Potential salability problem with house

mjfusent

mattastic wrote:

Ok thanks for all the replies

If I ask to renegotiate, the problem is our morgage people (norhtern rock) valued the house at the selling price. So the estate agents will just argue that there isnt a problem. I dont know which survey to believe???!!!

Quick question: Who did the second valuation (the £106,000 one) and why?

Usually the basic valuation is part of the survey that your lender insists on, if you choose to, you can pay extra for a homebuyers report, or full structural survey, but these are usually done at the same time and by the same surveyor.

mattastic

mjfusent wrote:

Quick question: Who did the second valuation (the £106,000 one) and why?

Usually the basic valuation is part of the survey that your lender insists on, if you choose to, you can pay extra for a homebuyers report, or full structural survey, but these are usually done at the same time and by the same surveyor.

The original report we got from Northern Rock was only a single A4 sheet of paper, and nowhere near detailed enough for us.

We therefore got an independant surveyor to do us a more detailed report, brickwork, drainage, roof etc, and it was this report that downvalued the property.

silvercar

mattastic wrote:

The original report we got from Northern Rock was only a single A4 sheet of paper, and nowhere near detailed enough for us.

We therefore got an independant surveyor to do us a more detailed report, brickwork, drainage, roof etc, and it was this report that downvalued the property.

Interesting, when I got a full structural survey done after a valuation, the surveyor didn't value the property.

You have to judge what the property is worth to you. By all means chat to the surveyor.

noyk

PoorDave wrote:

The point being made was that certain lenders are more likely to do it, not that they were bad for doing it.

i understood what was being said, i just didn't fully agree with the way it was said and i wanted to highlight the interests of the person who said it. And i wasn't suggesting they are bad/nasty etc etc i just wanted to point it out.

mattastic

Just to keep you informed. I psoke to the surveyor yday.

He stated that the house was overpriced, and to jusify spending the money that we need to updating the house, which needs alot of updating, we would need to get the property for around 105,000 possibly less, otherwise we'd be at a loss. The main problem being the garage next door, affecting the salability, and limiting the market for potential buyers.

Problem is I'm starting to hesitate now, its puts serious doubt in my mind.

I'm waiting to see what my soliciter says now, depending on this, I might just go back to the estate agents and renegotiate.

Its a very tricky one though, as my bro is desperate for a house, so am I, but I'm more picky about where I put my money than him. As first time buyers and brothers, I think we need a house that will sell quickly if we want to go our seperate ways.

Anymore advice would be welcome.

thankyou

mattastic

bumping for answers

mjfusent

OK, only my interpratation of what you've said...

You've stated you want a property that will sell quickly in the future, how long has it been on the mkt before you agreed a sale on it? In order to sell quickly a house should be keenly priced and appeal to the broadest number of buyers possible, does this property fit that description?

You've had two surveyors opinions as to value, the Northern Rock's was a pure valuation for mortgage - sometimes these are done by just driving past the property. Your 2nd survey was a thourough one (full structural?). There is no guarantee one is more correct than the other but I would have thought the 2nd one is more likley to be accurate.

You've spent money on surveys, searches, sols fee's etc - if you don't go through with this purchase you will loose this.

Its a difficult one, only you can decide - buy I'd think about the above points if I where you.

Let us know how you get on & good luck!

mattastic

Thankyou, we will make a descision asap.

It has been on the market at least 12 months, with various agents.

the 2nd survey was very thorough and a homebuyers report.

We stand to lose about £1000 in total £500 each, but I guess thats what surveys are for, to bring any potential problems to the surface. I didnt realise how much it would of been a problem to sell before the survey. Now I feel like Im wasting everyones time.

mattastic

Bumping for more opinions.

silvercar

It wan't a problem for you to buy, until you saw the survey. If the price reflects the nuisance then its still worth pursuing. Only you can decide if the valuer is being over cautious.