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Help needed on undervalued home
Comments
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geordiepaul2001 wrote: »They have asked to see whats on the valuation, to see if it gives a reason why it has been valued so low.
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The reason is quite simple house prices are falling and banks don't want you in NE....If 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 grim realisation is that if I take on this house at the agreed price I will be in 11% negative equity before I even move inJune 2016 - Pair of Brooks Glycerin 14's
July 2016 - Annual family pass to English Heritage
August 2016 - overnight spa break with dinner and breakfast for two
September - BBQ toolbox0 -
If I went to tesco and offered them two pound for a loaf of bread at £1.33 they would almost certainly look at me like I was mad.
Why people want to do this with houses I don't know.
It's valuation comes back low - THAT'S GOOD - if you're the buyer!0 -
poppysarah wrote: »If I went to tesco and offered them two pound for a loaf of bread at £1.33 they would almost certainly look at me like I was mad.
Why people want to do this with houses I don't know.
It's valuation comes back low - THAT'S GOOD - if you're the buyer!
It is not quite that simple, at least in my case.
If I was buying a 2 bed recently built flat in Warrington, then I'd agree that you would be crazy not to bargain down with the seller (nothing against Warrington, used to live there and loved it). There's tons of supply and you've got banks trying to dump repossessed properties on the market. A dream for buyers.
However, it isn't the same for me. If I tried to renegotiate with the seller on the flat I'm buying, she wouldn't waste another minute on me and would re-list, and would have a similar offer within days. I personally know two of the other eight people who were interested in the flat, and they were surprised with the asking price being fairly low (189k). Other comparable properties are on the market (but not selling) at about 230k.
The only thing "wrong" that the valuer could find was that the flat is ex local authority (duh), which is close to irrelevant as the small estate (about 40 units) is in a more desirable area than similar private flats, and most are owned.
The property market is bad in the UK, but we can't just assume it is the same everywhere.0 -
However, it isn't the same for me. If I tried to renegotiate with the seller on the flat I'm buying, she wouldn't waste another minute on me and would re-list, and would have a similar offer within days. I personally know two of the other eight people who were interested in the flat, and they were surprised with the asking price being fairly low (189k). Other comparable properties are on the market (but not selling) at about 230k. .
Well that's one of the stages of the house price crash - denial. Believing that some areas are immune.0 -
However, it isn't the same for me. If I tried to renegotiate with the seller on the flat I'm buying, she wouldn't waste another minute on me and would re-list, and would have a similar offer within days.
She might get a similar offer, but at the end of the day, unless she strikes gold and happens to get a buyer that doesn't need a mortgage, her house is only worth what a bank is willing to mortgage it for.
She will either have to face the fact that its worth less than she thought it is and accept a lower offer, or end up digging in her heels and lose more in the long run.It's not easy having a good time. Even smiling makes my face ache.0 -
WILL you people start buying with your heads and not your hearts because its going to cost you a lot of money....the guy who wrote the thread wants to pay over 32k more for the house when you take in mortgage payments over 25years......MADNESSIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Wickedkitten wrote: »She might get a similar offer, but at the end of the day, unless she strikes gold and happens to get a buyer that doesn't need a mortgage, her house is only worth what a bank is willing to mortgage it for.
She will either have to face the fact that its worth less than she thought it is and accept a lower offer, or end up digging in her heels and lose more in the long run.
Thats exactly the problem. One of the interested parties is the landlord that I am currently renting from, and no, he wouldn't need a mortgage.
Is it really such a bad idea to be overpaying slightly for a property that I know I'll be happy with (I have lived in the same block for 2 years already)? Outgoings will be about £180 pm cheaper with mortgage compared to renting a flat that is exactly the same. Sure, I could hold out and wait, but then I'm still throwing money away on rent and may not end up getting a property that I'm happy with in the end. Or maybe I'm crazy, who knows.0 -
Gordon's zombie children.0
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Currently waiting for the valuation to be faxed through. Curiosity is getting the better of me as to what is on it.June 2016 - Pair of Brooks Glycerin 14's
July 2016 - Annual family pass to English Heritage
August 2016 - overnight spa break with dinner and breakfast for two
September - BBQ toolbox0
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