House down valued.

chamelious

DaftyDuck wrote: »

Well, they won't need to be too accurate, as you will have stumped up a deposit, and that's likely to cover any shortfall. In all likelihood, most buyers will also cough up some months payments as well, before reaching difficulty. Oh, and they can still chase the owner for shortfall in any case.

It is your hard-earned cash that you splurge out each month, and I'd want to know as much as I possibly could from my own research.

Fair enough.

To be honest, their valuation seems low to me, knowing what i know about the area.

marksoton

chamelious wrote: »

Fair enough.

To be honest, their valuation seems low to me, knowing what i know about the area.

Try here:

http://landregistry.data.gov.uk/app/ppd/

chamelious

This may help:

http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE%5E135568&searchLocation=CA3+0BW&referrer=landingPage

"29 Sep 2006" is the current vendor buying the place we've got an offer on.

ST1991

chamelious wrote: »

This may help:

http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE%5E135568&searchLocation=CA3+0BW&referrer=landingPage

"29 Sep 2006" is the current vendor buying the place we've got an offer on.

So if your valuation is correct, it looks like they'll be selling for less than they paid 10 years ago :eek:

chamelious

ST1991 wrote: »

So if your valuation is correct, it looks like they'll be selling for less than they paid 10 years ago :eek:

Yeah, looks like. A friend seems to think 2006 was around the time house prices were peaking.

Surrey_EA

chamelious wrote: »

Yeah, looks like. A friend seems to think 2006 was around the time house prices were peaking.

Depends - whereabouts in the country are we talking about?

(Rightmove link not working for me)

chamelious

CA3 0BW if you want to stick it in yourself.

Carlisle, Cumbria. Basically almost in Scotland, this house is literally about 10 mins drive to the border!

Surrey_EA

ST1991 wrote: »

So if your valuation is correct, it looks like they'll be selling for less than they paid 10 years ago :eek:

Ouch! :eek:

That's gotta hurt.

Number 276 completed in Jan 2014 for £97,500, similar condition, but end of terrace.

Number 270 completed in September 2015 for £87,000, also similar condition, but mid-terr.

Has to be worth going back to sellers to see if they can be persuaded to take £90k.

chamelious

Surrey_EA wrote: »

Has to be worth going back to sellers to see if they can be persuaded to take £90k.

Out of interest, what is their alternative, hoping that someone else will be willing to take an immediate loss on it? Cash buyer perhaps?

Surrey_EA

chamelious wrote: »

Out of interest, what is their alternative, hoping that someone else will be willing to take an immediate loss on it? Cash buyer perhaps?

Or hope that another valuer sees the property as being worth more than £90k. Property valuation is an art, rather than a science, and it is entirely possible for two different surveyors to value the same property at different amounts.

Often how high a LTV amount is will affect how a surveyor values for the bank. If a buyer is only borrowing 20% the bank's risk is fairly low, if the LTV is 90% it is obviously much greater.