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House valuation under offer
Comments
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Milliewilly wrote: »Whats the value of the house - is £16K another large chunk?
This is another sore point, as there is a stamp duty theshold in the middle of all this.
Offere £266k, valued at £250k. I guess that the valuation needs to come in at a price the bank can sensibly afford to sell it at given a repossesion, and houses generally dont sell for £250-260k0 -
I would go back to the EA and explain your valuation problem. I would also let the Seller see the valuation. Some people argue they have no right to see it as they haven't paid for it but it is a negotiating tool so I think you should let them view it so they can see you are genuine in your renegotiating and still serious about buying.
Are you in a strong position i.e nothing to sell?0 -
On Houseprices.co.uk, houses on that road (all houses are pretty much the same) were going for £280-290 in the period end of 2006 to sept 2007. Then the only sale in Nov 2008 was for 249,999.0
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Milliewilly wrote: »I would go back to the EA and explain your valuation problem. I would also let the Seller see the valuation. Some people argue they have no right to see it as they haven't paid for it but it is a negotiating tool so I think you should let them view it so they can see you are genuine in your renegotiating and still serious about buying.
Are you in a strong position i.e nothing to sell?
We are FTB's currently renting, Mortgage all in place and ready to go (before being adjusted from the valuation report). We can basically move in with 1 hours notice. No contracts signed yet.0 -
TrickyDicky wrote: »On Houseprices.co.uk, houses on that road (all houses are pretty much the same) were going for £280-290 in the period end of 2006 to sept 2007. Then the only sale in Nov 2008 was for 249,999.
If thats the case then the Valuer is probably about right at £250K. If you have offered £266 what was the house up for? Is it much better than the one sold in nov 08?0 -
TrickyDicky wrote: »On Houseprices.co.uk, houses on that road (all houses are pretty much the same) were going for £280-290 in the period end of 2006 to sept 2007. Then the only sale in Nov 2008 was for 249,999.
2007 was the peak of the property boom! Are you not aware of the recession?
Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
2007 was the peak of the property boom! Are you not aware of the recession?
I am, hence why I thought an offer 20k lower than this would be reasonable now.
It was on the market for £270k, with another house down the street (with smaller kitchen but extra downstairs room) on for £275k.0 -
a sale in november 08 for 250k, means that the comparable price now is about 225 (a 10% drop), go onto home.co.uk to see what the drops (or rises) for that particular street and postcode has been since november 08 or november 07 and apply it to the hosue you have offered on0
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TrickyDicky wrote: »I am, hence why I thought an offer 20k lower than this would be reasonable now.
It was on the market for £270k, with another house down the street (with smaller kitchen but extra downstairs room) on for £275k.
House prices have dropped by a lot more than 7% since 2007 in most areas! Why did you discount the £250K sale in November 08? Ignore the 'for sale' price, that's what the estate agent and vendor hope to get not what the house is actually worth. Lets face it the house down the street hasn't sold at £175K .... Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
House prices have dropped by a lot more than 7% since 2007 in most areas! Why did you discount the £250K sale in November 08? Ignore the 'for sale' price, that's what the estate agent and vendor hope to get not what the house is actually worth. Lets face it the house down the street hasn't sold at £175K ....
Not according to Nationwide
A property located in UK which was valued at £250,000 in Q4 of 2008, would be worth approximately £255,310 in Q3 of 2009. This is equivalent to a change of 2.12%
But, whack in the 07 figures and it's 217k.
Basically you can use either to support you arguement depending on your position (selling/buying).
I'd be inclined to go with the the latest most up to date info - which is the 08 sale.0
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