Down Mortgage Valuation

mrstemperton

hounsehunterftb wrote: »

I was damn worried about our valuation too. Thought we are over paying a lot. But it came out fine. I can very well understand what you might be feeling as failed valuation was something that use to run in my mind all the time.

But I had decided that if the valuation came lower than the offer price, I would take the report back to the estate agent and renegotiate or be prepared to walk away. You can do the same.

Its a tough decision really and differs from circumstances for each

Did the seller negotiate then? The problem is, I just don't have any more money to throw at this. Well, maybe a couple of grand but no way near the asking price

mrstemperton

hounsehunterftb wrote: »

Just out of curiosity, who are the surveyors ? And lender?

I have no idea who the surveyor was but it's Newcastle Building Society lending.

mrstemperton

Thrugelmir wrote: »

When was the property last sold and how much for? Has it been turned round for a sizable profit.

It was sold for £95k in September 2016 so huuuuuuuuuuuuge profit but, when we were putting in offers, the seller was so adamant that they wouldn't take less than full asking because there was so much interest in the property I just feel like they'll see if they can find another buyer that can trump up more cash

BLOW_FLY

mrstemperton wrote: »

It was sold for £95k in September 2016 so huuuuuuuuuuuuge profit

:eek::eek::eek::eek::eek:

Walk away from this now, do yourself a favour and go find another house.

In just over 6 months the sellers want to realise roughly a 50% profit....

Either they bought it extremely well or them and the EA are deluded.

BF

mrstemperton

BLOW_FLY wrote: »

:eek::eek::eek::eek::eek:

Walk away from this now, do yourself a favour and go find another house.

In just over 6 months the sellers want to realise roughly a 50% profit....

Either they bought it extremely well or them and the EA are deluded.

BF

*sighs* yeah I'm thinking I'll have to. I was swayed by this house as a few more on the street were up for a similar price but needed work doing to them and didn't have half the land so I dread to think what the surveyor would have made of those!

davidwood123

BLOW_FLY wrote: »

:eek::eek::eek::eek::eek:

Walk away from this now, do yourself a favour and go find another house.

In just over 6 months the sellers want to realise roughly a 50% profit....

Either they bought it extremely well or them and the EA are deluded.

BF

Rubbish. You have no idea what state the house was in when they bought it.

If that's what similar prices are like in the area then that's the going rate

Thrugelmir

davidwood123 wrote: »

Rubbish. You have no idea what state the house was in when they bought it.

You can get a lot of work done for £55k on an average house.

mrstemperton

So the survey has come back and it states that it wasn't based on any comparable properties in the area. The estate agents are going mad as a few houses on that street, same size but in worse condition and with less land, have sold at £142 and £145 in the last couple of years so they can't understand it. They're calling my broker to ask them to see if Newcastle will reassess. Fingers crossed.

Thrugelmir

mrstemperton wrote: »

The estate agents are going mad as a few houses on that street, same size but in worse condition and with less land, have sold at £142 and £145 in the last couple of years so they can't understand it.

So why did the one you are interested in only sell for £95k previously?

What refurbishment work was actually done to add value.

davidwood123

Thrugelmir wrote: »

So why did the one you are interested in only sell for £95k previously?

What refurbishment work was actually done to add value.

As I said before, nobody will know.

People need to forget what the house was bought for last year. If the current owner got it for a bargain, good for them!

They might have spent more than 55k on it and are selling it for a loss. They might have had a deal with a family member.

What matters, is what prices in the area are for similar houses, and as the OP has stated, it's in that ballpark.

If people go on past house prices they'd hardly ever buy again.