valuation advice urgent

rach29

Thanks spendaholic & Poppy, we have had other EA's in & over the last six months they have valued from £335 down to £300k. We reduced price for a sale. All admit it is a difficult house to value because it is a unique property with many original features (sadly not shown in the pictures on Rightmove) The Garden is much bigger than you can see on photo also. There is very little like it in the village and so is difficult for a valuer to get comparitive sale prices anywhere. Would like to find out more about what the valuer said but as valuation belongs to the purchaser that's not likely. Still toying with the idea of paying a local valuer for another survey but concerned about paying £400 only for the buyer to drop out!

rach29

"D Day" tomorrow so keep your fingers crossed for us

Have sent E-mail to EA confirming our position with lots of evidence for why we feel valuation is incorrect. All the house price websites including Mouseprice put the value of our property in excess of £300k so we are confident (I think)

We have said price is £280k not negotiable & asked EA to contact other couple who offered if they are still interested. Have said we will re-market if our price not achieved but hinted that maybe not with same agent.

Thanks so much guys for all your advice & support, you have made what could have been a seriously stressful weekend more bearable.

Will keep you posted with result.

rach29

ok, purchaser has come back with an offer of £270k which means our purchase couldn't go ahead. His argument is that the valuer knows best & that he has bases his valuation on actual sales in the area so it "must be right" EA still agrees that valuation is low but isn't really offering any advice as to way forward. We have asked her to take our points made about value to our buyer (namely that no comparable property in the area has been sold in about 2-3 yrs & that the propery is unique) and to reiterate that we want him to stick to his offer. Any suggestions please???

silvercar

All you can do is state the reasons why the valuation is too low and that a price of £270k would not allow you to do the purchase you want and so you cannot accept it.

Maybe indicate to the EA the absolute lowest you could accept.

Doozergirl

Sorry to hear that rach29.

If you can't afford to move, I can't see you have a choice. If your buyer wants this property then they will pay. Remember that they offered you £280k so they did, at least at one point, think the house worth it.

if you live in a village with little else on offer and your property is unique then these are positives for you as they can't find the same for cheaper, so hopefully they will come through.

Otherwise, it's back on the market. We're coming up to Spring and people are feeling quite positive in general about the market so hopefully it won't take long, especially as you got 2 offers in January which is a notoriously quiet time. I doubt you'll encounter the same surveyor again and even if you do, perhaps the fact that someone else will pay the £280k will sway his opinion, especially if they have a larger deposit!

Poppy9

Nothing for it but to call buyers bluff. Just tell them sale is off and you are remarketing. This might clarify in the buyers mind how much they want your house.

rach29

Thanks so much guys, yes it is a smallish village and there is absolutely nothing here or in surrounding villages like our house and for the price!

Just heard that buyer has come back to EA in an e-mail to say £270 & he'll complete in 2 weeks. We have already rejected this so we have told her to tell him it is back on the market.

On the plus side, other agent called earlier to book a viewing for tomorrow, we agreed (bearing in mind current situation) so that will go ahead unless purchaser changes mind before end of today.

God this is stressful :wall:

Doozergirl

i think it has already been mentioned, but have you tried your vendor? They may come down £5-10k in order to keep the chain if you explain nicely.

Worth holding out for a day or so with your buyer though as they are obviously eager if they want to complete in two weeks still!

rach29

We havent tried that yet but may do if it comes to it. If buyer came up to £275 we could call our vendors a see if they might split the difference with us. Don't like to because we feel we have a very fair price for the purchase but if needs must.....

rach29

Well it looks like the deal is off

Purchaser refuses to budge from £270k. Our vendor will not drop from £330k, & we don't have a spare ten grand!!

We have launched a last ditch rescue attempt: If purchaser goes to £274 & EA reduces commission by £1k We'll try & raise the rest & try our vendor for a little bit of leeway.

Meantime we are back on the market, anyone wanna buy a house??