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bunnyboiler

Looks Like Sale Is Going To Fall Through

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I'm probably going to come in for a lot of abuse from people out there telling me that my property is over priced as that seems to be the general answer on threads I have read. We bought our house in 2004 for £128000 it was a run down property that an investor bought and basically white washed and laid cheap neutral coloured carpets. We knew when we bought it that it needed work but we were looking to buy cheap as we had been out of the country travelling for a year so didn't have a solid work history and had just had a baby. The area is very industrial and although commutable distance from London doesn't fetch high prices. It was always intended to be a starter home and our long term goal was to move back closer to an area where friends and family are but properties are twice the price.

When buying in 2004 we did look at properties that were in better condition and they were marketing around the £140000 mark but as said before we were just looking for minimum outgoings. Over the last 5 years we have worked our way through the house, updating it and making it a home. Block paved and built new walls out the front, had parts of the roof refelted and the welding work done on the leading, damp treatments, replastered 95% of the house, new kitchen, retiled bathroom, new floors throughout, period fireplaces, replaced external doors to mention but a few things.

As the area we live in is not very affluent houses do tend to look neglected and some of them look in pretty bad shape. There have also been a lot of repossessions in the area which is driving down the price of properties and everything that is selling locally has been marketed below £120000 - what they have actually sold for time will tell. However when they have sold they are being completely stripped and gutted by whoever is buying them.

Houses like ours which you could move straight into are marketing around the £140000 mark as they were in 2004. We were lucky enough to find a buyer about a month ago and everything was going swimmingly. Until the survey came back on our place, valuing it £18.5k below the agreed sale place, less that what we paid for it in 2004 before improvements were carried out. I have read up about the house price indexes and the methods surveyors use to reach their values so I can understand how this figure was arrived, especially as I understand they contact local agents to see what similar properties have sold at. However when contacting agents and looking at previous sold priced they don't take into account how thehouse has been maintened or condition of it which seems crazy when you are comparing houses that are 100+ years old. I can guarentee that they have used the selling price of the house next door to us as a comparison which sold in peak times with no central heating or double glazing and was generally a bit of a mess. If I apply these same methods to the house we are looking to buy that too should have been under valued by about £21k but it went through valuation fine, so there seems to be an inconsistency in how this is supposed to work.

Currently how buyer is still very keen as she has looked at other properties and feels that ours is a fair price and is intending on appealing the valuation and if that fails is talking about changing lender and going through another valuation. Given what I have read on the net I am not hopeful of this being successful and feel like we have lost the house we are trying to buy. It is so upsetting and frustrating as we bought within our means back in 2004 and now that financially we earn enough to take on a bigger mortgage we are stuck in an area which will never be home to us because banks are running scared from the mess they created.

Not sure why I'm boring you all with this, just had to get it off my chest

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Guest KingCharles1st

The only way for you, and all the others, to correct "This mess the banks have created" is by telling the people whose house you want to buy the situation, and getting them, and the people THEY want to buy from to all lower their price buy 18%

The answer is so simple- it's staring you, and the rest of the country squarely in the face right now- well everyone except Laurel and Hardy.

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