House valuation

jennbear

Hi all,

I am totally at my witts end with selling and I'm really worried about the next valuation. I just want to know if someone has gone through something similar.

We initially sold the house back in September 21 to a first time buyer, it flew through the valuation at 200k in November (we had issues with buying on so our buyer waited). He pulled out citing personal reasons just before exchange.

We then sold again but to a buy to let at a lower price of 197k just this month. She had a basic survey to just value the house. They valued it at 185k!! They compared it to other properties selling down our road in the last 5 months. Well the only ones to sell were the retirement flats so I hardly think that's fair and ours is a 2 bed house. So she pulled out.

We've now sold again, this time to a first time couple and back at 200k... the surveyors are going to be the same ones as last time that valued our house at 185k. I'm dreading it because I just know it's going to happen again.

Do you think there's a different criteria for first time buyers / buy to let where they're less strict if it's a standard mortgage? Or do we just plan for the inevitable? 

Thank you

canaldumidi

Have any similar 2 bed houses nearby sold in the last 6 months? What for?

Ifso,printoff the sold prices and give them tothe surveyor when he comes(assuming it's not a desktop valuation).

jennbear

Yeah, all in excess of 200k - I've already told our estate agents to get 3 sorted incase it values at 185k again.

I didn't think about getting it sorted for when they come (it's a homebuyer one this time) so thank you, I'll do that

lookstraightahead

I don't think there's a different criteria.

I think lenders assess their own risks. Useful re the above, but maybe the market is starting to settle. 

spoovy

Personally I'd assume it'll go for 185 and plan my next purchase accordingly. If it did go through at 200 I'd view it as an unexpected bonus.

jennbear

spoovy said:

Personally I'd assume it'll go for 185 and plan my next purchase accordingly. If it did go through at 200 I'd view it as an unexpected bonus.

What's awkward is that we're about to be ready to exchange on a purchase which was based on the original price it went through as. So if it comes back at 185 then the whole chain will collapse. We no longer have enough savings to cover any more fall throughs after having 2 on the selling side and 1 on the purchase side so this is our final chance. We'll try again next year but sad because we found a house that we both adore.

RelievedSheff

Don't exchange on anything until you are certain that your buyers can complete the sale!

london21

Just wait and see what happens.
Not much you can do until the survey is completed.
If you need the 200k have to just wait for a buyer willing to pay it even if the survey comes back lower. 

Thrugelmir

jennbear said:

We then sold again but to a buy to let at a lower price of 197k just this month. She had a basic survey to just value the house. They valued it at 185k!! They compared it to other properties selling down our road in the last 5 months. Well the only ones to sell were the retirement flats so I hardly think that's fair and ours is a 2 bed house. So she pulled out.

Surveyors will obtain comparables from a far wider locality than just down the road. They'll do so by contacting a number of EA's and obtaning details of what's been sold recently. This will enable them to sense the direction of the market. Surveyors are accountable to the lenders to ensure that the mortgage advance is adequately secured by the property. 

jennbear

Thrugelmir said:

jennbear said:

We then sold again but to a buy to let at a lower price of 197k just this month. She had a basic survey to just value the house. They valued it at 185k!! They compared it to other properties selling down our road in the last 5 months. Well the only ones to sell were the retirement flats so I hardly think that's fair and ours is a 2 bed house. So she pulled out.

Surveyors will obtain comparables from a far wider locality than just down the road. They'll do so by contacting a number of EA's and obtaning details of what's been sold recently. This will enable them to sense the direction of the market. Surveyors are accountable to the lenders to ensure that the mortgage advance is adequately secured by the property. 

I would have thought that too but we rang the surveyors direct and that's what they confirmed so I'm only going by that.
I just don't understand how it can drop 15k in the space of a month - also did my own research of sold houses and 2 identical ones went for 230k in October 21 (those are the latest sold not stc, stc houses Dec and Jan also show 200k plus).

Oh well, there's no much I can do at this point - just looking for a glimmer of hope. We have a plan b, just didn't want to have to go through with it 😅

jennbear

RelievedSheff said:

Don't exchange on anything until you are certain that your buyers can complete the sale!

Thank you, I know, that's why I'm in a tis because we love this house and we're likely to lose it