Feel sick - please help - survey report down valued my house

nickpe

Hi Guys -

I must start by saying i feel very delicate about this so please be gentle with responses.... hopefully maybe even some words to advise me how this issue can be resolved........

Ive made a few posts recently informing that we had accepted an offer on our house to sell and we had an offer accepted on the one we wanted to buy.... so we instructed surveys.

To keep it short, i accepted £63.5k offer on my property (it was initially valued at £72k in August).
The guy wanting to buy my house had it surveyed on Tuesday by Yorkshire Bank and the report has come back (he paid for a basic survey and the guy surveying was there 15 mins).

The report concludes that 1. Dampness needs treating to ground floor elevations, 2. Electrical Upgrade is needed, 3. Repair to Party wall needed and 4. Strengthening/repairs needed to roof structure.

We were amazed at the amount of work highlighted as we didnt think the house had problems........ but we were DESTROYED at the fact he has valued our property at 57k and IF we got all them works done it would be valued at only £60K.

This puts the whole selling of my house and the buying of the new house into major doubt.

Now we do not in a million years accept his valuation of 60k for my property - our Estate Agents were also amazed have said they are going to appeal against this decision as they have clear records of properties within the area that are not as nice as mine but have sold for alot more.

Our Estate Agents have said the appeal should take a week before we get to hear anything (however they have said a surveyor doesnt often change his valuation)......

We are really concerned by it all and we have no financial scope to accept an offer a less than the 63.5k agreed but it appears the surveyor only values it at 60k maximum.....what can we do PLEASE PLEASE HELP????????

For records here is my house (and for extra records the same house 2 houses up on my street sold for £85k just a few years ago)
http://www.rightmove.co.uk/property-for-sale/property-34438064.html
Postcode is S63 9DH

nickpe

Heres the link to the house just 2 doors up - i know it was 3 years ago but it sold at 85k - so surely house prices havent come down that much in such a short time.
http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=20103740&sale=28793999&country=england

jc808

tell the buyer you wont move on the price

not suyre how a surveyor can diagnose damp and structural issues in 15 minutes

catieeb06

To be fair, living in the locality I wouldn't pay more than about £70k for that type of house.

If you're unhappy with the valuation on the property from the lender you have the choice to request that he pays what he offered for it and if he won't then simply don't sell it to him.

Goldthorpe is on the commuter line between Sheffield and Leeds so it's fairly up and coming

nickpe

jc808 wrote: »

tell the buyer you wont move on the price

not suyre how a surveyor can diagnose damp and structural issues in 15 minutes

Its not that we wont - we simply cant as then wouldnt be able to afford the one we have agreed price on.

Also im pretty sure he wont be able to get a mortgage on mine if its been "over valued" ???

catieeb06

They would get the mortgage for what the lender valued it at and then the responsibility would be on the purchaser to put in the extra money to meet the price you're asking for it.

nickpe

catieeb06 wrote: »

They would get the mortgage for what the lender valued it at and then the responsibility would be on the purchaser to put in the extra money to meet the price you're asking for it.

Yes i appreciate that - but i really don't think he's in the financial position to bridge that gap......and unfortunatly if he cant buy ours then we cant buy the one we want as we genuinley don't have any extra cash to bridge gaps.

Its the valuation of 60k i really dont agree with and its that which will stop the deal progressing...... as i say a house 2 doors up sold for 85k just 3 years ago and im sure house prices havent fallen that much.

arby

go to the owner of the house you're buying. Say knock £6k off or it's all off. Explain you don't want to do it but you have no other option. The worst that happens is you end up back in the situation you are now.

nickpe

arby wrote: »

go to the owner of the house you're buying. Say knock £6k off or it's all off. Explain you don't want to do it but you have no other option. The worst that happens is you end up back in the situation you are now.

I honestly hadnt thought of that - i know its the very last option but i will do that if there really is no where else to go.

Cant believe how gutted i feel.....

StumpyPumpy

nickpe wrote: »

Heres the link to the house just 2 doors up - i know it was 3 years ago but it sold at 85k - so surely house prices havent come down that much in such a short time.
http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=20103740&sale=28793999&country=england

To be blunt: Err, yes they have and more.

The link shows that house went from £32,500 in 2003 to £85,000 in 2008, so a house that increased by £52,500 in just 5 years and has now fallen by £25,000 in three years - that is only a 30% fall or thereabouts, to a level twice the amount it sold for 11 years ago. Some areas have seen much worse than that. I know it is hard, but this is what happens in severe recessions, such as the one we are in right now, and as you dropped the price of your place in October last year, it doesn't look like buyers were falling over themselves to get it at that price.

It might be a sad, but informative exercise to try and find out how much house prices have fallen in your area in the last 4 months, since you first reduced it, and maybe use this fact to renegotiate the price of the new place you want to buy.

lmp0507

nickpe; This isn't particualrly relevant, but I see you are from rotherham! Me too, I didn't think there were any others on here,