Help- survey has came back 10k short

charmaine

Put my house on the market four weeks ago, EA valued at 83k so we decided to go for offers over £79,995 with no luck so then went £72500 fixed price for quick sale got viewer that day who put in offer subject to survey. The girls bank who done the survey have came back and said it's only worth £62,500. Im raging because the survey does not state any defects etc just the fact that that is the market value? Could this be something to do with my 3 neighbours buying from the council last year at £7k?

The girl can only get 95% mortgage from bank so she is in limbo and really wants the house - what options does she have?

here's a link to my house

https://www.patchproperty.co.uk
reference: PAP1000363

Any advice is well appreciated

Emmzi

I think her options are..

1. Try another bank who'll lend 110/ 120% (go through a fees free whole of market broker for guidance)
2. Get someone to donate the money to her (family member)
3. You drop the price (bad option for you!)
4. She buys somewhere else and you get another buyer.

*EssEncE*

As previous poster said tell your buyer speak to a Mortgage Adviser who sources 'Whole of Market' and ideally who doesn't charge a fee for their services.

If they can't obtain finance from a family member, ie gifted deposit, then obtaining a 100% + LTV mortgage will be costly for your buyer, so the more they can reduce their set up fees the better.

Hopefully a new lender and their valuer will give a higher property value figure, it can happen.

Last resort is reducing your Price, as i'm sure you appreciate.

Good luck

charmaine

Thanks folks for your advice. My financial situation mean the most I can go down to is 70k. The girl really wants the house so hopefully she can get something done. My estate agent is advising me to put it on the market at £65k fixed price - what do you think? definately not practical for me but im now at the stage I just don't know what to do.

rebeccaj

charmaine wrote: »

My estate agent is advising me to put it on the market at £65k fixed price

and yet they valued it at £83k only four weeks ago!! What planet are these estate agents on to overvalue so much initially :eek:

irnbru_2

charmaine wrote: »

Could this be something to do with my 3 neighbours buying from the council last year at £7k?

At 70% discount that would make them worth ~ £24K

charmaine wrote: »

Any advice is well appreciated

AFAICS, £67K was the most expensive flat.

charmaine wrote: »

My financial situation mean the most I can go down to is 70k.

Are you moving to a new property?

BettiePage

Your neighbours are buying at £7k? Did you too? If so, the surveyors value seems more than fair.