flat down valued

DRP

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?

It all happened so quickly - therefore just remarket. Get your EA to contact the 6 other viewings.

Presumably the EA took deposit details etc from the existing offer? was it a 5 or 10% deposit ? If so then make sure the next offer comes with a bigger deposit- this will influence the mortgage company.

Ozzuk

What are they willing to pay? I'd be pushing a compromise at around 147-148. It really depends what your position is, why you are selling, is there a chain etc. If you can get a firm offer just 2-3k below your initial asking price then you are doing well - especially as the housing market could well be in turmoil for the next few months.

You could hope for a buyer in a better position, it could be stuck on the market for months, you could end up selling for less, you could end up selling for more...how much do you want to gamble?

david1951

Just to clarify, "rebuild cost" is different to a valuation.


Valuation = what the surveyor thinks it would sell for.


Rebuild cost = the cost of building the house again if it was destroyed in a hurricane (or similar event)


As to the original question, I would just say you aren't negotiating on price. You will then find out if they are just trying it on or whether they really can't afford the extra money. Finding sold prices and sending these to the buyer might be a wasted exercise. The surveyor has made his decision and is not likely to budge from it...