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"We have recently agreed to sell our house subject to contract for £280,000 having steadily reduced the asking price over a few months (from an original start point of £325k), to £285k.We had 2 offers of £280k & went with the most proceedable buyer (FTB with large deposit & mtg agreed in principle) Today we hear that the mtg valuation has come back at £265k!!! Purchaser has asked us to reduce sale price but we have declined to do this. We believe valuation is entirely wrong because the property in unique in its market and because there are no comparable properties locally. No properties in the same locality have been sold recently but the neighbours either side bought for £231k & £243K in 2003. These properties are both on smaller plots and are relatively modern, our property is a character period property. Any advice as to way forward??"

But prices always go up don't they?

http://forums.moneysavingexpert.com/showthread.html?t=149674

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I would never again buy a character property, they are an absolute nightmare to sell as there's nothing to compare them to, having said that i'd never buy a newbuild either so perhaps I should just never buy again :lol:

Of course no it's been down valued to £265k they should think themselves lucky the purchaser isn't going for £249,999 to get it under the stamp duty threshold.

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If they're confident it's worth the money then why not proceed with the other £280k offer, but of course they know they'd be negotiating from a position of weakness and a different surveyor may be equally unkind if they're keen to cover their own backs.

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Guest Winners and Losers

I worked for a Surveyor back in the summer and he said that prices were coming down. These people have already been chasing the market down, they should take it and run like the wind.

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How large is the bloody deposit that this FTB has? No FTB I know could afford their first step on the ladder as being a £280K house!

She should thank her lucky stars!

:blink:

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"No properties in the same locality have been sold recently but the neighbours either side bought for £231k & £243K in 2003.

A property is only worth what the buyer is willing to pay for it.

Take the money now & run, or end up with a futher loss down the line you greedy individuals.

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Facinating. Its not why they won't pay so much for hers but why they will pay so much for this boring new build crap.

I note, she has only a picture of the back, a picture of the front and a pic of relatively old bathroom. Does "character property" mean "extensive renovation":

http://www.rightmove.co.uk/viewdetails-770...pa_n=1&tr_t=buy

http://www.rightmove.co.uk/viewdetails-104...pa_n=1&tr_t=buy

And the second question is, are web board users far too kind to each other?

"The other house does seem to have a little extra space than yours, but there's no competition in my eyes your house looks lovely; far more welcoming and yes, better value, but we don't know how overpriced the new build is..."

How would she know? From the bathroom?

Thats what I like about HPC!

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If they were STR ing ( like I did last November) I'd tell the buyer to stuff their offer where the sun don't shine. I'd reduced my price from £325,000 to £295,000 which was actually a very resonable price. The buyer offered £270,000 (and that was their final offer) so I told the Estate Agent to take my Property off the market. That seemed to do the trick - didn't take the buyer long to agree to my terms! :lol::lol:

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Is this sort of story the sign of "what happens next"?

I still see all the same property on the market two years after being put up for sale.

So many of these are now overpriced compared with property which has come on more recently that I'd have thought even in the unlikely event an offer arrives and is accepted, survey time would be interesting to say the least. Especially when near identical property in the same street can be asking 50k less.

Do buyers generally ever pay more than their survey says?

In this example if the property goes back on the market, another buyer is found, and their survey comes back similarly, it seems a shame that two sets of buyers have wasted money on two surveys to both discover the same thing - the house is overpriced - separately.

Does it take the "greater fool" to ignore the survey and pump the cash into the chain from the bottom (here) to get it moving, or is it then and only then that property starts coming off the market as "unsaleable" (in the eyes of the vendor, for the price wanted)

I'm making something of an assumption that a surveyor's survey is / is held to be more valid that an Estate Agent's original guess of what the property might sell for.

Is this what we're likely to see a lot more of during 2006?

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That new build is one of the ugliest, most thoughtless houses I have seen recently. With so many people watching and being inspired by Grand Designs you think the developer would have made an effort. What a terrible waste of a hard to come by plot. :angry:

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Well it seems to be sold - according to Rightmove.

It doesn't look too bad a price to me. I think it proves what I have been saying for a while now. That house in Lancashire would be the same price as in Wiltshire. But in Wiltshire you are not too far from being able to earn a decent salary.

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  • 302 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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