valuation much lower than offer accepted!

happinessfactory

nuttynutz wrote: »

our house only been on the market 5 months /quote]

Your house was valued five months ago, so I guess the new valuation of £118k reflects its value in the current (ie considerably less favourable)market.

If it took you five months to find a buyer, I wouldn't let him or her go even if it means taking the hit

UK007BullDog

brunoisback http://uk.youtube.com/watch?v=mjkq_rI7HGs

Oh boy Bruno, Whats up with your video half nekkid? That is not going to make anyone build trust in you now. Or was it a matter of bare it all?

Its not the link posted above but from there it links to Brunos other videos on youtube.

nuttynutz

dizzie wrote: »

Hi,

Just wondering whether it would be worth you looking on something like mouseprice or a similar website that could give you the actual sold prices of similar, recently sold properties in your area - e.g. anything in the same street sold recently?

Armed with this information, you could decide whether your buyer is offering you a fair price or not. If not, then if it were me, I would negotiate through their solicitor, and tell them that you have progressed with the sale of your property based on the price they offered you, and as such, this re-evaluation of their offer price comes as a shock. You could tell their solicitor that you are on a tight budget, and that if the progression of this sale is to be facilitated, there will have to be some give and take on both sides. Perhaps you could split the difference.

At the same time, consider where you are buying. Are those people in a chain? Have they found somewhere they really want? Could you explain that your buyers are renaging on their offer price because of the current financial climate, and whilst you would like to honour the exchange of contracts in three weeks time, the difference in the offer price will make this difficult, unless your seller would be prepared to take a slightly lower offer?

No wonder house buying and selling is rated as one of the most stressful things. You've got to negotiate carefully or you risk upsetting one of the parties into pulling the plug. When we moved 12 years ago, our buyer presented us with a 2 page list of things for which she wanted reductions in the house price. These were mostly things that were not to her taste and the list included a new front door ( she didn't like the style of the existing one) and an allowance so that she could employ someone to come in and check that the central heating/gas fires etc were all okay! On the other hand, the house we were buying needed a new damp-proof course, roof repairs and completely re-wiring whe the survey came back. She wouldn't move an inch on the asking price...Aahhh happy days (not).

Hope that you manage to sort things out and that your move goes smoothly.

Thanks Dizzie
We are happy to sell at the price of £118,000 as dont want to lose the sale, but when we first put in an offer on our new house we offered £155,000 to the EA and he laughed at us and said "she wont even entertain that" he didnt even phone her .. the !!!!! :mad: !the house is on for £160,000 they accepted £157,500

SouthCoast

WOW. The power of the internet!

A site with some 9,000 registered users has caused:

US sub-prime crisis.

Liquidity problems for the largest banks in the world.

The first run on a UK bank in 140 years.

The largest ever recorded fraud at SocGen.

There are around 90 videos to chose from, but I liked this one:

http://uk.youtube.com/watch?v=d4YsvBEC7_M

daveyjp

"It is also worth noting that Chartered surveyors like to quote low to protect their insurance premiums. They will never get sued for under quoting but they can be for over quoting."

Tell that to the surveyor who is currently being sued by the operators of a UK airport. He valued a plot of land at millions below it's true value - needless to say the landowner has served papers.

vetfred

If no-one on your side has seen the survey, perhaps the buyer will be prepared to show that the valuation is actually £118,000 and to see what the survey points out in case you can come to a compromise on maybe getting a few things fixed if needs be - you may spend £500 to fix something where a surveyor may say it's £1000 to fix and hence may have devalued your property.

Another thing, if you can give way at all, can you not suggest meeting half-way just to show goodwill and keep the chain moving?

The house I sold in December was valued at £225,000 but I put it on at £219,500. I accepted £212,000 and, after the survey, I accepted £208,000. I (wrongly) trusted my buyer when he said the survey had pointed out some things needed doing quite essentially and accepted their reduced offer of £208,000 - it turned out they had misled me as to the level of cost in what needed to be done (2 floors needed screeding and he said that the surveyor said the floors needed digging up and several other things!) but the reduced figure was still £15,000 above another agent's valuation and I was only ever realistically expecting £200,000 so it was best to just move and find myself somewhere else (currently renting waiting for a good deal!)

Good luck with it.