so stressed, selling house

witchy1066

you say they are getting a bargain but obviously the lenders surveyer doesn't think so

big difference between
£1500 and 4k

have any of the other posters read the OP
the buyers where happy to pay when they thought the work would be £1500 but for the lenders to retain 4k, its a lot of money for the buyer to find on top of having the work done


OP I do understand your plight but if its ONLY £1500 why do you not get the work done , the retention would be lifted and the buyers would have no case to argue,
if they walk away , at least you will know it isn't going to happen to your next buyers

phoebe1989seb

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.

Whilst you have my sympathies OP, what you paid for it (and your additional expenditure on renovations) is neither here nor there IMHO - it's what the place is valued at by a professional that counts and whilst your buyer was obviously prepared to pay more, they aren't as likely to want to pay over the valuation.......

FWIW, we renovated a house that we subsequently sold three years later for £20k+ less than we'd paid - and on top of that we'd spent a further £40k+ on high end kitchen, bathrooms, rewiring etc. as ReadingTim says, sometimes these *improvements* take a property above the ceiling for the area.

In our case it was a very special house that we felt deserved the expense.........but it was in a less than salubrious location. Our EA confirmed our renovations had made it more saleable - this was 2011 and large, expensive period houses were languishing for an average 2-3 years on the market with most not selling at all - our buyers from outside the area (as we, too had been) were drawn in by the character of the house then fell in love with the bespoke kitchen and it went SSTC within two weeks, but nonetheless it was a bitter pill to swallow *losing* £60k

I do feel your pain, but if you're heart is set on moving, it seems as though you've little choice but to take a hit - good luck with whatever you decide to do

andy69_2

witchy1066 wrote: »

you say they are getting a bargain but obviously the lenders surveyer doesn't think so

big difference between
£1500 and 4k

have any of the other posters read the OP
the buyers where happy to pay when they thought the work would be £1500 but for the lenders to retain 4k, its a lot of money for the buyer to find on top of having the work done


OP I do understand your plight but if its ONLY £1500 why do you not get the work done , the retention would be lifted and the buyers would have no case to argue,
if they walk away , at least you will know it isn't going to happen to your next buyers

You missed the point. I accounted for the work costing 5 grand. Which is why I reduced the house price to incorporate it. He's saying it's 4 grands worth of worK but I know it can be done for 1500. We wouldn't have accepted the offer if it wasn't already incorporated in the price. Houses go for 10 grand more around here in a worse condition. It's sold at a v.low price. The surveyor is covering his back side. He would have knocked 4 grand off no matter what I sold it for.

harrys_dad

andy69 wrote: »

You missed the point. I accounted for the work costing 5 grand. Which is why I reduced the house price to incorporate it. He's saying it's 4 grands worth of worK but I know it can be done for 1500. We wouldn't have accepted the offer if it wasn't already incorporated in the price. Houses go for 10 grand more around here in a worse condition. It's sold at a v.low price. The surveyor is covering his back side. He would have knocked 4 grand off no matter what I sold it for.

In that case you need to refuse the "new" offer as they have not met what you require and fell it is worth. I would point out however that a house is worth what someone will pay for it and what they can get a mortgage for. If you feel that does not meet what you think it is worth then don't sell. Comparison with other recently sold houses in the area is also something considered by valuers, so maybe your assertion about "houses around here in a worse condition" may bot be correct.

Having said all that I understand your frustration. Are you able to achieve a similar reduction in the house you are buying? As car dealers would say, the only important thing is the "price to change" so if you are getting 4K less maybe you can reduce your buying price by a similar amount.