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

pinkshoes

I'd just negotiate the same amount of money off the house you're buying.

(although FWIW, I would also dispute how on earth the surveyor can be so accurate with the amount of work that needs doing in just 15 minutes!)

Nine_Lives

Ah but was it a literal 15 minutes, or is 15 minutes just an expression? Such as 15 minutes of fame isn't a literal 15 minutes. OP may just mean they weren't there as long as was expected.
That said, perhaps it was literally just 15 minutes.
Just throwing it out there.

nathand_2

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

With a healthy bribe :P

nearlyrich

The house next door to my daughter's was sold for £110k just 8 months before she paid £61k for hers (they both needed extensive renovation but were essentially the same size and layout) but I bet the guy next door was a bit sick too. The property is worth what someone will pay for it and if they need a mortgage however much they can get the financial guys to lend on it you need a buyer with a bigger deposit sadly.

phoebe1989seb

When we sold last year our buyers' surveyor spent 3 1/2 hours carrying out a Homebuyers Report yet still managed to find stuff that wasn't there.......such as asbestos and a woodworm infestation. Fortunately he valued it at the agreed price though. Luckily our buyers could see for themslves that there was no asbestos or woodworm infestation, but it just goes to show that even on a much longer survey mistakes can be made :eek: How the OP's surveyor could have seen enough in 15 minutes beats me!

Regarding the value dropping over the last few years, we bought in November 2007 and spent a further £40k on restoration work, but 'lost' £60k when we sold in May 2011........we were gutted naturally, but needed to get shot of the house and fortunately financially were able to take the hit.....sometimes you just have to face up to the reality of the situation

PasturesNew

I must be seeing things, I could swear you kitchen's haunted and I just saw a ghost in there.... wasn't there when I looked again.

PasturesNew

nickpe wrote: »

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

I looked on Zoopla. What that does is takes the last price sold and calculates how the market's moved up and down since then in that area - and presents a suggested current value figure based on those movements.

The one that sold at £85k in December 2007 is now showing as worth £70k. So the region's moved down some way since then.
http://www.zoopla.co.uk/home-values/goldthorpe/lesley-road/s63-9dh/

And number 18 was on the market for £95k in 2009 and they got £83k for it.

nickpe

PasturesNew wrote: »

I looked on Zoopla. What that does is takes the last price sold and calculates how the market's moved up and down since then in that area - and presents a suggested current value figure based on those movements.

The one that sold at £85k in December 2007 is now showing as worth £70k. So the region's moved down some way since then.
http://www.zoopla.co.uk/home-values/goldthorpe/lesley-road/s63-9dh/

And number 18 was on the market for £95k in 2009 and they got £83k for it.

Thanks for this bit of info - well according to this Zoopla link my house is estimated at £76,411......... the buyer and i agreed at £63,500

But the surveyor has somehow got 57k and would be 60k if i got his said mentioned repairs completed - this surveyor has totally destroyed the whole deal and i just dont know where to turn other than await our Estate Agents Appeal to hopefully get the deal back on its feet.

Emmzi

3k is a 5% margin of error.

I will be surprised if the report actually says it does need wiring etc, it's usually "we suggest further investigation" on a basic valuation.

You could pay a couple hundred quid for a diffrent survey for the buyer.

However if £3k throws the whole deal it is unlikely you can afford that gamble.

Therefore your only option is to talk to your vendor. This happens more often than you think.

nickpe

Emmzi wrote: »

3k is a 5% margin of error.

I will be surprised if the report actually says it does need wiring etc, it's usually "we suggest further investigation" on a basic valuation.

You could pay a couple hundred quid for a diffrent survey for the buyer.

However if £3k throws the whole deal it is unlikely you can afford that gamble.

Therefore your only option is to talk to your vendor. This happens more often than you think.

Its not 3k mate its 6.5k..... we agreed on the price at 63.5k and the report values mine at 57k and 60k if the repairs were completed.

Therefore he could only get a mortgage for upto 57k and i believe firmly with the deposit he would need to lay down plus the 6.5k difference extra now required it would be finanicially not viable for him - if i could i would be flexible evenmore but i cannot as i owe 59k on the mortgage and also need to account for solicitors fees and moving fees.....this only leads to the house im buying if he would reduce somehow but hes been a reight stubborn thing so cant see it happening.