House undervalued

MobileSaver

Beckyy wrote: »

If they want to move then they will have to accept £65K - give them a bit of time to stir.

Conversely the Countrywide valuer may have got the valuation wrong and the sellers may well sell for the higher asking price to someone who uses a different valuer.

Yorkie1

MobileSaver wrote: »

Conversely the Countrywide valuer may have got the valuation wrong and the sellers may well sell for the higher asking price to someone who uses a different valuer.

True. However, OP said its a small village and the valuation came out at the same value as the only recent sale. Assuming that that property is a fair comparator, it's realistic to anticipate that other valuers will draw the same conclusions in what is a small market and thus difficult to assess.

martinthebandit

Beckyy wrote: »

If that's what it's worth then people aren't going to be paying over the odds. If they want to move then they will have to accept £65K - give them a bit of time to stir.

........and if you have not found another more realistically priced house you could always offer slightly more than 65k in a couple of weeks, maybe meet them half way, 67 500?

diesel100

is a valuation not just a professional opinion? all depends on supply and demand.
I am dreading when my property valuation comes through in about week, as seller has already gone 10% below asking price.

Mrs_pbradley936

diesel100 wrote: »

is a valuation not just a professional opinion? all depends on supply and demand.
I am dreading when my property valuation comes through in about week, as seller has already gone 10% below asking price.

The only valuations which are legally binding are those issued by these people:
http://www.voa.gov.uk/corporate/SVT/index.html


They are not there to help buyers and sellers but to value property for taxation purposes. Things like probate, Capital Gains or Inheritance tax.


I only discovered them the other day because I asked on another thread if similar sized houses in the same postcode was how you set a value.

BaronVonDoon

Perhaps considering to meet them at 67.5 could be an option, with what I've already paid in fees, and what I would have to pay again in fees on a new property, it's not that huge a difference. Depends on whether they would accept that. Only two similar properties have sold in the area in the last 6 months, both at 65, one of which was a bit nicer.

I did consider a different mortgage, but then countrywide appointed a local third party surveyor, and chances are I could have the same one again.

I'll have a think over the weekend

Yorkie1

diesel100 wrote: »

is a valuation not just a professional opinion? all depends on supply and demand.
I am dreading when my property valuation comes through in about week, as seller has already gone 10% below asking price.

Yes, it is just a professional opinion, but if the valuation is done on behalf of the lender, the lender will only lend the mortgage's maximum LTV% based on that valuation. If the valuation is lower than the agreed purchase/sale price, then the buyer has to make up the difference from their own funds, or the seller has to reduce the sale price to meet the valuation.

Lenders rarely revisit valuations, and as OP has said, there is a risk that a different lender would use the same survey firm with the same outcome.

BaronVonDoon wrote: »

Perhaps considering to meet them at 67.5 could be an option, with what I've already paid in fees, and what I would have to pay again in fees on a new property, it's not that huge a difference. Depends on whether they would accept that. Only two similar properties have sold in the area in the last 6 months, both at 65, one of which was a bit nicer.

I did consider a different mortgage, but then countrywide appointed a local third party surveyor, and chances are I could have the same one again.

I'll have a think over the weekend

TBH it sounds as though most surveyors, whether from this firm or elsewhere, will value it at £65K and the sellers have spent more than the ceiling price for the property.

If you really want the house and can stretch a bit more cash towards it then try for the £67.5K, but much more and it does seem that you will be paying over the odds for the property.