Down valuation help

BikingBud

hazyjo said:

Not true. They will know what the agreed buying price is. Some are even valued over agreed price, even if the buyers are paying less. My SIL has recently bought a flat. It was valued around £30k more than they're paying.

Good on your sister

Crashy_Time

Thrugelmir said:

As there were multiple bidders for your property. They bid each other up to a higher price. Which had nothing to do with the actual property value. Anyone could do that that to secure a property then turn round and say sorry cannot afford it.  Have to drop my offer. 

Yes, well their bank is probably putting the brakes on for them, and most cash buyers would probably be looking for a deeper price discount?

AdrianC

Thrugelmir said:

As there were multiple bidders for your property. They bid each other up to a higher price. Which had nothing to do with the actual property value.

It had everything to do with the value. The value was what buyer and seller agreed it was.

A figure that a buyer was happy paying, and where the seller was happy selling.

Unfortunately for buyer and seller, the surveyor didn't agree. It doesn't make the surveyor's figure any more authoritative - just that it's the one the lender go with.

hazyjo

BikingBud said:

hazyjo said:

Not true. They will know what the agreed buying price is. Some are even valued over agreed price, even if the buyers are paying less. My SIL has recently bought a flat. It was valued around £30k more than they're paying.

Good on your sister

Was actually son-in-law and his partner. FTBs. Great modern duplex flat in Romford. They're in the process of doing absolutely everything so it. I actually think they'll end up flipping it within a year or two. I would.

BikingBud

hazyjo said:

BikingBud said:

hazyjo said:

Not true. They will know what the agreed buying price is. Some are even valued over agreed price, even if the buyers are paying less. My SIL has recently bought a flat. It was valued around £30k more than they're paying.

Good on your sister

Was actually son-in-law and his partner. FTBs. Great modern duplex flat in Romford. They're in the process of doing absolutely everything so it. I actually think they'll end up flipping it within a year or two. I would.

I trust they'll allow the next purchasers some of the benefit they have for a realistic price, although "doing absolutely everything" does raise some trepidation. 

Crashy_Time

AdrianC said:

Thrugelmir said:

As there were multiple bidders for your property. They bid each other up to a higher price. Which had nothing to do with the actual property value.

It had everything to do with the value. The value was what buyer and seller agreed it was.

A figure that a buyer was happy paying, and where the seller was happy selling.

Unfortunately for buyer and seller, the surveyor didn't agree. It doesn't make the surveyor's figure any more authoritative - just that it's the one the lender go with.

Without the means to pay you can`t influence the "value", as I said a kite flyer and a buyer relying on the bank to give them money discussing value is just opinion and background noise to the real market makers.

hazyjo

BikingBud said:

hazyjo said:

BikingBud said:

hazyjo said:

Not true. They will know what the agreed buying price is. Some are even valued over agreed price, even if the buyers are paying less. My SIL has recently bought a flat. It was valued around £30k more than they're paying.

Good on your sister

Was actually son-in-law and his partner. FTBs. Great modern duplex flat in Romford. They're in the process of doing absolutely everything so it. I actually think they'll end up flipping it within a year or two. I would.

I trust they'll allow the next purchasers some of the benefit they have for a realistic price, although "doing absolutely everything" does raise some trepidation. 

Looked perfectly fine to me, they just want everything new/perfect. They may stay there 10 years, who knows. Very much doubt they'll sell for lower than market value when they do sell. They just got lucky - it had tenants, a short lease (vendor extended during sale), they knocked a huge amount off the asking price for a quick/easy sale.

Crashy_Time

hazyjo said:

BikingBud said:

hazyjo said:

BikingBud said:

hazyjo said:

Not true. They will know what the agreed buying price is. Some are even valued over agreed price, even if the buyers are paying less. My SIL has recently bought a flat. It was valued around £30k more than they're paying.

Good on your sister

Was actually son-in-law and his partner. FTBs. Great modern duplex flat in Romford. They're in the process of doing absolutely everything so it. I actually think they'll end up flipping it within a year or two. I would.

I trust they'll allow the next purchasers some of the benefit they have for a realistic price, although "doing absolutely everything" does raise some trepidation. 

Looked perfectly fine to me, they just want everything new/perfect. They may stay there 10 years, who knows. Very much doubt they'll sell for lower than market value when they do sell. They just got lucky - it had tenants, a short lease (vendor extended during sale), they knocked a huge amount off the asking price for a quick/easy sale.

No way to predict that though, so why even try?

hazyjo

Crashy_Time said:

hazyjo said:

BikingBud said:

hazyjo said:

BikingBud said:

hazyjo said:

Not true. They will know what the agreed buying price is. Some are even valued over agreed price, even if the buyers are paying less. My SIL has recently bought a flat. It was valued around £30k more than they're paying.

Good on your sister

Was actually son-in-law and his partner. FTBs. Great modern duplex flat in Romford. They're in the process of doing absolutely everything so it. I actually think they'll end up flipping it within a year or two. I would.

I trust they'll allow the next purchasers some of the benefit they have for a realistic price, although "doing absolutely everything" does raise some trepidation. 

Looked perfectly fine to me, they just want everything new/perfect. They may stay there 10 years, who knows. Very much doubt they'll sell for lower than market value when they do sell. They just got lucky - it had tenants, a short lease (vendor extended during sale), they knocked a huge amount off the asking price for a quick/easy sale.

No way to predict that though, so why even try?

You misunderstood. Someone above seemed to suggest they should sell for less than whatever the market value is at the time they sell. I meant that they would not feel obliged to pass on that same discount.

Wasn't saying they would obviously sell for more than they paid. Market may drop in ten years (although if you want a bet, I'll happily stick a tonne on it 🤣).

Crashy_Time

hazyjo said:

Crashy_Time said:

hazyjo said:

BikingBud said:

hazyjo said:

BikingBud said:

hazyjo said:

Not true. They will know what the agreed buying price is. Some are even valued over agreed price, even if the buyers are paying less. My SIL has recently bought a flat. It was valued around £30k more than they're paying.

Good on your sister

Was actually son-in-law and his partner. FTBs. Great modern duplex flat in Romford. They're in the process of doing absolutely everything so it. I actually think they'll end up flipping it within a year or two. I would.

I trust they'll allow the next purchasers some of the benefit they have for a realistic price, although "doing absolutely everything" does raise some trepidation. 

Looked perfectly fine to me, they just want everything new/perfect. They may stay there 10 years, who knows. Very much doubt they'll sell for lower than market value when they do sell. They just got lucky - it had tenants, a short lease (vendor extended during sale), they knocked a huge amount off the asking price for a quick/easy sale.

No way to predict that though, so why even try?

You misunderstood. Someone above seemed to suggest they should sell for less than whatever the market value is at the time they sell. I meant that they would not feel obliged to pass on that same discount.

Wasn't saying they would obviously sell for more than they paid. Market may drop in ten years (although if you want a bet, I'll happily stick a tonne on it 🤣).

Ok, my mistake, I see what you mean.