refreshed home report scotland

todaysteaser

Hi
We had a home report done in June of this year, eventually got a buyer 2 weeks ago who asked for the report to be refreshed, is it possible for the value of the property to drop £15,000 in just over 4 mths and any ideas why. The company responsible for doing the home report are very slow in explaining themselves and as a result the buyer has withdrawn his offer.

Thanks

googler

Sort of depends on the full valuation, wouldn't you say?

£15k is a big chunk if the original valuation was £115k, but less so if we're talking about £750k...

todaysteaser

Point taken, but think any drop for no valid reason and looses a buyer into the bargin should be explained no mater what the original value was.
Does the fact that the market is not good have anything to do with the valuation, this is all new to me, my 1st and last time ever selling a property:eek:.
Thanks

agrinnall

Well, we don't know if there's a valid reason, and because you haven't said where the property is we don't know what the market is like. Googler's question is perfectly reasonable, if you don't want to answer it that's fine but you can't expect much help if you only give minimal information.

todaysteaser

is it possible for the value of the property to drop £15,000 in just over 4 mths and any ideas why. What part needs explaining, its just a general question, hoping someone may have experience of the same and could give me the benefit of their knowledge.
The phase lighten up springs to mind.
Thank you

googler

todaysteaser wrote: »

Point taken, but think any drop for no valid reason and looses a buyer into the bargin should be explained no mater what the original value was.
Does the fact that the market is not good have anything to do with the valuation

We can't 'explain' it without some more clues.

Maybe the surveyor has a more pessimistic view due to events in the area over the last 4 mths? Maybe some properties sold for significantly below asking, and he's factored that in? again, we can't tell from here, but assuming the surveyor to be active in your area.....

googler

todaysteaser wrote: »

What part needs explaining ...

The phase lighten up springs to mind.

Some other phrases are coming to mind behind this keyboard, but I don't think they'd get past the forum's naughty words filter.... Shame.

kingstreet

It's not always reliable, more of a shotgun approach when you really need a rifle, but the Nationwide House Price Calculator shows an average 2.87% reduction in Scottish house prices between Q1 of 2012 and Q3 of 2012.

http://www.nationwide.co.uk/hpi/calculator/calculator.htm

Is the property around the £500k mark?

Owain_Moneysaver

todaysteaser wrote: »

Does the fact that the market is not good have anything to do with the valuation,

The market has everything to do with the valuation.

You could search the various sites that give sold prices for your area (although they can be 6 months out of date). Maybe someone sold their house cheaply for a very quick sale / it was repossessed and sold at auction / sold within the family for an artificially low price. Any of these would make the 'market' price look suddenly low.

Maybe a local employer has closed or relocated and there's something of a glut of houses come onto the market and had to be sold quickly. Maybe you haven't yet heard about the meat rendering plant that's going to be built in the next street. ...

myhouse_2

The house I bought was on the market well over a year. When the home report was refreshed it dropped about 50k (10%). I paid 10% less than the refreshed home report. The valuations are often pure fantasy but the surveyor may downgrade if the house didn't sell for near valuation, basing the new valuation on what the buyer is offering.