AdamW Posted January 23, 2010 Report Share Posted January 23, 2010 Have just agreed a price on a house 15k under asking price Valuation has been done and it come in 20k under my agreed price.. 35k off the asking price! Estate agents is swearing blind the surveyor has got it wrong... and is going to make some calls! (no idea who to!) and claims that the failed purchase 2 months prior had a valuation of my agreed price!! Now we have to wait to see what the vendors think! Question: is the estate agent lying? BTW the house has been on the market for 2 years! and current owners are going there separate ways! Adam Quote Link to comment Share on other sites More sharing options...
majordisorder Posted January 23, 2010 Report Share Posted January 23, 2010 Have just agreed a price on a house 15k under asking priceValuation has been done and it come in 20k under my agreed price.. 35k off the asking price! Estate agents is swearing blind the surveyor has got it wrong... and is going to make some calls! (no idea who to!) and claims that the failed purchase 2 months prior had a valuation of my agreed price!! Now we have to wait to see what the vendors think! Question: is the estate agent lying? BTW the house has been on the market for 2 years! and current owners are going there separate ways! Adam Valuers are in my opinion being told to down value properties by the banks so that they win on high L2V ratio interest rates. I speak from recent experience whereby when trying to move mortgage our place was valued at least £75K less than 3 estate agents had. Also see who is doing the valuation, ours was done (don't laugh) by a computer worker in India, we had to really fight for someone to come out and put a proper value on it (and pay £100 for it too). Quote Link to comment Share on other sites More sharing options...
DSPUK Posted January 23, 2010 Report Share Posted January 23, 2010 Question: is the estate agent lying? What a silly question. The bungalow we bought in March last was a tip - needed everything doing to it - the Estate agent blurb said "Pleasantly presented" - I did scan agent small print see if I could catch them on miss representation. made me wonder what the valuer lived in. - we didn't pay asking price of course If house has been on market for a while stick in lower price. - Also go over it with fine tooth comb for any sort of problem to justify lowering price. Dave Quote Link to comment Share on other sites More sharing options...
Mungler Posted January 23, 2010 Report Share Posted January 23, 2010 (edited) Seriously? Property on market for 2 years and not gone = over priced. The simple fact is that any property will sell for the right price, even if suffers from subsidence. After 2 years and a split between the current owners, provided you are liquid and able to move fast (i.e. not in a shakey looking long chain and waiting on a mortgage company to approve you) then I would go for the monkey low offer and work up, if you really want it. Besides, if you are taking a mortgage, your mortgage company won't second guess the valuer. Use that to negotiate down - go back to the vendor and say the mortgage company says it's over priced and they won't lend on it. The vendor can either keep your mortgage company happy and reduce the price accordingly and thus keep the deal alive or tell them you can't proceed. My 2p Edited January 23, 2010 by Mungler Quote Link to comment Share on other sites More sharing options...
rjimmer Posted January 23, 2010 Report Share Posted January 23, 2010 There's a lot of talk about property prices being due for another drop! Most house prices are kept artificially high by planners not releasing enough new developments. If it's not worthy of a rent that will give you a realistic yield on your outlay, then it is over-priced. There is always a chance that the valuer knows somebody who who wants the house, at a price. Quote Link to comment Share on other sites More sharing options...
AdamW Posted January 23, 2010 Author Report Share Posted January 23, 2010 There's a lot of talk about property prices being due for another drop!Most house prices are kept artificially high by planners not releasing enough new developments. If it's not worthy of a rent that will give you a realistic yield on your outlay, then it is over-priced. There is always a chance that the valuer knows somebody who who wants the house, at a price. Well, I dropped the bomb to him Friday telling him the value of the place, I also pulled some stuff of the net to back it up! He said "that's not right and the surveyor doesn't know the area!" So it must mean that he is more qualified tha the surveyor then! I must respect that what he is telling me is the truth! his last words where, I will make some phone calls and come back to you, that was yesterday! I'm still waiting! Adam Quote Link to comment Share on other sites More sharing options...
reaper6 Posted January 23, 2010 Report Share Posted January 23, 2010 ESTATE AGENTS..........WORSE THAN............TRAFFIC WARDENS Quote Link to comment Share on other sites More sharing options...
