flat down valued

anselld

ctophe wrote: »

well yeah we thought 150k would be good but clearly people are willing to pay more

Clearly not any more! You might get lucky with another buyer but if the valuer is correct this is just going to keep happening. You need to be realistic.

Upsidedown_Bear

ctophe wrote: »

i tried to post a link but i wasn't allowed to

Just post it like this:

moneysavingexpert. com

And someone will find and post the link

divadee

ctophe wrote: »

there are similar properties for 140k and there are also similar, and worse, properties for 160k... very confusing!

But are they sold prices or marketed prices?

There is a massive difference between the two!

ctophe

they are marketed... where do i find sold prices?

Upsidedown_Bear

ctophe wrote: »

they are marketed... where do i find sold prices?

http://www.rightmove.co.uk/house-prices.html

glasgowdan

Wait for a buyer with a bigger deposit to offer more.

brit1234

As you can see by the boards that people are offering less now after the Brexit. Price it right or you might chase the market down and sell it for a lot less.

bigfreddiel

ctophe wrote: »

Hi Folks, wondering if you have any suggestions or tips

we put our flat on the market for 150k and had an offer for that amount the next day... with 6 more viewings booked in we told the buyer it would take 160k to take it off the market. They offered 157k and we accepted.

Their survey has valued our flat at 145k! gutted! the buyer has said they are no longer willing to pay 157k.

thing is, there's plenty of 1 bedroom flats similar or worse to ours that are STC on rightmove for 150-175k.

what do we do?

A survey value has nothing to do with what you can sell it for. It's just the opinion of the surveyor as to what the rebuild cost would be.

I sold a three bed bungalow with sea views for £300k over the surveyors valuation.

The valuation is also used by the bank or bs to determine their mortgage offer if the buyer is not paying cash

So just price your property at the level you think it's worth

Good luck fj

bris

bigfreddiel wrote: »

A survey value has nothing to do with what you can sell it for. It's just the opinion of the surveyor as to what the rebuild cost would be.

It's nothing to do with rebuild cost, it's all the relevant data gathered by looking up similar properties sold prices in the area. Other factors like condition are taken into consideration.


The reinstatement value is always separate on the report.


Your own sold price is highly doubtful and you will be getting confused by your reinstatement value, which is obviously going to be a lot lower than an expensive properties retail value..

densol_2

bigfreddiel wrote: »

A survey value has nothing to do with what you can sell it for. It's just the opinion of the surveyor as to what the rebuild cost would be.

I sold a three bed bungalow with sea views for £300k over the surveyors valuation.

The valuation is also used by the bank or bs to determine their mortgage offer if the buyer is not paying cash

So just price your property at the level you think it's worth

Good luck fj

The OP is talking about the " valuation " for mortgage purposes not the rebuild value which is based on the square footage for rebuilding if a disaster happens. They are two totally different values as the rebuild doesnt include land value. The rebuild is somewhat irrelevant at this stage and used for insurance purposes.

OP - I would remarket and hope another surveyor values it differently. Some surveyors are notorious for down valuing flats.