Urgent Help!!!!!!!!!!!!!!!!!!!!!!!!

BRADDY_3

To cut a long story short, our buyers have been waiting 10 weeks to get the survey done on our house through Abbey.
Due to this taking this long the everybodys solictors have just about done everything, so we're ready to start to sign.
Today the survey came back saying its worth £200k, but we agreed £205k, so its 5k undervalued. We have already knocked £15k our original asking price, leaving us with a very small despoit to buy our new place.

The survey says the property is structurely sound, its just down to the market. We dont have £5k to give to the buyers, we have no other money. We would never have sold for £200k in the first place. Its down the abbey taking 10 weeks just to get a survey done. We agreed on selling at £205k and all our finances have been worked around this. We have taken a price cut as it is.

What options do we have.

Any help much appreciated.

opinions4u

BRADDY wrote: »

To cut a long story short, our buyers have been waiting 10 weeks to get the survey done on our house through Abbey.
Due to this taking this long the everybodys solictors have just about done everything, so we're ready to start to sign.
Today the survey came back saying its worth £200k, but we agreed £205k, so its 5k undervalued. We have already knocked £15k our original asking price, leaving us with a very small despoit to buy our new place.

The survey says the property is structurely sound, its just down to the market. We dont have £5k to give to the buyers, we have no other money. We would never have sold for £200k in the first place. Its down the abbey taking 10 weeks just to get a survey done. We agreed on selling at £205k and all our finances have been worked around this. We have taken a price cut as it is.

What options do we have.

You can hold out and see if the buyers will meet the asking price, you can meet somewhere in the middle or you can lower the price to £200k. The best option financially for you runs the highest risk of losing your buyers althogther.

Out of interest, if the Abbey's valuer had carried out his valuation 10 weeks ago and said it was worth £200k what would you have done then?

While the delay is annoying I don't see that it changes anything.

Gorgeous_George

Offer £6K less for the house that you are buying. If they accept, you a re £1K up on the deal and a small donation to my favourite charity would be in order

If they refuse, call their bluff and ask them to meet you half way. Then ask your buyers to meet you half way. Still £500 up.

If your vendors refuse to budge altogether, consider accepting the £200K and rent for a year or two. As a buyer with nothing to sell, you will be in a strong position.

GG

BRADDY_3

opinions4u wrote: »

You can hold out and see if the buyers will meet the asking price, you can meet somewhere in the middle or you can lower the price to £200k. The best option financially for you runs the highest risk of losing your buyers althogther.

Out of interest, if the Abbey's valuer had carried out his valuation 10 weeks ago and said it was worth £200k what would you have done then?

While the delay is annoying I don't see that it changes anything.

"Out of interest, if the Abbey's valuer had carried out his valuation 10 weeks ago and said it was worth £200k what would you have done then?"

we would have looked the a property £5k less than what we have bought now, plus we and others would not be this far down the line. we are on the bread line with money now, so cant find 5k. if buyer cant up the money then its back to stage 1.

cheers for the help

BRADDY_3

Gorgeous_George wrote: »

Offer £6K less for the house that you are buying. If they accept, you a re £1K up on the deal and a small donation to my favourite charity would be in order

If they refuse, call their bluff and ask them to meet you half way. Then ask your buyers to meet you half way. Still £500 up.

If your vendors refuse to budge altogether, consider accepting the £200K and rent for a year or two. As a buyer with nothing to sell, you will be in a strong position.

GG

i would but were 2nd in a chain of 8, all ready to sign on thursday, this was the last thing to wait for. everybody is angry at the lengh of time the survey has taken.

BRADDY_3

what are the chances twith he buyers coming up with the £5k??

If were we able to go halfs with them, do u think thats acceptable??

Weresmydosh

Hi
If as you state you are on the breadline with the new house price etc pull out of buying & get something cheaper or rent.
what would happen if you bought the new property and mortgage rates rise, or you need some emergency repairs new boiler for instance?

BRADDY_3

Weresmydosh wrote: »

Hi
If as you state you are on the breadline with the new house price etc pull out of buying & get something cheaper or rent.
what would happen if you bought the new property and mortgage rates rise, or you need some emergency repairs new boiler for instance?

were going from a 5 bed detached to a 2 bed coachouse (2 years old).

thinking im gonna pull out if they cant keep their original offer.

Dan_1976

Can you get the 5k from the chain, everybody drop. I have seen it happen for more than that. Also 5k is an unusual amount to drop by, have you made sure its not a typing error, they do happen!

itsakidsworld

BRADDY,

A property is worth what a person is prepared to pay, not what the valuer places the price at. The valuers objective is to give an honest professional "opinion" of what he/she believes the property is worth in the climate we are in which is not an esay task. At the moment that climate is a little nasty and so everyone has to remain focused and then find a solution which fits.

It does not matter that you are in a chain of eight, this is not a game and so you should forget about everyone else and do what is best for only you. I understand how you feel at the moment having been in this situation many times over the years. When I have acted in my own interests regarding property, I have gained and felt in good spirirt after the event. When I have given in to someone elses demands I have felt terrible and a failure afterwards. Looking after your own interests in this situation is still a very ethical thing to do so please think hard about your next move.

So based on this you have three options:

1. Tell the purchasers your price is £205k and hope they pay the balance, stating to them that a valuation is not a 100% fixed price on a property and you will not move further on the price, considering you have already dropped £15k.

2. Do as suggested and inform your sellers at your new property of the situation and tell them- not ask them- that in order to proceed they must drop £5K. No need to be greedy just be totally honest, the best policy.

3. Pull out of the deal completely and start again at £220K. A different valuation may and most probably will show a different price- however this could be lower as well as higher. If this happens and you need the cash, look at ways to change your payments with your lender to help you through this tough period.

Whatever you choose, do it all through your solicitor, that is what they are paid to do and will have no emotion with this situation which can be a big help to you.

The very best of luck in a most difficult situation but please remain calm, strong, level headed to think clearly and above all else confident in your believes.

happybroker

The other option is to contact your local estate agents, and if they're are 8 in the chain I would imagine a few might well be involved in this, explain the situation and ask for expamples of similar properties that have sold on the area recently and at what price. You can also do this on the land registry web site and Zoopla.

you buyer can take this information to Abbey who will refer it to the valuer and he may up his valuation. This will be reliant on your buyer being prepared to pay an extra £5k and you not being willing (or able to accept £5k less).

good luck