Diceman Posted January 23, 2010 Report Share Posted January 23, 2010 Its quite simple...the house is worth what someone is prepared to pay for it and not a penny more. Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted January 23, 2010 Report Share Posted January 23, 2010 Revise your offer. If they do not accept it you walk away. They will give in. Quote Link to comment Share on other sites More sharing options...
Starman Posted January 23, 2010 Report Share Posted January 23, 2010 If you look at http://www.nethouseprices.com/ you can see what price was paid for properties in the area, maybe find a similar house that will give you a good idea. Quote Link to comment Share on other sites More sharing options...
starlight32 Posted January 23, 2010 Report Share Posted January 23, 2010 Its quite simple...the house is worth what someone is prepared to pay for it and not a penny more. How very true-Same as a car gun or just about anything sold second hand. If you are not bothered drop your price by another 20k and just say take it or leave it. If you want the place just negotiate what you can Quote Link to comment Share on other sites More sharing options...
ME Posted January 24, 2010 Report Share Posted January 24, 2010 (edited) Its quite simple...the house is worth what someone is prepared to pay for it and not a penny more. Some good advice already. I was going to say the exact same thing as above and recommend the nethouseprices website. There is no such thing as a house "value" - the price of a property is governed by what someone is prepared to pay. It's a buyers market, if you are in a good position then negotiate hard, you only get one chance at that... Edited January 24, 2010 by ME Quote Link to comment Share on other sites More sharing options...
RC45 Posted January 24, 2010 Report Share Posted January 24, 2010 There is very little selling in my area, the Estate Agents are struggling, I suppose they need the highest price possible to stay afloat. Phil Quote Link to comment Share on other sites More sharing options...
AdamW Posted January 24, 2010 Author Report Share Posted January 24, 2010 We are in a very good position, we are renting our current house so no sale! and they are splitting so no chain there end either I will just wait and see, nothing more we can do! Any way, I'm off working in Spain for 3 days so he will have to wait now! Adam Quote Link to comment Share on other sites More sharing options...
Starman Posted January 24, 2010 Report Share Posted January 24, 2010 I have had a piece of land with stables on the market for the last few months and the Estate Agent hasn't once put it in their window or in the paper. They haven't even bothered to put a board up. If they are finding things that hard you would expect them to at least try and sell it. Think I should tell them to shove it and stick a board up myself. Quote Link to comment Share on other sites More sharing options...
RC45 Posted January 24, 2010 Report Share Posted January 24, 2010 I have had a piece of land with stables on the market for the last few months and the Estate Agent hasn't once put it in their window or in the paper. They haven't even bothered to put a board up. If they are finding things that hard you would expect them to at least try and sell it. Think I should tell them to shove it and stick a board up myself. Put it on Flea bay, something like that is sought after. Quote Link to comment Share on other sites More sharing options...
Starman Posted January 24, 2010 Report Share Posted January 24, 2010 Didn't realise you could put stuff like that on Fleabay. Hate to think what the listing fee and Paypal fees would be Quote Link to comment Share on other sites More sharing options...
AdamW Posted January 29, 2010 Author Report Share Posted January 29, 2010 Well, they have refused our offer, and the house is back on the market again! So we start looking again now... The place is over priced and they will not sell it for the agreed price we had and no chance of the asking price! All fun and games I guess! Quote Link to comment Share on other sites More sharing options...
al4x Posted January 29, 2010 Report Share Posted January 29, 2010 funnily enough agents round us can't get enough properties to sell which is keeping prices up as we've not really seen a dip at all, with regard to the valuation well thats the problem thats out there at the moment valuers are very scared of being sued by lenders if they value at a reasonable level so they are tending to value low. Obviously the house you're looking at has a value and in this market it can be hard to sell anything that needs work as most of the small developers have gone into hiding. Obviously you were happy with the price you'd agreed just couldn't mortgage it, depending on the value of the house you may find this obstacle gets in your way time and time again. Quote Link to comment Share on other sites More sharing options...
MPT1 Posted January 29, 2010 Report Share Posted January 29, 2010 Agents in general will down value because 2% of say £200,000 is better than 2% of nothing. Incidently I have 2 Kensington flats at 5.8 million and 2 at 2.4million. In Islington I have 13 ranging from 400k up to 850k I'm not an agent I built them. Any interest? Quote Link to comment Share on other sites More sharing options...
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