Seriously low survey valuation

love_lifer

After agreeing a sale 12k under 138k asking price, the buyer's surveyor has valued my house at 117k after some damp work is carried out. valuations varied from 125-145k, 2 years ago they were at 145-155k. I feel stuck and depressed. I think I need to get my own damp survey and take yet another hit financially before the value drops even more. naturally areas I want to buy in keep rising. im being priced out of the market.



oh and there's no obvious damp, never has been. but its a 1907 house with a cellar kitchen and neighbours who don't repair their gutters

moral of story- when an area is on the slide, get out sooner rather than later. location is all

Chanes

If you are unhappy where you are then it is worth moving if you can afford to do so. Which might mean being disappointed at prices or surveys buying or selling.

As for areas, they can rise and fall and rise again, you would be a billionaire if you were gifted with knowing the future for places.

What ever the outcome I hope things cheer up for you.

[Deleted User]

Could u offer to repair or clean the neighbours gutters? It might save you a few thousand? If you are sure the damp is coming from that area.

Sorry to hear about your situation. It must be very dispiriting.

jacko74

An alternative title to this thread could perhaps be 'Seriously high estate agent valuation'?

The false hope these people give sellers just to get them to sign on the dotted line is scandalous and pointless, all these overpriced properties clogging up the market just waste everyones time.

The only hope I can offer is are you sure the areas you want to buy in are actually rising? Or are they full of overpriced properties that just sit on the market indefinitely?

Hoploz

Why are you selling? Do you need to? Prices will rise again eventually.

Is it just you hoping to cut your losses, or do you need to move, in which case maybe you could let it to enable your own move without making a loss?

love_lifer

thank you for responding. I'm in an area that is dropping in price but the difference between estate agent valuations- which were all fairly low- and this surveyor are massive. I didn't go with a high valuing EA, quite the contrary. And the house isn't damp, just old.


Yes I need to get the gutters sorted, I've left it too long.


I'm selling because the area has deteriorated in the last 10 years- I've been here over 24 years. naturally the areas im considering are rising steadily. its location that's the issue- i'm an alien now in this community, I should have left after the last wave of riots. ah well, my mistake, but I love my house.


the key question is will house prices in this area recover or continue to fall? I think the latter is most likely because of the demographics. so I'm caught in a bit of a trap. and its really unpleasant

Chanes

love_lifer wrote: »

thank you for responding. I'm in an area that is dropping in price but the difference between estate agent valuations- which were all fairly low- and this surveyor are massive. I didn't go with a high valuing EA, quite the contrary. And the house isn't damp, just old.


Yes I need to get the gutters sorted, I've left it too long.


I'm selling because the area has deteriorated in the last 10 years- I've been here over 24 years. naturally the areas im considering are rising steadily. its location that's the issue- i'm an alien now in this community, I should have left after the last wave of riots. ah well, my mistake, but I love my house.


the key question is will house prices in this area recover or continue to fall? I think the latter is most likely because of the demographics. so I'm caught in a bit of a trap. and its really unpleasant

You're caught in trap but if you have the money to do so it would be well spent taking you out of the place that makes you feel this bad.

love_lifer

the house makes me very happy- that's why I've been here so long- too long. I'm toying with the idea of spending money doing it up- it needs updating. but its potentially throwing cash away. im completely undecided about what to do. have asked a few trusted friends and family to come round this weekend to discuss options and help me decide. the risk is I lose my buyer by delaying a decision although the EA reckons he's still keen (he's reduced his offer to 115k predictably)