Buying a house and i,m sick of it already.
Discussion
Ok, so i jumped through various hoops to get the mortgage, agreed a price i was happy to pay- based on what else is in the area for sale (not a lot actually).
Valuation comes from the bank (abbey) and they value it at 15 k less than asking. Which was 205k and they say its worth 190k. Quite a drop.
Now looking around locally there is nothing which comes close even for 205k, i know a mate has recently bought, paid 170k and if this is worth just 20k more then some ones having a laugh. In the peak i would estimate this to have been 225k, going by the prices i have been looking at for the last couple of years- it also seems our area hasn't taken much of a hit and houses that do come up for sale are sstc within days for 'near to asking price' i,m told.
I also know for a fact they paid 158k in 2003 because i looked on that website (can't remember the name) so i think the price now is reasonable as its had a fair amount of work done since then too.
So obviously the seller tells us to p
s off- i actually suspect he thinks we are trying it on, estate agent then says that this can happen sometimes with certain surveyers and we should try and get a mortgage elsewhere and get them to value it.
Should i do that or am i wasting my money and time, i actually think that in todays market at least it is worth that, there is nothing else for sale which comes close and there hasn't been for quite some time.
Is the surveyer one of the doom slayers off pistonheads
and hes factoring in further drops? i don't know, all i know is i,m sick of all the messing about already and dread the day when i have to sell a house and buy one.
Valuation comes from the bank (abbey) and they value it at 15 k less than asking. Which was 205k and they say its worth 190k. Quite a drop.
Now looking around locally there is nothing which comes close even for 205k, i know a mate has recently bought, paid 170k and if this is worth just 20k more then some ones having a laugh. In the peak i would estimate this to have been 225k, going by the prices i have been looking at for the last couple of years- it also seems our area hasn't taken much of a hit and houses that do come up for sale are sstc within days for 'near to asking price' i,m told.
I also know for a fact they paid 158k in 2003 because i looked on that website (can't remember the name) so i think the price now is reasonable as its had a fair amount of work done since then too.
So obviously the seller tells us to p
s off- i actually suspect he thinks we are trying it on, estate agent then says that this can happen sometimes with certain surveyers and we should try and get a mortgage elsewhere and get them to value it.Should i do that or am i wasting my money and time, i actually think that in todays market at least it is worth that, there is nothing else for sale which comes close and there hasn't been for quite some time.
Is the surveyer one of the doom slayers off pistonheads
and hes factoring in further drops? i don't know, all i know is i,m sick of all the messing about already and dread the day when i have to sell a house and buy one.Have you had any kind of report from the surveyor, or are you able to speak with them to understand why they undervalued it? It may be there is a good reason, such as subsidence or asbestos, etc.
I've just had my house valued for a re-mortgage so did get to speak with the valuer, he looked like he was thinking about undervaluing, asked me to justify my price so I explained the price we paid, how much had been put into the renovations, why it was better than a house that sold down the road for more, etc etc. I got the valuation through at my price.
He was quoting 15-20% down, which on average might be right, in this area I don't beleive it for a second.
I've just had my house valued for a re-mortgage so did get to speak with the valuer, he looked like he was thinking about undervaluing, asked me to justify my price so I explained the price we paid, how much had been put into the renovations, why it was better than a house that sold down the road for more, etc etc. I got the valuation through at my price.
He was quoting 15-20% down, which on average might be right, in this area I don't beleive it for a second.
You can get it revalued but I suspect the valuer is correct - it's what he does for a living, probably doing 6 valuations a day, 5 days a week. Take his advice to heart he's trying to save you money and stop you overpaying. What people are asking for their house has absolutely no relevance to what they are worth. One of my neigbours has just put their house on the market for £50,000 more than they paid for it in 2006 - absolutley bonkers. Do not value your house based on the prices in Estate Agents windows.
Give a copy of the valuation report to the Vendor and if he's not prepared to drop the price then walk away. The surveyor's just saved you £15,000, perhaps you should thank him.
Give a copy of the valuation report to the Vendor and if he's not prepared to drop the price then walk away. The surveyor's just saved you £15,000, perhaps you should thank him.
Edited by JQ on Tuesday 28th July 21:48
We're currently selling our house - had about 20 viewings immediately it went on the market and sold it within 3 weeks at close to the asking price. Then the buyers, who aren't having a mortgage, got a homebuyer report done. The valuation said it was worth £15k less than they'd offered.
We told them to p1ss off when they dropped their offer too. After a weekend where we had a further 5 viewings, the original buyers called the agent back and agreed to pay the original price. I think valuers at the moment are protecting their own backs but not doing anyone any favours - an arms length negotiated price is what someone is willing to pay, so that's the market value
We told them to p1ss off when they dropped their offer too. After a weekend where we had a further 5 viewings, the original buyers called the agent back and agreed to pay the original price. I think valuers at the moment are protecting their own backs but not doing anyone any favours - an arms length negotiated price is what someone is willing to pay, so that's the market value
SJobson said:
We're currently selling our house - had about 20 viewings immediately it went on the market and sold it within 3 weeks at close to the asking price. Then the buyers, who aren't having a mortgage, got a homebuyer report done. The valuation said it was worth £15k less than they'd offered.
We told them to p1ss off when they dropped their offer too. After a weekend where we had a further 5 viewings, the original buyers called the agent back and agreed to pay the original price. I think valuers at the moment are protecting their own backs but not doing anyone any favours - an arms length negotiated price is what someone is willing to pay, so that's the market value
So what levels were the other offers at?We told them to p1ss off when they dropped their offer too. After a weekend where we had a further 5 viewings, the original buyers called the agent back and agreed to pay the original price. I think valuers at the moment are protecting their own backs but not doing anyone any favours - an arms length negotiated price is what someone is willing to pay, so that's the market value
JQ said:
SJobson said:
We're currently selling our house - had about 20 viewings immediately it went on the market and sold it within 3 weeks at close to the asking price. Then the buyers, who aren't having a mortgage, got a homebuyer report done. The valuation said it was worth £15k less than they'd offered.
