Your experience - Down valuations :/

monaymadlol

Sarah1Mitty2 said:

As the seller it will be more about what the buyer decides to do than anything won`t it?

Yeah, I get that. But if the buyer doesn't proceed with an appeal, what options are there for a seller for a blatantly obvious devaluation due to lazy and incompetent surveyors etc?

user1977

monaymadlol said:

Sarah1Mitty2 said:

As the seller it will be more about what the buyer decides to do than anything won`t it?

Yeah, I get that. But if the buyer doesn't proceed with an appeal, what options are there for a seller for a blatantly obvious devaluation due to lazy and incompetent surveyors etc?

You find a buyer willing and able to pay the price you want.

lookstraightahead

monaymadlol said:

Sarah1Mitty2 said:

As the seller it will be more about what the buyer decides to do than anything won`t it?

Yeah, I get that. But if the buyer doesn't proceed with an appeal, what options are there for a seller for a blatantly obvious devaluation due to lazy and incompetent surveyors etc?

Why would a surveyor blatantly devalue? What's in it for them? 

Maybe it's just not worth what you think. Maybe the bank just don't want to take the risk. Maybe properties aren't worth what they were.
tbh how many properties were overvalued recently? Huge swathes. 

Sarah1Mitty2

user1977 said:

monaymadlol said:

Sarah1Mitty2 said:

As the seller it will be more about what the buyer decides to do than anything won`t it?

Yeah, I get that. But if the buyer doesn't proceed with an appeal, what options are there for a seller for a blatantly obvious devaluation due to lazy and incompetent surveyors etc?

You find a buyer willing and able to pay the price you want.

Exactly, but that gets harder to do with each passing rate hike.

Sarah1Mitty2

lookstraightahead said:

monaymadlol said:

Sarah1Mitty2 said:

As the seller it will be more about what the buyer decides to do than anything won`t it?

Yeah, I get that. But if the buyer doesn't proceed with an appeal, what options are there for a seller for a blatantly obvious devaluation due to lazy and incompetent surveyors etc?

Why would a surveyor blatantly devalue? What's in it for them? 

Maybe it's just not worth what you think. Maybe the bank just don't want to take the risk. Maybe properties aren't worth what they were.
tbh how many properties were overvalued recently? Huge swathes. 

Basically all properties really, except maybe auction sales?

matthew91822

I just had a mortgage down valuation of the property I'm buying, I was fully expecting it. Luckily 'only' by £2,000. The survey however down-valued it by £10,000! I decided to just go for the mortgage valuation as an offer to the sellers.
The seller accepted the new proposed offer on the condition that we complete by November 30th. It will make things very tight but as long as all goes well it is possible.

BirchFozz

Just an update. It was down valued by £30k the seller didn’t want to take more so relisted - for the same price. I will be interest to find out what they actually got for it. 

We found a new place - which wasn’t down valued. 

Sarah1Mitty2

Take less you mean? So it went from 2k to 10k to eventually 30k downvalued?

nicknameless

Sarah1Mitty2 said:

lookstraightahead said:

This makes for interesting reading now - and this was only a couple of months ago. 

Certainly does, wonder what people who bid well over asking are thinking now, hope they took long fixes at least that might offset the fall in value they are now looking at.

I'm thinking I saved double what I paid over asking in mortgage interest over the initial term vs what I would be paying now.  

And how lovely our new house is.

Black and white vs shades of grey. 

BirchFozz

Sarah1Mitty2 said:

Take less you mean? So it went from 2k to 10k to eventually 30k downvalued?

It was priced at £280k we offered £285k (hot market!) they bought it for £230k two years prior (no updates to the home). 

Our lender offered £255k from memory..

So they backed out. Relisted - it’s under offer. Be interesting to see if it sold for more than that.