so stressed, selling house

andy69_2

A basic background.... We bought out house around 3 years ago. We bought it for 146000. Since then we literally stripped it, new electrics, double glazed Windows, new kitchen/bathroom and all decorated to modern taste. Now we are selling we had it valued by a few agents. The minimum valuation was 160000. We accepted an offer for 151000 as we wanted to sell. We had it on the market for 165000 originally but dropped it to 156 to incorporate the remaining work which needs doing on the house which is just a bit of render on the front and small amount on the back of the house.
Anyway, we accepted an offer for the 151000 and said that this work was incorporated in the price and the price is not negotiable after survey due to the works price being incorporated already. This would only cost at maximum 1500 to do anyway so they have more money off the house than they need.
The problem is, their surveyor from nationwide came out on Monday to value the house but he was actually 'countrywide' that surveyed it. He valued the house at 147000 because of the work that needs doing (which they know about and was incorporated on the price) and asked US to get a woodwork damp survey even though he hasn't seen any wood in this house or been in the loft. So the buyers asked us to drop to that price or pay the agreed price if we do the work ourselves. so they have gone back on their word as they have put a 4 thousand retention on the mortgage. So I told them their is no chance any of that happening. They have already hot the house for much cheaper than it's worth and we can't afford to drop the price.
I'm so frustrated as we have started paying our solicitor for conveyancing our new house and for selling this house. Also, who does the surveyor think he is. He's obviously just totalled up the work that needs doing and knocked it off the sold price instead of truly valuing the house.
What can we do? What would you do?

P.s- I'm using my phone so apologies for any spelling mistakes etc

HTB_newbie

Hi

I can really understand your frustration Andy! I'd feel the same as you are effectively being asked to reduce twice for the same things.

However, pragmatically, what are your options?

You can either:

a) stand firm and refuse to drop the original offer price, which will force your buyers to:

• increase their deposit to make up the difference if they can afford to and like you house enough to do so despite the lower valuation;
• challenge the valuation is this is possible with their lender;
• apply for another mortgage and hope the valuation comes back higher; or
• they will walk away if they are unable or unwilling to do the above.

b) take them up on either of their counter offers or try to meet in the middle.

How badly do you want the new house you intend to move into? What can you afford to do? Are you willing for this sale to fall through and proceed with a new buyer in the hope that the valuation will be better and take the delays and possibility of losing the house you intend to buy?

The buyer were initially happy to pay the original offer expecting approx. £1500 of work to put it right. Could you not take them up on their offer of the original price and negotiate splitting your costs of doing the work?

andy69_2

To be honest, we really do want this house but we really can't afford to drop or pay for the work. I think even if our house was sold to them for 100000 he would still have valued it at 4 grand less just to cover the work. For them to offer the full price still if we do the work surely they have the money to make up the short fall? I feel like ringing up the surveyor myself and asking what justifies his 'valuation'. But I know I will say something I'll regret

princessdon

andy69 wrote: »

To be honest, we really do want this house but we really can't afford to drop or pay for the work. I think even if our house was sold to them for 100000 he would still have valued it at 4 grand less just to cover the work. For them to offer the full price still if we do the work surely they have the money to make up the short fall? I feel like ringing up the surveyor myself and asking what justifies his 'valuation'. But I know I will say something I'll regret

Can you not render yourself? I do my brickwork and I'm not very DIY

HTB_newbie

From their perspective, the lower valuation may have unnerved them a bit and led them to question whether they are getting good value for money in purchasing your home.

Maybe speak with your EA, they'll have access to comparable properties recently sold in your area. If you can show the buyers justification for sticking to your guns and that you are being reasonable it could help. Also could you get a professional around to cost up the work? When I bought my first house, the estate agent arranged this for the buyer so that I could see how much the issues raised in the survey would take to put right and this made it easier for me to proceed with confidence.

moneyistooshorttomention

I'd be annoyed in your place too.

Errrm...the one thought I have on this is that, if this buyer pulls out, (ie because you quite understandably wont reduce the price any further) and you have to find another buyer then I don't think its a good idea to get the solicitor "up and running" with any future buyer until after the new buyer has had AND APPROVED their survey.

That was the way I played things myself, ie with the house I had just sold. I was told by my EA that first my buyer has their survey done (and, by implication, they have approved it = not come back asking for money off after reading it) and THEN I get my survey done on the house I myself am buying. My buyer was pressurising me (via her conveyancers) to start up the "legal work" before I had even had my own survey done...but I resisted that...and refused to start the "legals" until it was clear my own house-to-be is good enough condition to buy it for the price I had offered.

I took the gist of their argument and realised that this also meant that I didn't "start up my solicitor" until AFTER both surveys had been accepted (ie first my buyers and then my own).

This did mean the whole process took that bit longer...but at least I wasn't risking any of my money on legal fees until such time as it was clear that my buyer wasn't going to need replacing with another buyer (because of trying to do "knocking down" after reading survey) and I hadn't wasted my own money on a survey (ie spent out on a survey on a place that it turned out wasn't fit to buy).

By doing things that way it meant that I only had about £400 of my money at risk of being wasted prior to starting the "legals" up.

phoebe1989seb

princessdon wrote: »

Can you not render yourself? I do my brickwork and I'm not very DIY

This ^^^^^ We were recently let down when our builder booked into render our new extension had a nasty accident, so not being able to find another at short notice DH did it himself.......and whilst he's carried out much of our renovations himself, he'd never rendered - but it looks amazing - I can't believe we were going to pay someone ££££ to do it! It took a couple of weeks 'cos it's a large area, but if you've only got a couple of small areas to do and it's threatening to railroad your sale perhaps you could give it a go

andy69_2

Thanks everyone. I just can't believe he valued it 1 grand over what we bought it for. After all the work we've done. At least 13 Grands worth. It's out of my control and I am really frustrated. Also asking ME to pay for another survey and value after I've done the work. Surely that's for them to pay for if they want it? I could get the work done for a grand (even though I haven't got it) but I still don't know where the 4 grand is coming from?

moneyistooshorttomention

Would it be possible to get your solicitor to keep ahold of work done to date and "use it" so to say on another buyer instead.

I cant help feeling your current buyer "wants jam on it" and I would junk them and find someone else in your position.

Are you desperate to move? It does seem a bit of a shame to move after only 3 years and when you have spent so much time and money on this place?

ReadingTim

andy69 wrote: »

I just can't believe he valued it 1 grand over what we bought it for. After all the work we've done. At least 13 Grands worth.

Sadly there are some works that you're not necessarily going to recoup the money for - new electrics, roof etc aren't premiums buyers will pay extra for, but are simply necessary expenses to be incurred as part of the general upkeep of a property - they'll stop if from losing value, but won't add any.

Kitchens and bathrooms seem to be a different kettle of fish (according to various articles on the web about how to improve the value of your home), but bear in mind that most places have a ceiling price, so a high end kitchen might not lift you above that ceiling signficantly, or even recoup the money spent on it. And that's even before we consider that your taste might not be the same as the buyers'

andy69_2

moneyistooshorttomention wrote: »

Would it be possible to get your solicitor to keep ahold of work done to date and "use it" so to say on another buyer instead.

I cant help feeling your current buyer "wants jam on it" and I would junk them and find someone else in your position.

Are you desperate to move? It does seem a bit of a shame to move after only 3 years and when you have spent so much time and money on this place?

Not desperate as such. We need another bedroom and the living space is quite small for a family of 5. We could in theory wait 7/12 months but we would like to go, especially as we've found the perfect house to buy next. I really am gob smacked. It seems out of my control and I can't exactly change the surveyors mind. They really are gettingva bargain already.