House we're buying has been downvalued, please could anyone advise?

Cakeguts

There is really something about this house that doesn't make sense to me. If this house is so desirable why did it only fetch £250k 6 months ago? There has to be something wrong with it. Has it been underpinned? Is there an electricity substation at the bottom of the garden or a pylon? Is it near a stream? Would it be difficult to insure because of a flood risk?

osz

Cakeguts wrote: »

There is really something about this house that doesn't make sense to me. If this house is so desirable why did it only fetch £250k 6 months ago? There has to be something wrong with it. Has it been underpinned? Is there an electricity substation at the bottom of the garden or a pylon? Is it near a stream? Would it be difficult to insure because of a flood risk?

It's not got any issues mentioned, or at least survey and searches haven't found anything. The house was run down that's all. The vendors renovated to an average standard and now it's liveable in a nice area. The house isn't going to be to everyone's taste and has been hugely overpriced for a long time which I guess puts people off. It's also a located in the middle of nowhere really and I'd imagine people want more going on around them. It's the type of house a family in their mid 30's would buy, minimal, near schools but secluded and quiet area. I suppose that's off putting to some?

Alderbank

Osz, I see it has been taken off the market now and there won't be any more offers. Why not tell us where it is? It would be interesting to hear other people's views about the property

Cakeguts

osz wrote: »

It's not got any issues mentioned, or at least survey and searches haven't found anything. The house was run down that's all. The vendors renovated to an average standard and now it's liveable in a nice area. The house isn't going to be to everyone's taste and has been hugely overpriced for a long time which I guess puts people off. It's also a located in the middle of nowhere really and I'd imagine people want more going on around them. It's the type of house a family in their mid 30's would buy, minimal, near schools but secluded and quiet area. I suppose that's off putting to some?

What sort of survey did you have done on it? Was it a full structural survey and structural engineers report. If a house sold for £250,000 in a run down state you would want a structural engineer's report to check if the run down state was due to something serious like subsidence especially since it has been done up on the cheap. (Papering over the cracks.)

osz

Cakeguts wrote: »

What sort of survey did you have done on it? Was it a full structural survey and structural engineers report. If a house sold for £250,000 in a run down state you would want a structural engineer's report to check if the run down state was due to something serious like subsidence especially since it has been done up on the cheap. (Papering over the cracks.)

It was a homebuyers report, you have me really worried now although it was an old lady who passed away there so very dated which is why it went for £250k, that tends to happen around here as the type of buyers can't be bothered to do up their houses. Very middle class and snobby buyers, we had loads come to us that said our house wasnt worth the asking price because it wasn't their taste or it was on the wrong street. We got asking price though.

Our report for the new house did note:
'The external walls to the property are cavity and are brick faced. The walls appeared to be generally satisfactory with no evidence of significant structural movement or other defect noted.'

To the person who asked to reveal the house, please give me a couple of days as I'm in the middle of negotiations and wouldn't want the link I post to be a back link for them to check this forum. Not that there's anything bad on here, I'd just prefer not to say right now.

Crashy_Time

[QUOTE=Thrugelmir;71930572]If someone really wants the property then they'll pay the price. Simply as that.

If the sellers want out. They'll revise their expectations downwards. In no hurry could just sit it out and wait ( and wait and wait).[/QUOTE]


Not if the bank says no and values it at less, they would need their own cash for that.

osz

Just thought everyone would like to know the results of our efforts.

The surveyor confirmed no susidence or structural damages and the vendors finally listened to everyone and accepted £310k which was the valuation given in our survey

Truly2

In the last two years my current property has been marketed twice. The first occasion I had to withdrew due to a sudden death. However, I had 9 offers in the first four days.

I have recently put the house on for the second time and had three good offers, one of which I accepted. Second and third viewings were done. A few days ago a lenders valuation was carried out and to my dismay down valued the property by 20K.

Discussing this in a social gathering I learnt the following.

During the property boom in 2007 lenders surveyors were over valuing properties resulting in over lending. As a consequence some borrowers forfeited on their loans and the lender was at a loss. Some actually sued surveyors. The surveyor was then at professional risk. As the surveyor takes his instructions from the lender, they now err on the cautious side. I am told that regardless of the condition of your property, they take into account sold prices of similar properties near to your home regardless of any additional features or condition. I am not sure how I will proceed at present but I certainly will consider having my own survey done and marketing the property myself. I have this distinct feeling I am being turned over!

Crashy_Time

Assuming the OP walked away?

00ec25

Crashy_Time wrote: »

Assuming the OP walked away?

?
so a newbie "miraculously" manages to work out how to use the search function (but not start a new thread) to find a 1.5 year old thread so they can post on it, and yet lo and behold, up pops "expert" CrashyTime