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House Price Crash Forum

z2910

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  1. After years of watching and waiting for prices to fall I have decided to buy - its the right house for me in a small village and they come on the market so rarely that I've had to bite the bullet, accepting prices are going to drop further... Anyway, point of the post is that I'm not sure if my solicitor has over-stepped his mark, or what I can do about it. I'm taking out a small LTV mortgage on the property. I paid the mortgage company to do a valuation and this came back the same as the accepted offer & I received a mortgage offer based on this. I also decided to have a full bullding survey done with the intention of using it to argue a bit more money off the price. The building survey valuation came in 10% less than the mortgage companies valuation / accepted offer price. After lots of negotiations, the vendor finally accepted my reduced offer, based on the building survey valuation. I thought it would simply be a case of informing the mortgage company that the purchase price had been reduced & the offer would be revised accordingly. However my solicitor has told them that I had a full survey done & that the associated valuation is 10% less than theirs. The mortgage company have now got their knickers in a total twist that the two valuations are so different and its looking like they are not going to lend on the property full stop! I think its the mortgage company making excuses not to lend - however, was my solicitor overstepping the mark telling the mortgage company about the 2nd valuation? I realise they are supposed to disclose information but the solicitor has now had to spent lots of time (and my money) trying to convince the mortgage company that they should still lend on the property. I'm feeling rather loathe to pay for all this additional time given I think the solicitors has messed up in the first place... Any comments / suggestions?
  2. Well - I'm happy to report that it IS so up in my corner of County Durham. During the last few weeks lots of asking prices have been sneaking down, there are plenty of houses that have had 5 - 10% knocked off the asking price. However most of the EA websites aren't advertising this fact, they are just knocking off 10K, 15K, 25K but most don't pop up on the screen when you ask "whats changed in the last 3 days". Other cheery EA news: (1) I've had to resort to keeping my mobile on silent as 2 local EA's have taken to ringing me at least 3 times a week (and calling back to check i got a call) asking if i'd like to view any properties... I admit I sometimes just watch the phone ring & feel smug. (2) Another EA has got a brand new 'flashing banner' on their website to celebrate when a house goes under offer... Almost enough to give you an epileptic fit but at least you'll remember that they've managed to sell a house! (3) Finally, I feel I have to give Pattinsons a special mention... I truly believe the only reason they don't advertise through Rightmove is because they know they'd be sussed in 2 seconds. As a rule of thumb, if Pattinsons and A.N.Other EA market the same property, Pattinsons stick an extra 15K on the price tag, up to 40K in some instances (and I'm talking about houses under 250K here...) Pattinsons have decided to march to the beat of their own drum and are slapping up their asking prices instead (169K last
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