Putting a house back on the market after downvaluation.

michaels

What a lot of negative comments, you can ask what you want although I am not sure whether you and the agent would have to legally disclose that the previous sale fell through due to a down valuation if asked in which case I can not see that you would likely get an offer at any more than that value? In which case I can see that the agent might be loathe to market it for more than that.

I can't see the downer on shared ownership either - surely with falling prices only being responsible for a share of the loss is an advantage?!

silvercar

It may be worth seeing if the valuer that down valued the property would be prepared to re-look at his figures if you could produce comparable examples of recent prices achieved that reflect the higher price.

neas

shared owndership is silly. d

poppysarah

michaels wrote: »

I can't see the downer on shared ownership either - surely with falling prices only being responsible for a share of the loss is an advantage?!

Do they all share the drop?

Loanranger

brit1234 wrote: »

You have to remember house prices are set to continue falling throughout 2011 and mortgage transactions are rapidly falling.

By not being prepared to drop the price in todays lending criteria you are making it near impossible to sell especially as it is a very unpopular shared ownership type home.

Your estate agent is right to ask for the reduction, they have enough unrealistic sellers on their books already. Whats the point of marketing it if they know it won't sell at the inflated price.

Do you have another record you can play instead of your usual House Price Crash claptrap?

geoffky

shared ownership is for the financially iliterate.... this post screams of it.

Catatonia

I agree with posts 7 and 8. Obviously it is your perogative to re-market at the original price. But the same thing will happen again, and you'll have wasted the time and money of another buyer, which really isn't fair, so I think you should listen to your EA.

rilou81

What is actually included in the survey? Just wondering why you think its only this mortgage company and others will differ?
Do they take into account other sold prices in the area? If so how do you know the house next door for example was not very run down, hense a cheap sale?
I am also thinking aloud for myself, thanks.

carefullycautious

Loanranger wrote: »

Do you have another record you can play instead of your usual House Price Crash claptrap?

How can it be claptrap when valuers are all reducing to the levels they should be. In certain parts of the country house prices are continuing to drop albeit slowly.

Back to the op if you continue to try and sell at inflated price every buyer who needs a mortgage to purchase will be severely disappointed when refused.

On the other hand if you get a cash buyer you may sell at what you want

Eric1

Mr_GB wrote: »

Thank you for all your opinions!



I disagree, shared ownership housing is extremely popular, certainly within the Milton Keynes area anyway. Even more so for 3 bedroom houses like mine.



But it will sell at that price as it already has, the house sold within 3 days of me putting it on the market and for the original asking price, it's the surveyor of that particular mortgage company that is causing the issue.

Your problem is that it is popular among people who do not have large deposits. If you find a buyer with a large deposit, lenders will be less likely to downvalue the agreed price, but anyone with that deposit is also less likely to look for shared ownership.