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

Emmzi

2 bedroom houses in Goldthorpe are listed from £32k to £140k.

I still don't think the surveyor is being outlandishly ridiculous and the reality is that he is unlikely to change his view, even if 10% out. (50% maybe!)

So the option are
- get another survey done
- wait for a cash buyer
- make everyone in the chain chip in a bit
- beg from relatives or sell the car to raise the extra cash

What you owe on your mortgage is neither here nor there when valuing asstes.

DannyboyMidlands

It's worth what somebody is willing and able to pay for it. Having been on the market for ages that's looking like £57k. The valuer doesn't care that you have an outstanding mortagage and fees to pay.

If I were you I'd let him have it for £57k and get shot of the place.

anselld

Emmzi wrote: »

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

No, that is not the only option.
As per post 3, OP can stand firm on price if they believe it is fair and let the buyer sort out their surveyor.

The OP is not obliged to do repairs (certainly not upgrades) and neither are they obliged to reduce price.

If they are confident the price is fair then they should remarket with some urgency.

nickpe

Emmzi wrote: »

2 bedroom houses in Goldthorpe are listed from £32k to £140k.

I still don't think the surveyor is being outlandishly ridiculous and the reality is that he is unlikely to change his view, even if 10% out. (50% maybe!)

So the option are
- get another survey done
- wait for a cash buyer
- make everyone in the chain chip in a bit
- beg from relatives or sell the car to raise the extra cash

What you owe on your mortgage is neither here nor there when valuing asstes.

Hi thanks - i this gives me a better direction of at least the options if the appeal against valuation falls flat.

GAH

OP, i know it can be annoying but the situation is what it is. Surveyors are employed to protect the interest of the lender, and are worried about their jobs unless the err on the edge of caution.

You can appeal against the valuation, but its unlikely anything would be overturned. IF the surveyor had come back and valued at £35k for example you may have more of an appeal, but for a few grand under its doubtful anything would be overturned.

See if you can get the difference off the one your buying first.

If not, that its a matter of asking the buyer if they still want to buy yours with making up the difference themselves. In this situation it obviously depends how much they want the house or like you if they even have the funds.

If not your back to square one unfortunately, welcome to the stressful world of buing and selling

kingstreet

nickpe wrote: »

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.

So the first job is to get these issues looked at by specialists who can establish what is actually needed and what the cost will be. Surveyors are GPs who will feel that an issue is there, but will not know what is required to remedy it and how much it will cost.

Once you have your specialist reports, you can then decide how to approach the matter with your purchaser. It may be there is no work needed and the higher valuation will apply. That makes the problem a bit smaller than it is now.

If you ultimately don't sell to this purchaser, you will need to do this for future purchasers and having specialist reports on hand to give a copy to a future surveyor can be nothing but helpful to you.

nickpe

Hi Guys - i have this afternoon discussed the situation with my Mortgage Company as they have been able to hold off temporarily having ths survey completed on the house i wish to buy (as a worst case scenario if everything falls down i wont be £500 out of pocket for that survey).

Anyway in relation to my mortgage company (Nationwide) - they have said as im an exisitng customer as final option i may be considered for a 95% mortgage to bridge gaps if i really wanted to move (and admitadly i do).

However do people think i should use this as a final final resort and seek the finances if there available to be bridged from the chain (ie my prospective buyer, me, and the guy whos house i wish to buy) ????????

I would be pretty sure if i got a 95% mortgage that the rate will not be good and also runs a closer of negative equity if things get really bad in the future??

moneysaver

The OP buyer has just been saved thousands of pounds by the surveyor, money well spent. Why pay over the odds for a property in this kind of property slump.

Nickpe, if the property you were buying was valued more than you offered would you pay the difference? I think not.

Works both ways.




Moneysaver

nickpe

moneysaver wrote: »

The OP buyer has just been saved thousands of pounds by the surveyor, money well spent. Why pay over the odds for a property in this kind of property slump.

Nickpe, if the property you were buying was valued more than you offered would you pay the difference? I think not.

Works both ways.




Moneysaver

I understand your message - however its the issue of the valuation we dispute - if you check rightmove very similar properties of mine ar on at arounf £70k and the estate agents have advised they have sold properties of a similar kind for much more than the 60k the surveyor has valued at.

It may sound im clutching at straws but the potential buyer of mine has advised the estate agents to resolve the issue as he still wishes to purchase mine and also agrees with both me and the agent that 63.5k was fair !!!!

anselld

nickpe wrote: »

It may sound im clutching at straws but the potential buyer of mine has advised the estate agents to resolve the issue as he still wishes to purchase mine and also agrees with both me and the agent that 63.5k was fair !!!!

If your buyer agrees that 63.5k was fair then it is their job to find the money to proceed, not yours or your agent's. Don't get stuck in the middle and be the only one stumping up cash. At least get it spread evenly between your buyer, you and they person you are buying from.