Had an offer - not impressed

missk_ensington

lynzpower wrote:

Just say no to it.

My survey undervalued my flat by a couple of grand as well, i asked could the HA reduce the price, they said no, I then decided to find the extra through borrowing. I figured it was worth it.

Dont be too angry, maybe they are a moneysavingexpert too- you cant blame someone for wanting to save themselves a few thousand quid can you?

I find that thought quite weird, that I could be talking to my boss on here, or a relative or someone I know! My boss is sat opposite me now on her computer, for all I know she could be sat on MSE too! We could be talking to a long long sister or a ex partnr from years ago! Hell, we could even be talking to Tony Blair who could have come here for a nosey into the life of the peasants!

Sorry a bit off topic!

nickmack

arnie&caseysma! wrote:

I have decided to instruct my own valuation from an independent firm who are outwith the town and have no previous records of the property (unlike the other crowd who can base it on a piece of paper 5 years ago) and they have no choice but to visit the property. I am just waiting to hear from them to find out when they are coming to do this. Yes it means another £140 for me but it is worth it for the peace of mind.

Hopefully you might get a more realistic value, but don't pin your hopes on it.

In my experience, surveyors are almost all a complete waste of time. I made the mistake of paying extra for a more 'comprehensive' survey before and they didn't even venture inside, they missed dampness and got some of the basic construction details wrong. Never again! I get builder friends to do the survey for me, I can trust them much more and they give a more accurate reflection.

missk_ensington

nickmack wrote:

Hopefully you might get a more realistic value, but don't pin your hopes on it.

In my experience, surveyors are almost all a complete waste of time. I made the mistake of paying extra for a more 'comprehensive' survey before and they didn't even venture inside, they missed dampness and got some of the basic construction details wrong. Never again! I get builder friends to do the survey for me, I can trust them much more and they give a more accurate reflection.

If your surveyor missed damp and other things you can sue him for your damages. You paid him to act in your best interest, he has a duty of care to survey a property as though he wer buying it. Failure to do so is Professional Negligence and if you have sustained any losses ie, having to pay for damp to be repaire, having to make alterations, your property was overvalued because of his report etc, you can take him to court.

You can still do this if you bought the house in the last 3 years (I think but would need to check). You can consult the Law Society who will give you the names of legal practices local to you who speicialise in Prof Neg.

OverlandLandy

Arnie&caseysma

Its a difficult one.

Have you looked at:

http://www.nethouseprices.com/

Its good for getting a guide price.


My house was offers over £85k.....I offered £100k...(17.6% over the asking price!).....and it was the second highest offer! the took mine as I had no chain and was happy to complete within 3 weeks. (the property was empty).

I later spoke to the seller and they advised me that somone had made a cash offer of £80k......there are always some chancers out there!

The (full) survey threw up a few small things - but nothing major. the place needed lots of decoration work (still on-going) but as per previous posts this is neither here nor there as most people change to suit their own taste.

One thing to think about is the seasonal effect........properts often 'stick over the winter months.......and if potential buyers see them still sitting in the Spring they often dismiss them without looking as they may have seen it sitting around for 6 months and thus assume there is somthing 'wrong' with it. If your a buyer you can often grab a bargain in the Spring on 'sticky' property. Its not good if your selling though.

You may need to give your agent a kick up the behind....advise them that you are thinking of taking the property off the market over the Winter (even if your not).


Scotland can be a funny market - one of my friends who does a bit of buy to let paid 10% under the offer price in the Spring last year for a flat. He also ended up getting 45% more than the asking price for one of his properties that he was selling on (this was in the Summer). Go figure! I guess he is just lucky. As they say..........'If he fell in the Clyde...he would come out with fish in his pockets!'

I guess you need to think about your options. Look at Nethouseprices and get a feel for the local market. But I would stick to your guns but you do need to honest with yourself and view your property as if you were looking to buy it yourself. Be critical - even seemingly small things can be big 'issues' to some buyers. Make it easy for them to buy your house.

Good luck with it

Arch-Angel

arnie&caseysma! wrote:

Hi all, thanks for the responses. Unfortunately the buyer is refusing to go any higher with her offer despite being more than happy to pay the asking price.

As a thought, maybe the (wannabe) buyer wants to buy at the full price, but they need a 100% mortgage. With the (low) surveyor's vaulation they simply can't go any higher.

Raggie

I need to stick my 2p worth in here.. arnie&caseysma! please save your money.. you could pay for 10 vlauations and they could all come in above the vendors offer.. it does not mean the property is worth that..

A property is only worth what someone will pay for it..

hold your horses.. it only been on the market for a week.. the first person to see it has offered that's a 100% strike rate..

The next step is to get more people through the door.. work with your EA and push them to get people in..

and good luck..

LittleTinker

arnie&caseysma! wrote:

I have had my house on the market for just one week and only one viewer although she has been to see it twice. House is for sale for o/o £88K which apparently she was quite happy with. Estate agent phoned me this morning to say that she wanted to put in a verbal offer of £82500. She had based this on what the surveyor had told her it would be worth.

Now, what I don't get is that my house has apparently been surveyed this morning without the guy ever leaving his office and coming to the house. He has based this purely on the fact that it is a 2bed house. He even valued the house next door more than that a few months ago and it was not in as good a condition as mine, and even though it has two bedrooms I have an extra recception room that they don't have. I'm really annoyed that they can pluck a price out of the sky based on this.:mad:

I feel like I have lost out due to the surveyors inability to do their job and I have now lost a buyer who was really keen although wont even offer the asking price due to them.

It has only been a week....give it a chance!

To be honest, if I were to view a property priced at £88,000 I would probably offer around £80,000 to start with....if they say Yes!, thats great for me. If they say No! then I go looking elsewhere. Its no biggie.

As for having a valuation done......what a waste of money. Your house is worth what someone wants to pay for it.....nothing more, nothing less.
And if you are adamant on having one done, the better valuer would be the local valuer.

If you are this anxious, annoyed and unimpressed when you have only been on the market one week and had one offer, I dread to think of your state of mind when the real nitty gritty starts.

Be patient and dont worry.......your house will sell.

arnie&caseysma!

Once again, thanks for all your posts. Have been chapping the EA every day this week to find out what the crack is. I'm still not even on their website!

Have managed to get a bit more about the situation - apparently the mortgage broker that the lassie was using has turned round and told the EA that she has no business selling a property for more than it values at. This from someone who has got the value from someone who has not even been out of their office to look at the house! They haven't a clue about the property.

The local surveyor/valuer may be the best person to give a price on the property but they really need to actually coe to the house to do this - not base it on a valuation they provided 5 years ago.........when there has been a million and one upgrades (ok not quite but it feels like it!) to the house since then!

The house has been placed on the market for an Offers Over price meaning exactly that. I would not dream of offering almost 6K less than the asking price myself as I know it would only get knocked back which is obviously exactly what I had to do to this offer. I have another viewer tomorrow (yeeha!) and hopefully more as there has been loads of folk after the details yesterday and today apparently. Fingers crossed!!!!