What to do next

evansmummy

The valuer basically told them that it was the case (using nethouseprices). He wasn't from the local area and as our house is a unique row of listed properties in a typical semi detached area he had nothing else to go on. Three local agents valued it at above the amount we decided to go on the market for.
We understood that the vendors were nervous about the valuation, especially as they were from the other side of the country. We would have been willing to meet somewhere near the middle but not 15k less. I don't care how much people on this board say 'get real it's overpriced' we know it's not, both in our own and numerous estate agents opinions. (Just waiting for the ton of people quoting this comment alone )
Thanks to the people offering positive advice and similar experiences.

evansmummy

iB1 wrote: »

a) Won't you have the same problem again if you have an offer accepted again in 2 weeks?

b) What if you don't get another buyer in 2 weeks. Are you going to string along your seller?

Maybe we will have the same problem again but maybe we won't.
The fact we sold to the first people that viewed and they thought it was good value for money prior to this one guys opinion means we're not worried at the moment.
I have looked into this and heard this is a common occurance. One person can sign it off at one price and another at a totally different one. Also if they don't know the area they generally call local agents to get a rough idea of value. This guy didn't.

evansmummy

phoebe1989seb wrote: »

I can sympathize with your situation as we are currently awaiting the findings of our buyers' valuation and survey on our house............which coincidently also sold in two weeks. As someone with a house that is totally unique to the area - large period property in a vast expanse of 50s onwards bungalows - we are very concerned that the surveyor will have undervalued it, especially as any houses in the area to have sold recently went for well below our own very reasonably priced (marketed at £20k less than we paid 3 years ago despite having spent over £40k on renovations) house.

I cannot see how one can achieve a higher (and fair) valuation when the surveyors/valuers seem oblivious to the fact that properties in a given area can differ wildly in style, size and condition.

Good luck with finding another buyer and fingers crossed I won't be in the same position any time soon

This is the exact situation we're in. I'm keeping my fingers crossed everything goes well for you. Just have a back up plan in your mind just in case things don't go to plan.

evansmummy

Orpheo wrote: »

The problem is that the valuer/bank/buyer isn't obligated to the OP, so they will probably not feel it necessary to explain themselves.

You're right. We haven't even gone down that route.

mlz1413

if its that unique then pay for your own survey by a chartered surveyor in your area. if this comes back with a valuation of your asking price or higher then send a copy of the survey to the buyers valuers with a letter explaining that the other houses are in need of major repairs and ask if they will re-assess.

Orpheo

evansmummy wrote: »

I have looked into this and heard this is a common occurance..

It is indeed an increasingly common occurrence that graduate qualified and RICS chartered surveyors commissioned by financial institutions concerned with protecting their investment are reporting valuations lower than the unregulated and no obligation to accuracy in law appraisals of estate agents or the opinions of mortgagees or real homeowners. That this is happening in a period of falling house prices is surely a mystery.

evansmummy

mlz1413 wrote: »

if its that unique then pay for your own survey by a chartered surveyor in your area. if this comes back with a valuation of your asking price or higher then send a copy of the survey to the buyers valuers with a letter explaining that the other houses are in need of major repairs and ask if they will re-assess.

We have thought of going down that route but the mortgage valuer doesn't have to take that into consideration so it'd be a waste of money.

mlz1413

Orpheo wrote: »

The problem is that the valuer/bank/buyer isn't obligated to the OP, so they will probably not feel it necessary to explain themselves.

But if the OP wants to keep the chain they have this is probably the quickest way to keep their buyer. If of course the buyer has completely walked away then their is no point.

Orpheo

mlz1413 wrote: »

But if the OP wants to keep the chain they have this is probably the quickest way to keep their buyer. If of course the buyer has completely walked away then their is no point.

Agreed, if the buyer is willing to share the information, but it is pointless if, after doing so, the OP's position remains the same.

phoebe1989seb

Orpheo wrote: »

:rotfl:

Perhaps all is not as it seems. It is hilarious that people trust the unqualified EA's 'market appraisal' but balk at the graduate qualified and RICS chartered surveyor's valuation.

&_&

Perhaps it is that EAs speak honey?

Like the OP we decided to put our house on the market for less than it had been valued by the three EAs we had round, even though we had spent in excess of £40k on essential renovations since purchase and to that effect were taking a hit of £50k overall before any offers were accepted - we then accepted an offer £20k below the asking price we, not the agents had set.

On paper our house is a two bedroom cottage with upstairs bathroom, but in actual fact it has 5 reception rooms plus kitchen, conservatory and an additional two shower rooms downstairs...........so not your average two bed Indeed, our buyers are intending to use two of the receptions as additional bedrooms, yet on the face of it, it could be seen as just another two bed house............