What would you do,others views appreciated

shopaholicjules

Hi
I am sellling my property which is not worth a great deal, only small and not in the best area.
The area is close to the City Centre where millions are being spent so house prices have rose but still not the price of other areas.
I am selling the house for £64,000 to one of the neighbours. The girl who is buying it lives on my street with her family and they also have other family members on the street.
The sale is going through but so far have just done the fixtures and fittings list.
Some houses in close proximity have been valued in last month or two, i had mine valued about 7-8 months ago and are being valued at 70-75000. They do not have a garage which my property has.
Also I have not yet found a property, the girl who is buying mine has said she will rent me my house once it goes through until I find one.
My dilemma is do I have my house revalued and approach her about meeting half way on the valuation or do I let it just go through.
I feel bad as I have to bump into her family on a day to day basis, although I don't know them well.
What would you do, anyone's thoughts appreciated.

Jules

CB1979_2

ok so you have "sold" your house on a valuation from 8 months ago???

crazy at the end of the day you need as much as you can get for it, as I'm sure the place you buy will be at 2007 price not 2006!

say to her the true price see what she says, bare in mind you'll have no EA fees, so there's a bit of saving you can pass onto her.

otherwise offer her that you pay no rent for 6 months whilst you find somewhere else.

but imo you're crazy for not getting it at least valued at today's price!

DavidN83

£64,000 for ANY property nowadays seems like an absolute steal!

Why are you prepared to let it go for so little?

PoorDave

Was yours valued at £64000-65000? Without knowing what yours was valued at it's hard to compare, as we don't know how your valuation compares to your agreed sale price. Don't forget that unless the market is very buoyant, those listed at 70-75k won't actually sell for that much.

Personally, I would hope I would not mess these people about, especially if you're not moving far!

Doozergirl

Get it valued again and also ask how much to market it for if you wanted a sale within 6 weeks.

I think you would also be mad to sell at maybe £10,000 less than your house is worth, especially when it is so cheap (to me anyway!).

You only have to bump into her family until you move I'm all for selling without an agent, but with proper valuations!

shopaholicjules

Thanks for your replies. The bit about messing her around, I agree with and thats what is stopping me at the moment. I am moving away from the close area so doubt I would then see the family unless I was to bump into them in town.
Other people I have spoke to and work with are all saying get it revalued and go back to her but I wouldn't want it doing to me.
My house was valued at £65,000 at the time, it's mad I know with house prices the way they are and it's a decent little house.
A man I know at the bottom of the road is selling a house similar but with no garage and worse street, no garden and has been offered £70,000 before putting it on the market.

roswell

If you had it on the market 8 months at 65,000 and didnt sell id say take it, other may be valued at 75 000 and not sell for 8 months .. it doersnt mean they are worth 75,000.

shopaholicjules

I had never put it on the market. My neighbour had asked me to let them have first refusal if I was looking to sell my house, so noone else has looked at it or knew it was for sale.
I got it valued and then let them know, wrongly it took me some time to do all this. Her mum, dad and brother first came to look at the house and a couple of weeks later she came to look. a few weeks after this someone came to ensure the house was wort it to ensure she could have the mortgage, so all in all it took some time to get going.
Jules

CB1979_2

oh so you've agreed on a price and are a quite a way into the deal.

they've had a valuation as well so imo would be a bit harsh to go back on the deal, but only you can decide if you can live with that or not.

personally i wouldn't go back on it, but i also wouldn't have agreed a price without a recent valuation.

MJMum

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CB1979_2

MJMum wrote:

The part about her renting you the house after completion sounds a bit dodgy. Are you sure you can do this? We were going to offer something similar to our vendors recently, but the solicitor said that it would be fraud and we couldn't do so. So I would be careful about factoring that into any deal.

it must be allowed surely with all these sell & rent back companies (who buy it off you for 70% of true value)