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House selling valuations
Comments
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Pete123jack wrote: »Could almost accept that but how do you reconcil next door part exi g for 153k. The exact same house other than we have more land. That's where I'm struggling. Ta
Depends on what they bought. P\Ex is all smoke and mirrors. Developer just wishes to make a profit perhaps shifting a finished property that isn't moving.0 -
Valuation is an inexact science and it isn't always possible to logically dissect why a property is valued at a certain amount.
My good friend bought a terraced house (1 in a terrace of 5 houses built in the 90s) that are exactly the same inside) in Essex about 4 years ago for 415k. He moved overseas in 2019 and had been unsuccesfully trying to sell the property for around 425k for almost 6 months. The EA who had "valued" it at "450k easy" was now pushing him to lower the price. The house is walking distance from a commuter station and got plenty of interest/viewings and a decent number of offers but banks kept down-valuing it (all by the same surveyor that lenders used in the area) leading to the buyer withdrawing their offer.
Unknown to him, one of the houses in the terrace was sold in a private sale (never came on RM or Zoopla, no for sale signs, etc) for 490k over the summer. Once that transaction was on the LR, the next prospective buyer who put in an offer and submitted an application with Halifax got a mortgage offer the very next day based on a desktop valuation.
It was a Category B transaction (ie transfer under a power of sale (eg:repo), BTL, or transfer to a non-private individuals) and who knows why they arrived at that value of 490k or what the circumstances of the sale were.
Anyway, unfortunately (for me as I offered to assist him in the process by liaising with the EA, etc), my friend has now got greedy, pulled out of the sale and relisted the property at 450k just today. Hopefully he will find a new buyer soon, the mortgage valuation is unlikely to be a problem any more.0 -
You have offers at 145k, that is the price point you need to accept, messing them around might mean lower or no offers in future?0
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