Property valuation lower than offer

Lovem

Crashy_Time wrote: »

The post where you asked a question of another poster?

Yes it would be that one above.

Crashy_Time

Lovem wrote: »

Yes it would be that one above.

The property will only attract buyers if it is priced at a level that attracts them, and the property is worth what a buyer will pay you for it. You could ignore valuations if you were selling, but lenders (and cash buyers) would be unlikely to ignore them, unless they were capable of making a valuation that they considered more accurate for themselves.

Lovem

Crashy_Time wrote: »

The property will only attract buyers if it is priced at a level that attracts them, and the property is worth what a buyer will pay you for it. You could ignore valuations if you were selling, but lenders (and cash buyers) would be unlikely to ignore them, unless they were capable of making a valuation that they considered more accurate for themselves.

Thank you very much! Our property went over asking price on the EA's valuation by £13,000. Since we are the first to sell. I am just getting worried about it as they have nothing to compare it with really in the area. I will be glad when it is all done and dusted :beer:

Crashy_Time

Lovem wrote: »

Thank you very much! Our property went over asking price on the EA's valuation by £13,000. Since we are the first to sell. I am just getting worried about it as they have nothing to compare it with really in the area. I will be glad when it is all done and dusted :beer:

Having nothing to compare it to in the area is probably to your advantage IMO, if they feel right about the price then everyone is happy?

cashbackproblems

Lovem wrote: »

Thank you very much! Our property went over asking price on the EA's valuation by £13,000. Since we are the first to sell. I am just getting worried about it as they have nothing to compare it with really in the area. I will be glad when it is all done and dusted :beer:

Unless you live in a jungle with no other houses ina a 20mile radius, the surveyor will have some benchmark, even if it means adjusting local flat prices for one house in the whole area

It depends on the buyers finances , if the mortgage company values it 13k lower they will lend less and if the buyer has maxed out and has small deposit, they cant afford it at that price. Either you drop price or they find the cash

Banks are becoming more weary as rates will go up and prices will stall or decrease as we are already seeing

cashbackproblems

Crashy_Time wrote: »

House prices could go up?

Are u feeling ill today?? :eek:

Crashy_Time

cashbackproblems wrote: »

Are u feeling ill today?? :eek:

No, but there is always hope for some that the price will rise. I believe we are reaching the end of the line for property bubbles actually, it seems to be getting interesting in Canada for example?

always_sunny

Crashy_Time wrote: »

No, but there is always hope for some that the price will rise. I believe we are reaching the end of the line for property bubbles actually, it seems to be getting interesting in Canada for example?

How long have you been believing this? Prices may not go up as much as before for a while, may stagnate but doubt they will go down 20% this year or next for locals, they're down 20% for foreigners cause of the pound.

hazyjo

thesurveyor wrote: »

I don't want to buy it and be straight into negative equity.

You will only be in negative equity if the value of the house falls lower than what you owe on it - not if the value of the house is less than you pay. So what percentage deposit do you have?


Jx

thesurveyor

I've approached the EA and asked them to suggest a decrease in the price.


how long would you wait until pursuing a answer?


The closing date is in 3 weeks.