Help! Anyone experienced this low survey valuation??

Davesnave

You don't say where you are, but I live in a well-to-do southern English city and I'd be delighted to receive 9% less than the price someone was paying me before it all went tits-up last March. As it is, I'm taking an 18% hit and I'm grateful.

Last March is a world away now!

silvercar

In the current market, a perfectly finished house sells quicker than one that is a mess, its doesn't sell for more.

If you can hold on and wait til the market improves that is what I would do.

You won't get top dollar until there is competition amongst buyers. This won't happen until the mortgage market improves. Either accept the lower offer or be prepared to wait at least a year.

devils_advocate

mcnic wrote: »

My buyer is prepared to pay 160k for it ..........

No, your buyer is prepared to use £160k of someone else's money to take it off your hands. Its your house, so you don't want to drop the price. It's the bank's money, which they don't want to give to you. The buyer has actually got very little to do with it.

geoffky

you are fooling yourself...if you dont sell know for what the market tells you its worth this will come back and kick you in the teeth.....hres what happens when you need to sell and cant
this is a lovelly 4 bed detached right by where i live

26 Feb 2008 First day listed (price £219,500) 11 Jun 2008 Price changed from £199,995 changed from £219,500 to £199,995 26 Jul 2008 Price changed from £219,500 to £199,995 26 Jul 2008 Price changed from £199,995 to £219,500 29 Jul 2008 Price changed from £219,500 to £199,995 29 Jul 2008 Price changed from £199,995 to £219,500 31 Jul 2008 Price changed from £219,500 to £190,000 02 Sep 2008 Price changed from £190,000 to £185,000 25 Sep 2008 Price changed from £185,000 to £175,000 04 Nov 2008 Price changed from £175,000 to £154,995

geoffky

silvercar wrote: »

In the current market, a perfectly finished house sells quicker than one that is a mess, its doesn't sell for more.

If you can hold on and wait til the market improves that is what I would do.

You won't get top dollar until there is competition amongst buyers. This won't happen until the mortgage market improves. Either accept the lower offer or be prepared to wait at least a year.

i would willing to bet you will not see large scale 2007 prices for at least five years but maybe ten....japan its been twenty years and prices have not recovered....

webchimpx

The exact same thing happened to me only 2 weeks ago OP! We were ready to exchange at £150k, then at the 11th hour the buyers mortgage provider wanted an additional look at our valuation (we were flooded in 2007). They then valued it at 142k, which I was upset about, it felt like being gazundered by the buyers bank.

But looking at it now I think selling now is the right thing to do, it looks like prices are heading downwards rapidly, and I really do want to move home.

We are due to exchange on Friday. Fingers Crossed

huntersc

Valuations are often different from the price agreed by EA and vendor. It's happened to me once, in 2006. It's nothing new. The difference today is that the EA will look at a house down the road that sold 6 months ago at £500k and think £500k is the price new properties should be marketed at. In reality the price should be between £400k-£450k.

westv

Davesnave wrote: »

You don't say where you are, but I live in a well-to-do southern English city and I'd be delighted to receive 9% less than the price someone was paying me before it all went tits-up last March. As it is, I'm taking an 18% hit and I'm grateful.

Last March is a world away now!

I took an 18% or so hit from the original asking price when I sold in August but, like you, I was still grateful.

neverdespairgirl

mcnic wrote: »

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!

When did those houses sell?

GDB2222

I don't think that renovating a property that's already in liveable-in condition really adds much value. It's very unlikely to increase in value by the amount expended. This case is an example of that.

It's only in the property !!!!!! shows that there seems to be any increase in value, and usually that's because they fiddle the figures, eg take the full estate agents' valuations, don't allow for selling costs, etc.

The figures are different, of course, if you do a lot of the work yourself, but if you are going to forge a career as a builder, you may as well build someone else's property and get paid for that.