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Undervaluation and cold feet :/

24

Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Thrugelmir said:
    Lyd00 said:

    >Since this has happened a similar house on the same street approx 15 houses along has gone on the market, initially for £10k less at £290k and it was then further reduced by another £10k to £280k. 

    If this property still hasn't sold at £280k. Then suggests the surveyor (at the time) wasn't far off the ball park at £290k when appraising the one you are considering. Doesn't sound like a down valuation at all. Easy to bid up when it's not your money that you are spending. 
    Exactly  
  • Greymug
    Greymug Posts: 369 Forumite
    100 Posts First Anniversary Name Dropper
    My advice for you is to pull out and keep renting for X months/years until you find the absolute perfect house.
  • Scotbot
    Scotbot Posts: 1,544 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    View the other one and offer 275. See what they say. Th8s is only a difficult conversation if it is on with the same agent.
  • jonners666
    jonners666 Posts: 98 Forumite
    10 Posts First Anniversary Name Dropper
    A 4 bed detached for £280K? Where do you live? I want to move there! 
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Is there a link to the house?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    jonners666 said:
    A 4 bed detached for £280K? Where do you live? I want to move there! 
    There are 4-bed detached houses for £280k and less across pretty much the entire country.
    Yes, including the SE.
    No, you may well not want to move to all of them...
  • GDB2222
    GDB2222 Posts: 26,686 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 24 May 2021 at 3:34PM
    AdrianC said:
    You were happy to pay £305k for it. Some people would even have paid more.
    You are now, I presume, even happier to be paying £300k for it.

    How much equity do you have, how much are you borrowing? Can you still afford to purchase?

    £10k of £300k is 3.3%. It's insignificant.
    I don't think it's so much a theoretical valuation difference of £10k that matters. What matters is that there's an almost identical house in the same street being offered for £20k less. Why would you buy the more expensive one? :)
    No reliance should be placed on the above! Absolutely none, do you hear?
  • JGB1955
    JGB1955 Posts: 3,937 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    35 years ago we were moving from London to the 'shires'.  We viewed a (possibly 4 year old) house that was on the  market for the same price as a brand new house, 100m away.  We have enjoyed living in that (no longer) brand new house ever since - we chose the tiles, kitchen units, flooring (and got free conveyancing).  It wasn't an issue.... the older house would have had to be 10% cheaper to make it worthwhile.
    #2 Saving for Christmas 2024 - £1 a day challenge. £325 of £366
  • Sunsaru
    Sunsaru Posts: 737 Forumite
    500 Posts Second Anniversary Photogenic Name Dropper
    edited 24 May 2021 at 4:33PM
    jonners666 said:
    A 4 bed detached for £280K? Where do you live? I want to move there! 
    https://www.rightmove.co.uk/properties/79468959#/
    Nothing is foolproof to a talented fool.
  • Marvel1
    Marvel1 Posts: 7,478 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I would put a lower offer for the other house.
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