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Offer Accepted

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Hi All,

We have had an offer accepted on a house that for 6 months was listed with an estate agent at £199,950 but the sellers then needed a quick sale and reduced to overs over £145,000. We agreed on £147,000 and instructed a surveyor who came back with no major problems and valued it at £165,000. Firstly what is the point of estate agents marketing a property £30,000 in excess of what it is worth as the sale would surely just fall through when valued by the surveyor and secondly this only gives a cushion of just over 10% for further falls.

We are currently renting and have been for the past year but we really need a bigger house soon as our nearly 4 year old is still in a cot as there is no room in the 3rd bedroom of the new build we are renting to fit a bed! How they can market it as a 3 bedroom house is beyond me but that is another matter!

My partner is over the moon that we have been able to buy a 4 bed detached house as this normally would be something we couldn't afford but I firmly believe house prices are still going to fall and think we can get a better deal by waiting. Any advice?

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Hi All,

We have had an offer accepted on a house that for 6 months was listed with an estate agent at £199,950 but the sellers then needed a quick sale and reduced to overs over £145,000. We agreed on £147,000 and instructed a surveyor who came back with no major problems and valued it at £165,000. Firstly what is the point of estate agents marketing a property £30,000 in excess of what it is worth as the sale would surely just fall through when valued by the surveyor and secondly this only gives a cushion of just over 10% for further falls.

We are currently renting and have been for the past year but we really need a bigger house soon as our nearly 4 year old is still in a cot as there is no room in the 3rd bedroom of the new build we are renting to fit a bed! How they can market it as a 3 bedroom house is beyond me but that is another matter!

My partner is over the moon that we have been able to buy a 4 bed detached house as this normally would be something we couldn't afford but I firmly believe house prices are still going to fall and think we can get a better deal by waiting. Any advice?

4 bed detached for £147k?! Where the heck do you live? Burkina Faso?

Can you look up what it (or similar in the area) sold for previously and when?

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Nethouseprices shows the house sold for £190,000 in 2006, £172,000 in 2005 and £77,500 in 2001 so we are buying between the 2001 & 2005 range. I just hope they don't go back down to 2001 levels! We are in Cumbria by the way.

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Firstly what is the point of estate agents marketing a property £30,000 in excess of what it is worth as the sale would surely just fall through when valued by the surveyor and secondly this only gives a cushion of just over 10% for further falls.

I can't speak for all agents, but an estate agent does not value a property, they just give advice.

If the property sold previously for £190,000 then perhaps the vendor was looking to get their money back. Looks like they are taking a £20,000 hit.

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Firstly what is the point of estate agents marketing a property £30,000 in excess of what it is worth as the sale would surely just fall through when valued by the surveyor

The STR crowd with money burning holes in their pockets, who don't need a valuation.

Vendors can always lower their asking price thereby giving an illusion that a bargain has been had.

More often than not, it's not the EA that wants £30k over, they just want to sell the damn thing, it's usually the deluded vendors.

In the recent RICS survey one surveyor said they were forced to take on houses at inflated prices just to get the business, but acknowledged it was just storing up trouble for the future.

Edited by exiges

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I am not sure how accurate surveyors valuations actually are.

They are just the surveyors best guess at the current market value, and as such are little better than an interested amateur. Slightly worse, if the surveyors have a good relationship with the estate agent, then it is in everyone's interest for the deal to go through, and as such the surveyors might just value the property slightly higher than the known sale price.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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