Under valuation panic

PixelPound

Dird wrote: »

If you mean the banks then I complemented the speed of process so I doubt they'd mind :P
If you mean estate agents then there must be lots of houses at that value & it won't be their first rodeo...if valuation comes £10k under the price is dropping for sure :P

Was your accepted offer on/over/under the asking price? What have similar properties sold for in last 6 months or so. You may drop the price but if the EA is unwilling to accept a drop, will you walk away?

Dird

nic_c wrote: »

Was your accepted offer on/over/under the asking price? What have similar properties sold for in last 6 months or so. You may drop the price but if the EA is unwilling to accept a drop, will you walk away?

It was at asking price on condition they don't take further offers (other than me + 1 other) as the silent auction drives me crazy.

Nothing shown on rightmove as having sold recently. Most recent (November) was £127k but on a different road (0.5m). Next door sold for £118k in 2013 but needed a bit of modernising. Another sold for £105k last September but not seen photos/don't know if it's a semi.

I guess it depends on the difference. If the valuation said £115k and they weren't even willing to meet at £120k then probably go. £120k+ range probably take it.

I read a news article the other day saying the EA don't care about the price? Apparently the sales people get commission from listings rather than % of the sale?

With a £120k valuation if the vendors wouldn't budge at all I'd be on 67% (75% LTV deal)...from 1.54% to 1.79%. Not the end of the world but still

PixelPound

Dird wrote: »

It was at asking price on condition they don't take further offers (other than me + 1 other) as the silent auction drives me crazy.

Nothing shown on rightmove as having sold recently. Most recent (November) was £127k but on a different road (0.5m). Next door sold for £118k in 2013 but needed a bit of modernising. Another sold for £105k last September but not seen photos/don't know if it's a semi.

Streetview?

Dird wrote: »

I guess it depends on the difference. If the valuation said £115k and they weren't even willing to meet at £120k then probably go. £120k+ range probably take it.

I read a news article the other day saying the EA don't care about the price? Apparently the sales people get commission from listings rather than % of the sale?

With a £120k valuation if the vendors wouldn't budge at all I'd be on 67% (75% LTV deal)...from 1.54% to 1.79%. Not the end of the world but still

EA's can care about the price for different reasons, such as how many of their sales go for the asking price. If an EA tells you all their sales in the last 6 months have gone for at least the asking price, you are more likely to go with them if their valuation is acceptable to you. That said selling price isn't always keen, it can be dependent on how many houses they have on their books, if they want it off they could well emphasise to the vendor that if the valuation has come in at that, then its likely other valuations will be similar if they hold out for another buyer, especially if they use the same mortgage company as you

I suppose you could go with a short term fix knowing it will soon be under 65%.

Dird

nic_c wrote: »

Streetview?

Found on zoopla archive. £105k was a 2 bed terraced

PixelPound

You don't say how far away the £105k one is, but increasing from 118 to 125 over two years is not excessive and combined with the 127k nearby them valuer should say it's worth what you offered.

Dird

nic_c wrote: »

You don't say how far away the £105k one is

The £105 & £118 are the same road as the house. Will see I guess :lipsrseal