How do sellers normally respond to low valuations?

RobertoMoir

People keep saying that surveyors are undervaluing.

Perhaps they're actually all valuing at around the right amount and the people trying to sell keep over-valuing their properties?

If the property really is only worth £450k and the valuer is about right then they've just prevented you from a £25k loss on the property value happening on the day you pick the keys up.

fairouzeh

RobertoMoir wrote: »

People keep saying that surveyors are undervaluing.

Perhaps they're actually all valuing at around the right amount and the people trying to sell keep over-valuing their properties?

If we sold our rental property it would be put on the market a minimum of 40k more than the valuer stated recently and, going by the sold prices in neighbourhood should sell for minimum 15-20k more than what he stated.

One little bird told me that surveyors around here are valuing properties then knocking off 5% to be safe. That tallies with the figures above.

If the property really is only worth £450k and the valuer is about right then they've just prevented you from a £25k loss on the property value happening on the day you pick the keys up.

For sure

...and this should be to our advantage giving us a bargaining chip, provided the sellers accept the valuation figure, which I don't think they are.

We accepted the lower valuation for our rental property as we had no choice really and it didn't impact us that much. It may be a different matter for these sellers...