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Property ‘undervalued’ by 15k... is it fair to ask to meet in the middle?
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Going off piste here but....
What happens (if anything) if the buyer's lender is the same as the vendor's lender. For arguments sake, prior to listing a place is currently valued by the bank as 200k. The potential buyer applies to the same bank and the valuation comes in at say185. If the sale doesn't complete and house is removed from the market, does it keep the original value or would it ammend to the new valuation?
Genuine question as I haven't a clue.0 -
Getting_greyer said:Going off piste here but....
What happens (if anything) if the buyer's lender is the same as the vendor's lender. For arguments sake, prior to listing a place is currently valued by the bank as 200k. The potential buyer applies to the same bank and the valuation comes in at say185. If the sale doesn't complete and house is removed from the market, does it keep the original value or would it ammend to the new valuation?
Genuine question as I haven't a clue.
If the vendor were to try and remortgage with that lender, they may well go with a £185k valuation - but if they stay with their original mortgage, nothing changes.2 -
Getting_greyer said:Going off piste here but....
What happens (if anything) if the buyer's lender is the same as the vendor's lender. For arguments sake, prior to listing a place is currently valued by the bank as 200k. The potential buyer applies to the same bank and the valuation comes in at say185. If the sale doesn't complete and house is removed from the market, does it keep the original value or would it ammend to the new valuation?
Genuine question as I haven't a clue.1 -
Rachylou1981 said:The house we had to pull out of due to a 40K down valuation has just had second sale fall through. Back on the market for same price
Personally I think anyone would be mad to pay that 40K+deposit themselves but each to their own.
I think some sellers are not being advised very well or they are ignoring what is going on0 -
Crashy_Time said:Mickey666 said:Agreed.
Though the interesting thing is that as far as market statistics are concerned, if there is no sale as a result of this down valuation then it remains invisible to the market.
As far as the vendor is concerned, the house is still worth their asking price and they are likely to simply keep it on the market until someone can offer that price AND complete . . . at which point the house IS worth that price and THAT is what the market stats will reflect.
In effect, there is NO down-valuation at all, only a number of discontented potential buyers who didn't offer enough.
'Waiting for the market to come to you' is a well known selling tactic for owners who want a certain price and are prepared to wait for it. Happens all the time. And it works.0 -
I think there 2 ways to look at this op.If the vendor has to sell then it’s worthwhile going back to them to say that the valuation is £15k less and start negotiations again. You may get some money off or you may have to pull out. Better now than close to exchange.
If the vendor is just trying their luck then you have much less of a chance. You can try to renegotiate but potentially less likely to be successful.
Start looking for somewhere else that you can AFFORD, without getting into a bidding war. EAs are, at the end of the day, sales people. They will try their hardest to get the best bid from you.
On a side note, we are still looking in the South East, and the EAs are starting to send us emails/leave voicemails about available properties that are priced ‘strongly’ and aren’t getting viewings let alone offers.
Hopefully a little downturn in prices will work out right for us, but if not, c'est la vie.30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.0 -
Debate the Economy, House prices board is closed.... as will this thread be soon"You've been reading SOS when it's just your clock reading 5:05 "1
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sammyjammy said:Debate the Economy, House prices board is closed.... as will this thread be soon
Which is a pity as closing it hasn't helped at all. It was a pointless action in the first place.
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Mickey666 said:Crashy_Time said:Mickey666 said:Agreed.
Though the interesting thing is that as far as market statistics are concerned, if there is no sale as a result of this down valuation then it remains invisible to the market.
As far as the vendor is concerned, the house is still worth their asking price and they are likely to simply keep it on the market until someone can offer that price AND complete . . . at which point the house IS worth that price and THAT is what the market stats will reflect.
In effect, there is NO down-valuation at all, only a number of discontented potential buyers who didn't offer enough.
'Waiting for the market to come to you' is a well known selling tactic for owners who want a certain price and are prepared to wait for it. Happens all the time. And it works.0 -
Crashy_Time said:Mickey666 said:Crashy_Time said:Mickey666 said:Agreed.
Though the interesting thing is that as far as market statistics are concerned, if there is no sale as a result of this down valuation then it remains invisible to the market.
As far as the vendor is concerned, the house is still worth their asking price and they are likely to simply keep it on the market until someone can offer that price AND complete . . . at which point the house IS worth that price and THAT is what the market stats will reflect.
In effect, there is NO down-valuation at all, only a number of discontented potential buyers who didn't offer enough.
'Waiting for the market to come to you' is a well known selling tactic for owners who want a certain price and are prepared to wait for it. Happens all the time. And it works.
For those sellers who "just want to sell and move on with their lives" then dropping their asking price for quick sale obviously makes sense.
For those sellers who are in no rush to sell and want to get the maximum possible price for their property then pitching their asking price above the prevailing market price (whatever that really means) and just waiting until someone offers that price also makes perfect sense.
Both strategies will work at any time, regardless of the prevailing market conditions and state of the economy.1
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