We told them to p1ss off when they dropped their offer too. After a weekend where we had a further 5 viewings, the original buyers called the agent back and agreed to pay the original price. I think valuers at the moment are protecting their own backs but not doing anyone any favours - an arms length negotiated price is what someone is willing to pay, so that's the market value
So what levels were the other offers at?We told them to p1ss off when they dropped their offer too. After a weekend where we had a further 5 viewings, the original buyers called the agent back and agreed to pay the original price. I think valuers at the moment are protecting their own backs but not doing anyone any favours - an arms length negotiated price is what someone is willing to pay, so that's the market value
Have you ever watched Sarah Beeny's programme? The professional valuers on there rarely ever come up with the same value.
It's probably worth getting another valuation, it's hardly a large expense. You don't even need to engage a conveyancer. Surveyors are human too, and if they're doing 6 valuations a day you might argue they can't possibly have the time to research each property and get it right every time.
Also, the banks are reportedly using "non-standard" ways to keep their lending down whilst still appearing to welcome borrowers with open arms. The government wants them to start lending freely again, except now they have to carry twice the capital reserve. A wild guess maybe, but it's possible the bank are leaning on the surveyors to undervalue. Of course if that's true, they're all likely to be doing it.
This could have an upside for you - show the vendors the report and ask them to meet you in the middle (if you are able to cover the rest).
Good luck with everything - there's more to come. Just wait until the date for exchange slips for the fourth time
Also, the banks are reportedly using "non-standard" ways to keep their lending down whilst still appearing to welcome borrowers with open arms. The government wants them to start lending freely again, except now they have to carry twice the capital reserve. A wild guess maybe, but it's possible the bank are leaning on the surveyors to undervalue. Of course if that's true, they're all likely to be doing it.
This could have an upside for you - show the vendors the report and ask them to meet you in the middle (if you are able to cover the rest).
Good luck with everything - there's more to come. Just wait until the date for exchange slips for the fourth time
bogwoppit said:
It's probably worth getting another valuation, it's hardly a large expense.
Eh? Its the lender's surveyor, the valuation was done for the lender. Its that guy who will be required to change his valuation. Speak to your broker about it. bogwoppit said:
You don't even need to engage a conveyancer.
WTF has it got to do with the conveyancer? They aren't involved in the valuationbogwoppit said:
Surveyors are human too, and if they're doing 6 valuations a day you might argue they can't possibly have the time to research each property and get it right every time.
In his mind, and operating within the lenders guidelines, he is right. bogwoppit said:
Also, the banks are reportedly using "non-standard" ways to keep their lending down whilst still appearing to welcome borrowers with open arms. The government wants them to start lending freely again, except now they have to carry twice the capital reserve. A wild guess maybe, but it's possible the bank are leaning on the surveyors to undervalue. Of course if that's true, they're all likely to be doing it.
Surveyors also have one eye on their P/I insurance. bogwoppit said:
This could have an upside for you - show the vendors the report and ask them to meet you in the middle (if you are able to cover the rest).
But be aware that a number of people have read that house prices are going up. Depends on their desperation level. bogwoppit said:
Good luck with everything - there's more to come. Just wait until the date for exchange slips for the fourth time
From me too.
SJobson said:
JQ said:
SJobson said:
We're currently selling our house - had about 20 viewings immediately it went on the market and sold it within 3 weeks at close to the asking price. Then the buyers, who aren't having a mortgage, got a homebuyer report done. The valuation said it was worth £15k less than they'd offered.
We told them to p1ss off when they dropped their offer too. After a weekend where we had a further 5 viewings, the original buyers called the agent back and agreed to pay the original price. I think valuers at the moment are protecting their own backs but not doing anyone any favours - an arms length negotiated price is what someone is willing to pay, so that's the market value
So what levels were the other offers at?We told them to p1ss off when they dropped their offer too. After a weekend where we had a further 5 viewings, the original buyers called the agent back and agreed to pay the original price. I think valuers at the moment are protecting their own backs but not doing anyone any favours - an arms length negotiated price is what someone is willing to pay, so that's the market value
Have you ever watched Sarah Beeny's programme? The professional valuers on there rarely ever come up with the same value.
The people on Sarah Beeny's programme are not Valuers, they are Estate Agents hence why they get the values wrong. There was one on last night's programme that looked about 14 years old.
JQ said:
[The people on Sarah Beeny's programme are not Valuers, they are Estate Agents hence why they get the values wrong. There was one on last night's programme that looked about 14 years old.
And they are valuing a place to put it on the market, not for mortgage purposes. The two aren't the same. Edited by scotal on Wednesday 29th July 14:22
Dave_ST220 said:
scotal said:
Dave_ST220 said:
So, our morgage valuation came in at what we paid, should i be happy if many are pricing in falls?
No you should be relieved the valuer agreed with you. As to the true value of the house, who really knows.
scotal said:
Asterix said:
At least we seem to have a good broker who is doing his best to get it all sorted.
Who did you use in the end?Edit: Got the ADS bit right but they're in Kent (South of London so not far wrong!).
PM me if you want their full details.
Edited by Asterix on Friday 31st July 10:47
Asterix said:
scotal said:
Asterix said:
At least we seem to have a good broker who is doing his best to get it all sorted.
Who did you use in the end?Edit: Got the ADS bit right but they're in Kent (South of London so not far wrong!).
PM me if you want their full details.
Edited by Asterix on Friday 31st July 10:47
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