Undervaluation help and advice please?

getmore4less

streetview looking back from the path to the house.

Have you been round at night/very early when most people will be at home?

How many places are there like this around where there is no direct access?

council drawing look likes it is shared access to the alley to the back.
Also the fence is now where there was what look like a shared path.


Seems that car access is possible.



I wonder if the market for this particular setup is quite small.

Can't see a young family being keen on the access/parking

Won't be so much fun walking with the shopping/push chair in the winter.

kelseyjohn3

We have been once during the day on a weekday and once on weekend and was fine then.

I dont think there are any except our 4 in this situation of no direct access - hence the complications of the valuing etc etc.

We have a shared alleyway with the neighbours in between the two houses which is mainly just for the bins.

I also noticed that car in the pictures on google maps before- I presume they had this car SORN or something, it couldn't be like that usually as you wouldn't be able to get it off the drive due to the other cars parked on the road?! You would also need to mount the road and drive over the grass to get it on, not sure this is actually legal.

You are right, it had been on the market a while before our offer, and price dropped numerous times which I mentioned before, makes you wonder if 320 is too much and 312 is really more suitable.

kelseyjohn3

Just called nationwide directly for an update, they would be willing to borrow 282,200 , we asked for 288,000, he said its due to affordability and the valuation.

Options - call estate agent and lower offer to 312 or apply for mortgage with different lender?

What to do?

Linton

kelseyjohn3 wrote: »

Just called nationwide directly for an update, they would be willing to borrow 282,200 , we asked for 288,000, he said its due to affordability and the valuation.

Options - call estate agent and lower offer to 312 or apply for mortgage with different lender?

What to do?

Does the lower valuation mean you cannot afford the house?


If so let the vendor know that you are looking for a mortgage elsewhere. They then have the choice of ensuring a sale now by dropping their price or putting the house back on the market to be sold at some unknown point in the future.



If you can afford the house.....

For £8K (2.5%) whether the house is over priced or not is pretty irrelevent in the long term, pricing isnt that precise a process anyway. In 10 years time you may not remember what you paid. So the issue is whether you want it or not.

kelseyjohn3

Indeed, with the amount of work that needs doing to the house, we just cannot afford to fork out an extra 8k

We just called the estate agents to inform them of the valuation (the main guy is off sick) - but she said she will pass on to the assistant manager who will call me back tomorrow.

Waiting with baited breath....

Linton

I suggest you dont try to put in a new offer, there is nothing more to negotiate. Just tell the EA the situation and leave it at that. The ball is in the vendors court now.

Amst

Your property was not undervalued, it was valued less than expected. I would rely on the valuers opinion (being a qualified professional) over the unqualified opinion of the estate agent and the sellar.