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

System

lucymelissa wrote: »

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,

im in Rotherham too -sorry op not relevant to your thread !
houses in my street were going for £150k a while back ,we are looking to sell and will be lucky to get £120k

poppy10_2

nickpe wrote: »

t 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.

For goodness sake, not this joker again. You've been posting every few weeks since last year about how your house wasn't selling. The advice was the same each time - the house was hideously overpriced compared to the competition. Now when you finally found a mug prepared to offer close to what you wanted, you act surprised that the surveyor is telling you some home truths about the true value of your property.

HAMISH_MCTAVISH

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 !!!!

No, you are absolutely right to be concerned.

Surveyors have been deliberately undervaluing houses in league with some banks.

Property sales and remortgage deals are collapsing because some mortgage lenders and surveyors are deliberately undervaluing homes, estate agents say.

Properties are typically being undervalued by at least 10%.

Chief executive Peter Bolton King told the BBC: "They are perhaps worried about their professional indemnity insurance - they are thinking back to the 90s when surveyors were being sued by lenders for allegedly not getting the valuations right.

"They are perhaps worrying about the market and almost deliberatively knocking off 10% almost regardless of what the property sold for.

"The other reason, which I found more worrying, is that we are hearing anecdotally that lenders are giving specific instructions to their valuers as to how they should approach these valuations."

http://news.bbc.co.uk/1/hi/uk/8191007.stm

Hold firm, DO NOT allow yourself to be a victim of this sort of undervaluing scam.

Appeal the valuation with details of exact house sale prices in the area. Get your own survey done after researching comparable sold prices to establish the facts.

If that fails let your buyer know that their surveyor is incompetent and they will have to find another one, or another mortgage lender. Or come up with the difference themselves.

At the end of the day, if you do not get the minimum price you need to move, you cannot sell.

Simple as that.

brit1234

HAMISH_MCTAVISH wrote: »

Hold firm, DO NOT allow yourself to be a victim of this sort of undervaluing scam.

Getting desperate Hamish to keep the housing bubble inflated aren't you.


Banks are not undervaluing they are simply protecting themselves and savers money from over valued property which is likely to drop in price.

Yorkie1

Hamish and Brit, please don't turn this thread into yet another of your endless house price debates. Please keep them for the House Price Debate forum.

evansmummy

This happened to us recently. They undervalued by 19K! It was a major shock to us and our prospective buyers.
Our house was a unique grade II listed row of houses and because a couple of others on the street sold recently, one undervalued as they were desperate to leave and the other is major need of repair, they compared those sold house prices with ours and came up with a stupid value.
I spoke to a local surveyor who explained they were being 'asked' by lenders to be on the low end of valuations at the moment and as they are liable for being sued themselves they had to be overly cautious.
He said it'd be really unusual to overturn a valuation as it's all matter of opinion and unless it's a huge amount of money i.e 50k they wouldn't overturn it. He also said getting your own valuation that falls in line with what you expect won't necessarily satisfy the lender. In effect we were stuck between a rock and a hard place.
We ended up falling through on that deal as we needed that amount of money for the house we wanted to buy.
6 months down the line we've resold for a lower amount closer to the original valuation. We saw it as it's gonna happen again to it's pointless to try sell for a higher amount and get downvalued again. We just bought a house which was lower in value, which we like better than the original one we were gonna buy anyway.
My advice would be tell the buyer to get the surveys done to get the valuation up to the full 60k and either ask the seller if they'll reduce to compensate for the difference in price or look to see if there are any properties that you could afford instead of the one you've offered on. It's awful when you've seen a house you love but if it's not attainable you've got to let it go. You have a buyer in this difficult market don't lose them.

Good luck!

Hectors_House

nearlyrich wrote: »

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.

We paid £72k for our house. They are a set of face to face Victorian railway cottages/terraced 3-beds and all others that have sold in the block over the last 6 years have gone for daft prices like £130k, £125k etc.

We got lucky. Ours was a repossession and we negotiated hard downwards when the EA told us they were moving into that kind of sale as that's the way the market was going. The house was a wreck inside but important stuff like the roof had been replaced in recent years.

We now have a neighbour directly opposite trying to sell their's for £120k and everyone is watching to see what happens with that.

I'm afraid its just the luck of the draw and when friends tell me we got a bargain I tell them that's only true if the values hold which isn't happening. Maybe in 20 years time they might recover to where folks will pay £130k. Who knows? Personally, lovely as the houses are I never thought they were worth £130k.

dawyldthing

This is similar to the street i'm buying on. On my homebuyers report the highest the houses on the street will go for valuation wise is 70k, yet theres one for 85k, another for 86k and another for 79k. Basically the estate agents are telling people high prices to get them to sell through them then the buyer gets a valuation done and its usually more realistic to what it should be