House down valued.

chamelious

kingstreet wrote: »

Ah, I see CA3 is Morrisons end.

We lived in Gretna and shopping was Morrisons just off J44, or Tesco at J43.

Ahh yes. The house in in fact literally just off J44. I've lived this end of town for 10 years, in fact previously in a building almost on Morrisons car park!

kingstreet

chamelious wrote: »

Yes there is, the current value is 85, and like i said the maximum value after repairs is 90.

Again though, unless I'm missing something, the costs of repairs is largely irrelevant. The value of 90k is still 6k below our original offer. So whatever happens, we can't pay them more than 90k, which means renegotiation.

(Yes i'm aware we technically COULD still pay the original offer of 96k, i'm lead to believe this is not a sensible idea, and we are financially unable to do this anyway, due to the mortgage being a 90% LTV one).

Ah, so it's £85k and £90k after.

Sorry, must have missed that.

clint_S

Crashy_Time wrote: »

http://www.dailymail.co.uk/wires/afp/article-4034288/US-Fed-raises-key-rate-expected.html

https://www.theguardian.com/money/2016/dec/12/house-prices-to-rise-2-in-2017-rightmove

clint_S

iantojones40 wrote: »

Could you also post an up to date and relevant article on the Cumbrian property market? Rather than one from back in May when figures were skewed due to large numbers of BTLers diving in to beat the 3% sdlt deadline. Thanks.

Seemed more relevant than an article on London housing Market. Very hard to find a Cumbrian only link on the housing market.

ScoTTyBEEE

"Rightmove has predicted"

Shoulda, woulda, coulda.

Crashytimes article stated a fact. The central London housing market is crashing.

London is the tail wagging the dog.

You have removal of tax breaks for landlords occuring in April, an increase of stamp duty already in place, tightening of mortgage lending with MMR and Basel III and the US has just started increasing interest rates.

Oh yeah, and we're leaving the EU.

My advice would be to wait until after April at the very least and purchase a property from the leveraged landlord bankruptcies that are inevitable.

You won't be worrying about where to find £6k when that house is being sold for £50k.

peter_we

Surrey_EA wrote: »

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.

Thats a fallacy, valuations are expected by the lender to be performed by a professional and to be spot on. Valuers are insured - if they get it wrong they will have difficulty working without insurance cover. A selling price 13% over value is not a random opinion.

whitrk

This happened to us 6 yrs ago and we were the sellers. My husband is an architect and works in development so we knew it was not a fair valuation. We rejected a lower offer and put the house straight back on the market because with a lower offer we would not have been able to purchase the house we had an offer on! We got 4 offers all higher than the original couple, including from the original couple. We accepted their offer again (even though it was not the highest because it was not their fault the valuation was below expected). They went with a different mortgage company and therefore different surveyor who did not undervalue the property and everything went ahead. Luck of the draw sometimes but I did feel for them as they had to incur additional expenses due to the first surveyor's undervaluation. I hope that helps. Maybe you can ask another mortgage provider or complain to the surveyors/mortgage comapny as incorrect undervaluations do happen. Good luck