Post Stamp Duty Deadline...will it go quiet now?

Strawberryplant

as in, the price we’d agreed was £230k but surveyor valued it at £215k

MovingForwards

Strawberryplant said:

Our sale nearly fell through because the property was downvalued by the mortgage provider surveyor from £230 to £215. We couldn’t afford to cover that difference.  Initially the seller said they wouldn’t reduce the price and would just put it back on the market. After a tense few days they agreed to meet in the middle (of our agreed offer and the valuation). We’d already looked at a few more houses in the meantime and were dreading going back to square one and potentially having the same thing happen again.
Wonder if downvaluations have happened a lot following the bidding wars that have been goi f on and the increase in the market. Lenders getting more cagey over the last month or so? Of course this estate agent told us this hadn’t happened to anyone else and our mortgage company must be bonkers, but 3 other estate agents said it’s a growing concern.
So maybe a reason some sales are falling through. Anyone else experienced this? 

Plenty of people have had the surveyor value the property at a different price to what the EA said and what a buyer thinks a property is worth to them. There's almost daily threads going up and has been throughout the pandemic.

Davesnave

MovingForwards said:

Strawberryplant said:

Our sale nearly fell through because the property was downvalued by the mortgage provider surveyor from £230 to £215. We couldn’t afford to cover that difference.  Initially the seller said they wouldn’t reduce the price and would just put it back on the market. After a tense few days they agreed to meet in the middle (of our agreed offer and the valuation). We’d already looked at a few more houses in the meantime and were dreading going back to square one and potentially having the same thing happen again.
Wonder if downvaluations have happened a lot following the bidding wars that have been goi f on and the increase in the market. Lenders getting more cagey over the last month or so? Of course this estate agent told us this hadn’t happened to anyone else and our mortgage company must be bonkers, but 3 other estate agents said it’s a growing concern.
So maybe a reason some sales are falling through. Anyone else experienced this? 

Plenty of people have had the surveyor value the property at a different price to what the EA said and what a buyer thinks a property is worth to them. There's almost daily threads going up and has been throughout the pandemic.

And if there had been a real pandemic, there would have been many more dead people and  a greater supply of probate property.

Just thinking out loud....

DayDreamerandGeneralWaster

I have noticed quite a few properties that look as though they haven't been looked after or refurbished in years in my area. 

trakky14

Strawberryplant said:

Our sale nearly fell through because the property was downvalued by the mortgage provider surveyor from £230 to £215. We couldn’t afford to cover that difference.  Initially the seller said they wouldn’t reduce the price and would just put it back on the market. After a tense few days they agreed to meet in the middle (of our agreed offer and the valuation). We’d already looked at a few more houses in the meantime and were dreading going back to square one and potentially having the same thing happen again.
Wonder if downvaluations have happened a lot following the bidding wars that have been goi f on and the increase in the market. Lenders getting more cagey over the last month or so? Of course this estate agent told us this hadn’t happened to anyone else and our mortgage company must be bonkers, but 3 other estate agents said it’s a growing concern.
So maybe a reason some sales are falling through. Anyone else experienced this? 

Yes absolutely, we've seen at least 3 houses who have fallen through because people couldn't get a mortgage...some agents even tell you that about  property before we view! It's clearly a big problem 

newsgroupmonkey_

Davesnave said:

MovingForwards said:

Strawberryplant said:

Our sale nearly fell through because the property was downvalued by the mortgage provider surveyor from £230 to £215. We couldn’t afford to cover that difference.  Initially the seller said they wouldn’t reduce the price and would just put it back on the market. After a tense few days they agreed to meet in the middle (of our agreed offer and the valuation). We’d already looked at a few more houses in the meantime and were dreading going back to square one and potentially having the same thing happen again.
Wonder if downvaluations have happened a lot following the bidding wars that have been goi f on and the increase in the market. Lenders getting more cagey over the last month or so? Of course this estate agent told us this hadn’t happened to anyone else and our mortgage company must be bonkers, but 3 other estate agents said it’s a growing concern.
So maybe a reason some sales are falling through. Anyone else experienced this? 

Plenty of people have had the surveyor value the property at a different price to what the EA said and what a buyer thinks a property is worth to them. There's almost daily threads going up and has been throughout the pandemic.

And if there had been a real pandemic, there would have been many more dead people and  a greater supply of probate property.

Just thinking out loud....

I'm sure you can thank the families for the 128,000 people who have died then.

Anyone who has lost someone during this period will know how much of a delay there has been for probate, even though lots of extra staff have been taken on.

Clearly, we've seen a lot of probate-type properties coming on the market of late and I'd expect that to start ramping up with average probate taking anywhere between 6 and 12 months.

Davesnave

newsgroupmonkey_ said:

Davesnave said:

MovingForwards said:

Strawberryplant said:

Our sale nearly fell through because the property was downvalued by the mortgage provider surveyor from £230 to £215. We couldn’t afford to cover that difference.  Initially the seller said they wouldn’t reduce the price and would just put it back on the market. After a tense few days they agreed to meet in the middle (of our agreed offer and the valuation). We’d already looked at a few more houses in the meantime and were dreading going back to square one and potentially having the same thing happen again.
Wonder if downvaluations have happened a lot following the bidding wars that have been goi f on and the increase in the market. Lenders getting more cagey over the last month or so? Of course this estate agent told us this hadn’t happened to anyone else and our mortgage company must be bonkers, but 3 other estate agents said it’s a growing concern.
So maybe a reason some sales are falling through. Anyone else experienced this? 

Plenty of people have had the surveyor value the property at a different price to what the EA said and what a buyer thinks a property is worth to them. There's almost daily threads going up and has been throughout the pandemic.

And if there had been a real pandemic, there would have been many more dead people and  a greater supply of probate property.

Just thinking out loud....

I'm sure you can thank the families for the 128,000 people who have died then.

Anyone who has lost someone during this period will know how much of a delay there has been for probate, even though lots of extra staff have been taken on.

Clearly, we've seen a lot of probate-type properties coming on the market of late and I'd expect that to start ramping up with average probate taking anywhere between 6 and 12 months.

I didn't suggest that people haven't died; of course they have, but overall death rates have remained pretty much as normal wherever people have taken the trouble to ask the coroners.

Redwino222

But the holiday doesn’t end at the end of June, it is a tapered increase.  So really will we not see this intensity until end September?

ucl1986

Redwino222 said:

But the holiday doesn’t end at the end of June, it is a tapered increase.  So really will we not see this intensity until end September?

Depends on the area. If you're looking at an area where property prices are >£500k, then the SDLT saving between July and September is only £2.5k (as opposed to £15k if completed before June). 

paulj2021

I’ve been searching Rightmove for properties in my chosen search area on a daily basis. Normally six or seven newly listed properties a day. Today… 37! (including those with new reduced prices). May be a coincidence?