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House valued lower by Surveyor
Comments
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Doozergirl wrote:So what's your advice? Do you think the OP should accept a £10-15k drop or try for something better?
I did say pinch of salt, not dismiss, and I was referring more to another post which gave no help at all, but for which the OP still kindly thanked the person posting.
Well he says he's getting a 2nd opinion and so that seems the best option.
The surveyor said £90K-£95K....so an £11K drop doesn't sound too severe but I will concead it's reasonably eyewatering in % terms.
I had an ex-local authority flat that I sold a year ago....some clown of an agent reckoned I could get £107K....didn't believe him and marketed at £95K....let it go for £89K as I wanted rid fast.....In hindsight could have probably got £95K if hung-on for upto 6 mths....but like I say I wanted to sell all my property and move on.
I guess it all depends on the sellers personal circumstances, what is more important to him getting top dollar or moving on fast.0 -
Loosing out to two properties at late stage of purchasing ,mainly because of the house rising situation in 1998/9, we came along this place which we loved at first sight, estimated as overpriced by approx 9% by our surveyor...(he actually started his working life as a EA)....
We excepted the survey was fair in general although on 1st read it was off putting... We paid almost the asking price and felt it was worth it at the time...6 years on we know we made the right choice.0 -
Originally Posted by btloptingout
Yeah it's just a GREAT time to be trying to sell with the recent 3rd interest rate rise in 5 mths.....with many thinking more to come.
Perhaps I should have said TRADITIONALLY it's a good time to sell.
Regardless of interest rises the market ALWAYS picks up at this time of year.
It may be slightly slowed by concurrent IR rises but people soon realise that life goes on and they still need to move for whatever reason.
Or do 'job changes' and 'growing families' and 'marriage breakups' get put on hold just because interest rates rise?
Anyway, only a fool would willingly take 10k less (= -10%)than the value of their property.
Thats like the average house - owner taking 25k less."Unhappiness is not knowing what we want, and killing ourselves to get it."Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))Women and cats will do as they please, and men and dogs should relax and get used to the idea.0 -
rizla01 wrote:Perhaps I should have said TRADITIONALLY it's a good time to sell.
Regardless of interest rises the market ALWAYS picks up at this time of year.
It may be slightly slowed by concurrent IR rises but people soon realise that life goes on and they still need to move for whatever reason.
Or do 'job changes' and 'growing families' and 'marriage breakups' get put on hold just because interest rates rise?
Anyway, only a fool would willingly take 10k less (= -10%)than the value of their property.
Thats like the average house - owner taking 25k less.
It's people like you that will chase the market all the way down to the very bottom...
I'd take the money whilst I still can, how much did you pay for the property, and how long ago....?0 -
BTman wrote:I'd take the money whilst I still can, how much did you pay for the property, and how long ago....?
I can see what you're getting at, but when the house they'll be buying has gone up by the same proportion, how and why should they take such a cut? Sometimes houses are overpriced but if a buyer is willing to pay, this is a good indication that it's worth what they're offering in current conditions.
You may perceive it as profit, but it isn't if it has to be poured into the next house.Everything that is supposed to be in heaven is already here on earth.
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Doozergirl wrote:
You may perceive it as profit, but it isn't if it has to be poured into the next house.
I don't percieve it as profit until the money's in the bank, neither should the OP.0 -
Doozergirl wrote:I can see what you're getting at, but when the house they'll be buying has gone up by the same proportion, how and why should they take such a cut?
You may perceive it as profit, but it isn't if it has to be poured into the next house.
Agreed. Why should anyone take the word of one individual making an imprecise guestimate in an imprecise market? It may have been his very first survey job of his fledgling career.FREEDOM IS NOT FREE0 -
BTman wrote:It's people like you that will chase the market all the way down to the very bottom...
I'd take the money whilst I still can, how much did you pay for the property, and how long ago....?
Call me thick if you want but can someone explain?
Must be having a bad hair day.:)"Unhappiness is not knowing what we want, and killing ourselves to get it."Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))Women and cats will do as they please, and men and dogs should relax and get used to the idea.0 -
rizla01 wrote:Call me thick if you want but can someone explain?
Must be having a bad hair day.:)
Year one: typical price 100k try to sell at 110k, fail
Year two: typical price 80k try to sell at 88k, fail
Year three: typical price 64k try to sell at 70k, fail
Eventually sell at 50k out of abject desperation, even though 4 years ago it would have fetched 100k
I've deliberatly taken a very extreme, & unrealistic, example to illustrate the concept. (Much as I would love prices to drop at 20% a year)."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
OP how long did it take you to hook your original buyer? If not long I think I might be tempted to just put the place back on the market - you're facing an uphill struggle to get the surveyor to admit he's wrong - and hope the next buyers choose a different lender!0
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