Offer accepted - Survey completed - Valued 15k less than offer

poppysarah

Say you're only prepared to pay what the mortgage company say.


Mars bars on offer at 45p, but the RRP is only 40? What do you do. Do you buy the mars bar knowing you're paying over the odds for it or do you go and find someone selling them at RRP?

poppy10_2

antheawad wrote: »

The problem came up this morning when our agent was contacted by the purchaser, stating HSBC has written to him on the 15th stating our house has been valued £8k below the accepted price (£155k), and they have now revised their mortgage offer.

We were wondering if this was a clever way of 'gazundering'?

Unlikely. You can ask him for a copy of the valuation report. Chances are your house simply isn't worth what you think it is worth.

antheawad

poppy10 wrote: »

Unlikely. You can ask him for a copy of the valuation report. Chances are your house simply isn't worth what you think it is worth.

I know that it's unlikely to be worth less because the same type sold 2 doors away about 6 weeks ago for £159k, and it was just the magnolia box. We have added a conservatory, new appliances in the kitchen, and £2k of fitted bedroom furniture all within the last 3 years, not to mention other kinds of updating i.e. cavity wall insulation, bathrooms, decorating etc. The only thing that house had in common with ours was the cavity wall insulation, and now we've been told ours is worth £4k less. I know they are wrong.

To support this, I found an article on the web this morning:-
http://www.totallymoney.com/news/index.php/2009/08/properties-undervalued-by-lenders/

I'm beside myself about this, don't know where I'm meant to find £8k from...

I thought it was bad enough before, but this adds insult to injury. We thought it was bad at first because we're not first time buyers, so we needed a 20% deposit for the new mortgage, but with mortgage lenders driving down the value of houses like they have for ours, how on earth are people meant to move house nowadays?????

In my eyes, FTB's have nothing to complain about. The people buying ours now stand to get the house for £20k less than what we were asking for it 6 months ago, and they only need a 10% deposit. What's fair about that?

Fire_Fox

You really need to look at sold prices of more than one other house in the area to see a trend in values! There is nothing fair about the property market, it's a gamble not a safe bet. If you still need to move you have the option of selling up and renting another place, or getting permission to let from the lender and waiting for the market to rise.

poppysarah

antheawad wrote: »

I know that it's unlikely to be worth less because the same type sold 2 doors away about 6 weeks ago for £159k,

Maybe it sold for cash. When its your own money you decide how much you'll pay.

antheawad

Fire_Fox wrote: »

You really need to look at sold prices of more than one other house in the area to see a trend in values!

I am doing, this is why I am in such despair. Another house of the same type went through for £143k about 4 weeks ago, which is alot less than the other (due to personal circumstance of the owners) so the average of the two is what the surveyor has valued ours for, so that bit is a no-brainer. What surprises me is that there has been no allowance for the fact that our house is NOT the same house anymore. I knew the other two houses and know for a fact they were not improved or extended in any way whatsoever. Ours has been, but there has been no allowance for that in the valuation. If it was as simple as looking at Land registry figures, we could all be surveyors! It was his job to do his research better, surely?!?!?

jassco

antheawad wrote: »

I know that it's unlikely to be worth less because the same type sold 2 doors away about 6 weeks ago for £159k, and it was just the magnolia box. We have added a conservatory, new appliances in the kitchen, and £2k of fitted bedroom furniture all within the last 3 years, not to mention other kinds of updating i.e. cavity wall insulation, bathrooms, decorating etc. The only thing that house had in common with ours was the cavity wall insulation, and now we've been told ours is worth £4k less. I know they are wrong.

To support this, I found an article on the web this morning:-
http://www.totallymoney.com/news/index.php/2009/08/properties-undervalued-by-lenders/

I'm beside myself about this, don't know where I'm meant to find £8k from...

I thought it was bad enough before, but this adds insult to injury. We thought it was bad at first because we're not first time buyers, so we needed a 20% deposit for the new mortgage, but with mortgage lenders driving down the value of houses like they have for ours, how on earth are people meant to move house nowadays?????

In my eyes, FTB's have nothing to complain about. The people buying ours now stand to get the house for £20k less than what we were asking for it 6 months ago, and they only need a 10% deposit. What's fair about that?

I'm confused and something doesn't quite make sense here. If this other house that sold for £159k was so much worse than yours, then why didn't the buyer want yours instead for virtually the same price? You've even stated that both were on the market at the same time...

Milliewilly

This is concerning me - the surveyor for the people buying my house was transfixed with the price I paid in 2007.

The price I have accepted is £25K more than I paid in 2007, reason being I have totally renovated the house. The previous owners had 5 dogs and the place was a dump inside - it had been on the market for a year in the boom of 2006 /2007!

Also my house is a 200 year old detatched cottage that at some point was surrounded by fields. In the 1980's lots of bungalows have sprung up around but there is no other property like mine for a comparable.

getmore4less

antheawad wrote: »

I know that it's unlikely to be worth less because the same type sold 2 doors away about 6 weeks ago for £159k, and it was just the magnolia box. We have added a conservatory, new appliances in the kitchen, and £2k of fitted bedroom furniture all within the last 3 years, not to mention other kinds of updating i.e. cavity wall insulation, bathrooms, decorating etc. The only thing that house had in common with ours was the cavity wall insulation, and now we've been told ours is worth £4k less. I know they are wrong.?

So why didn't they buy yours?

Fire_Fox

antheawad wrote: »

I am doing, this is why I am in such despair. Another house of the same type went through for £143k about 4 weeks ago, which is alot less than the other (due to personal circumstance of the owners) so the average of the two is what the surveyor has valued ours for, so that bit is a no-brainer. What surprises me is that there has been no allowance for the fact that our house is NOT the same house anymore. I knew the other two houses and know for a fact they were not improved or extended in any way whatsoever. Ours has been, but there has been no allowance for that in the valuation. If it was as simple as looking at Land registry figures, we could all be surveyors! It was his job to do his research better, surely?!?!?

How many houses locally do you have sale prices for? Your first comment was on one house in the same street, now you are mentioning a second, is that it?? It's really difficult for us to assess whether you are living in cloud-cookoo land or the surveyor hasn't done his homework. Please list the prices of ALL the houses that have sold locally in recent years, with dates and a brief description of their size and condition.