate rates have gone down remember, so by may, there may be some better rates around
you say that you havent heard of many people who have had such a low valuation on someting when the asking price is £x, well theres been loads of threads on here about that, people having to pull out of sales (both buyers and sellers stories) because the valuation came back less than the price the seller wanted and the buyer couldnt get the mortgage for it0 -
LOL! he was not a fantastist ad9898 as the last 3 houses on the road sold for 169k, 165k and 172k! the point is I clearly chose the wrong time to sell but I can't believe the price would have dropped that much! that or they were overpriced in the first place. But thanks for the advice!
Well reality will hit you even harder when it gets valued at £120k in 6 months timeIf you find yourself in a fair fight, then you have failed to plan properly
I've only ever been wrong once! and that was when I thought I was wrong but I was right0 -
The cash or near cash buyers will be setting the prices for your road, not the 125% mortgage borrowers.0
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Well if £ 160,000 would have been an acceptable offer back in March (nobody expects the full asking price in a falling market) then a £145,000 valuation is "only" a 9% reduction and perhaps in line with house price reductions in the area since March.0
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