Valuation no where near the estate agents figure?

VIGILANT22

good luck...

howd

Thanks Vigilant22 and sorry for being an idiot last night. When I read through the thread again from the top I noticed that you'd replied to me the most which made me feel like a right plank!

I'll let you know how it goes good or bad!

VIGILANT22

howd wrote: »

Thanks Vigilant22 and sorry for being an idiot last night. When I read through the thread again from the top I noticed that you'd replied to me the most which made me feel like a right plank!

I'll let you know how it goes good or bad!

Don't worry, I know you're stressed out...:)

howd

OK so just finished the meeting with the EA. He has spoken with the vendor and they are understandably heart broken. They are now going to try and get the house that they're buying reduced so that they can afford the drop they may need to give to us. It turns out that they have already spent £1000 on a full structural survey so they dont want to just cloase the book on it. They have also said that they would be happy with £220K but im not going to raise those extra funds. The estate agent actually knows the surveyor and is going to battle with him to try and get him to redo the survey, surely thats impossible? We have to just wait and see I guess?

Welshwoofs

howd wrote: »

So my question is can I ask natwest to do another survey with another individual from the countrywide surveyors to check the last guy wasnt sleeping?

You can query it with them and if you have proof that similar properties in the area have sold for more in a similar market, put that to them.

The same happened to us when buying our current house, the survey came back at £18k below agreed price (agreed price was £10k below asking). I knew the area very well and the survey made no sense at all - it was valued below properties of the same size in the same village and our house had way more land. In fact once I queried and forwarded proof of similar house values in the area to the lender, the surveyor had another look into it and upped the valuation by £20k!

They can get it wrong and it's certainly worth asking a few questions about why they arrived at such a low valuation.

VIGILANT22

howd wrote: »

OK so just finished the meeting with the EA. QUOTE]

Ah you sound better tonight..you just have to play the waiting game now..fingers crossed for you

Leg-end_2

I sympathise with you and my following comments are not hopefully objective, not any criticism of your position. I will be buying a house soon and I would hate to be in your predicament.

You have several issues here. The house is worth what someone will pay for it. Its called market forces. The agent’s price was about right as you are prepared to pay near asking price so you cannot criticise their ‘guestimate’ (I am no fan of agents but they serve a purpose). If you pull out it is likely that someone else will buy it for the same price.

Another problem faced by many is that a national surveying company may not consider the location in depth and rely on postcodes. For example a school catchment area will significantly add value to a house only yards from another that falls outside the boundary.

The difficulty you face is now a decision between emotional purchase and investment purchase. A house is a home, but it also has a value. What can you afford to go to and will you?

howd

Just a quick update....

We managed to get the surveyor back in and he put the new price of £210,000 on his survey.

The vendors wanted £215,000 for it and they finally agreed at £213,000. We're so happy it's unreal, looking to complete a week today!

Thanks for all of the feedback!

VIGILANT22

howd wrote: »

Just a quick update....

We managed to get the surveyor back in and he put the new price of £210,000 on his survey.

The vendors wanted £215,000 for it and they finally agreed at £213,000. We're so happy it's unreal, looking to complete a week today!

Thanks for all of the feedback!

:TWell done...hope all goes well and you will be happy..:)

missk_ensington

Something similar happened to me when I re-mortgaged in 2008, I expected the house to be valued at £115,000 as this is what 3 estate agents had recently quoted with a view to selling the property. When a Halifax valuer came round he said £103,000!!! This meant my LTV was higher than the % Id been quoted for and my interest rate jumped to 5.75%.

3 months later, I sold the house for the full asking price of £115,000!!! So cross because I should be on the lower LTV rate which was a good % lower than Im paying now, and clearly he was massively undervaluing it because I sold the house easily! Im still seething about it and it was 2 years ago!