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Your experience - Down valuations :/

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Comments

  • lookstraightahead
    lookstraightahead Posts: 5,558 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Combo Breaker
    BirchFozz said:
    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.

    They probably won't sell it. Did they relist it at £280k
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    BirchFozz said:
    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.

    They would be doing very well to get 230k now I should think.
  • badger09
    badger09 Posts: 11,744 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Sarah1Mitty2 said:
    BirchFozz said:
    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.

    They would be doing very well to get 230k now I should think.
    And you base that comment on what?
    Your extensive knowledge of OP’s failed purchase & the property market in their location over the past 2 years?
    Thought not. 
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    badger09 said:
    Sarah1Mitty2 said:
    BirchFozz said:
    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.

    They would be doing very well to get 230k now I should think.
    And you base that comment on what?
    Your extensive knowledge of OP’s failed purchase & the property market in their location over the past 2 years?
    Thought not. 
    I am basing it on the property being worth that amount only with the historically low interest rates that were the norm at the time, higher interest rates make it worth less than that, and a recession/cost of living crisis make any wage rises people may have had more or less redundant in making up the difference.
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    BirchFozz said:
    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.

    How many other offers did they have?
  • newsgroupmonkey_
    newsgroupmonkey_ Posts: 1,270 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    Sarah1Mitty2 said:
    badger09 said:
    Sarah1Mitty2 said:
    BirchFozz said:
    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.

    They would be doing very well to get 230k now I should think.
    And you base that comment on what?
    Your extensive knowledge of OP’s failed purchase & the property market in their location over the past 2 years?
    Thought not. 
    I am basing it on the property being worth that amount only with the historically low interest rates that were the norm at the time, higher interest rates make it worth less than that, and a recession/cost of living crisis make any wage rises people may have had more or less redundant in making up the difference.
    And that's based on your rented bedsit, having been praying for a proper property crash since what, 2003?
    The supposed "crash" that's happened in the last month is a whopping 1.1%.

    That's not £55k on a £285k house. In fact, it's feared that the market may drop as much as 5%.
    Not 20%.

  • Aberdeenangarse
    Aberdeenangarse Posts: 1,262 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    newsgroupmonkey_ said:
    Sarah1Mitty2 said:
    badger09 said:
    Sarah1Mitty2 said:
    BirchFozz said:
    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.

    They would be doing very well to get 230k now I should think.
    And you base that comment on what?
    Your extensive knowledge of OP’s failed purchase & the property market in their location over the past 2 years?
    Thought not. 
    I am basing it on the property being worth that amount only with the historically low interest rates that were the norm at the time, higher interest rates make it worth less than that, and a recession/cost of living crisis make any wage rises people may have had more or less redundant in making up the difference.


    it's feared that the market may drop as much as 5%.
    Not 20%.

    If prices drop 5% and then you add in inflation that’s a drop of 15%


  • newsgroupmonkey_
    newsgroupmonkey_ Posts: 1,270 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    Aberdeenangarse said:
    newsgroupmonkey_ said:
    Sarah1Mitty2 said:
    badger09 said:
    Sarah1Mitty2 said:
    BirchFozz said:
    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.

    They would be doing very well to get 230k now I should think.
    And you base that comment on what?
    Your extensive knowledge of OP’s failed purchase & the property market in their location over the past 2 years?
    Thought not. 
    I am basing it on the property being worth that amount only with the historically low interest rates that were the norm at the time, higher interest rates make it worth less than that, and a recession/cost of living crisis make any wage rises people may have had more or less redundant in making up the difference.


    it's feared that the market may drop as much as 5%.
    Not 20%.

    If prices drop 5% and then you add in inflation that’s a drop of 15%


    That's not how house prices work (fortunately)
    When we talk about them going up and down, that's independent of inflation.
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    BirchFozz said:
    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.

    How many other offers did they have?
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    newsgroupmonkey_ said:
    Aberdeenangarse said:
    newsgroupmonkey_ said:
    Sarah1Mitty2 said:
    badger09 said:
    Sarah1Mitty2 said:
    BirchFozz said:
    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.

    They would be doing very well to get 230k now I should think.
    And you base that comment on what?
    Your extensive knowledge of OP’s failed purchase & the property market in their location over the past 2 years?
    Thought not. 
    I am basing it on the property being worth that amount only with the historically low interest rates that were the norm at the time, higher interest rates make it worth less than that, and a recession/cost of living crisis make any wage rises people may have had more or less redundant in making up the difference.


    it's feared that the market may drop as much as 5%.
    Not 20%.

    If prices drop 5% and then you add in inflation that’s a drop of 15%


    That's not how house prices work (fortunately)
    When we talk about them going up and down, that's independent of inflation.
    No, it is very closely linked to inflation - Interest rates, wages, cost of living, all affect the value of a house.
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