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New house has been undervalued. what now!!
tyroneshoelaces
Posts: 262 Forumite
We had agreed the price of £114k with a developer for a new build 2 bed.
The house being built next door is also sold, and is at exactly the same stage of the build as our and is identical in shape and size.
We had our surveyors report back yesterday and they have valued it at £105k.
Im a little bit worried about it all now and i keep thinking to myself if the developer says no then surely he will lose two sales as the house next door is identical to ours.
does anyone have any advice about the whole situation?
I have my solicitors on the case now so hopefully they can thrash it out.
The house being built next door is also sold, and is at exactly the same stage of the build as our and is identical in shape and size.
We had our surveyors report back yesterday and they have valued it at £105k.
Im a little bit worried about it all now and i keep thinking to myself if the developer says no then surely he will lose two sales as the house next door is identical to ours.
does anyone have any advice about the whole situation?
I have my solicitors on the case now so hopefully they can thrash it out.
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Comments
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Possibly it was overvalued at £114k rather than undervalued at £105kHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Revise your offer to £105k.
You don't want to carry a £9k loss forever.
A developer has leeway in their profit margin.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
the property was originally up for £125k but there is no way it is worth this.
I got them down to £114k.
I know another house in the street, exactly the same sold for £112k so he has more room to move.
Its a sickening situation.0 -
The valuer will value at what they can sell for if they need to reposses. Any property loses the "new premium" the day someone moves in.0
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tyroneshoelaces wrote: »We had agreed the price of £114k with a developer for a new build 2 bed.
The house being built next door is also sold, and is at exactly the same stage of the build as our and is identical in shape and size.
We had our surveyors report back yesterday and they have valued it at £105k.
Im a little bit worried about it all now and i keep thinking to myself if the developer says no then surely he will lose two sales as the house next door is identical to ours.
does anyone have any advice about the whole situation?
I have my solicitors on the case now so hopefully they can thrash it out.
I would defo only offer £105k, I mean the worst they can say is no and if you wish to pay over the odds for it then atleast you asked - but I would not pay over the value of a house not in this day in age
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the thing is I cannot pay over £105k ( unless I have the cash which I dont) as the mortgage company will only lend us this sum less 15%.0
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tyroneshoelaces wrote: »the thing is I cannot pay over £105k ( unless I have the cash which I dont) as the mortgage company will only lend us this sum less 15%.
This surely makes your decision easy? Speak to the developer and tell them you're revising your offer to £105 as that is what the valuation came back as.
Even if you had the cash, as already stated you don't want to pay over the valuation.0 -
tyroneshoelaces wrote: »the thing is I cannot pay over £105k ( unless I have the cash which I dont) as the mortgage company will only lend us this sum less 15%.
Go to them and tell them this, you may be surprised, they may give it to you for 105k. Remember the longer they have it for sale the less they are going to get for it essentially.0 -
Not really. It may be sickening next year if another "exactly the same" house sells for £95k. Now you can use the valuation to your advantage or walk away.tyroneshoelaces wrote: »the property was originally up for £125k but there is no way it is worth this.
I got them down to £114k.
I know another house in the street, exactly the same sold for £112k so he has more room to move.
Its a sickening situation.0 -
tyroneshoelaces wrote: »the property was originally up for £125k but there is no way it is worth this.
I got them down to £114k.
I know another house in the street, exactly the same sold for £112k so he has more room to move.
Its a sickening situation.
How do you know? With new builds as we've seen on here they play fast and loose with the figures to make it look that houses sell for more...0
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