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Under valuation of our house - not sure what to do!?
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I agree EAs are now beginning to mark up properties like they used to...some of these valuations are not in touch with bank surveys. I am surprised at the difference between the EA valuations and the survey. We recently sold our house and our EAs valued it at what we bought it for (April 2004). This is after we had redecorated the house substantially since we moved in. I agree in the current market improvements make the house eassier to sell rather than add substantial value. The way we saw it, we made improvements for us to live in the house and enjoy it, not as an investment, so did not expect to get a lot of money out of them anyway. Prices are now at 2004-05 levels, you may be able to challenge the valuations though I really doubt you would be able to bring it up to the asking price. Again, at the end of the day, it's worth what the lender says it's worth and they won't lend more than that. Put yourselves in the other situation...would you buy a house for more than the surveyor thought it was worth (specially if it was a substantial difference)?0
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The buyers are mad for wanting to get round the valuation and pay more.It's not easy having a good time. Even smiling makes my face ache.0
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I'm buying and worrying myself sick that the survey will value the house under our offer as the vendor has aldready stated when accepting our offer that there will be no negotiations, but if the property isn't worth that much then our hands are tied and I'd imagine it's the same for your buyer.
Let us know what happens.0 -
I'm buying and worrying myself sick that the survey will value the house under our offer as the vendor has aldready stated when accepting our offer that there will be no negotiations, but if the property isn't worth that much then our hands are tied and I'd imagine it's the same for your buyer.
Let us know what happens.
Yes you may lose the house but remember that despite the bluster the situation will be much worse for the vendor in terms of ever getting the money he wants for the property. He may well shift despite what he says now. Do what you have to do and whatever will be, will be.0
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