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Original poster

OH F88K - housebuying advice please

93 replies

Beccarollover · 17/07/2004 17:07

Hi

We were ready to exchange this week on our new house BUT went to solicitors today to sign where she informed us that our has been devalued by the buyers surveyor to the tune of 12k!!! This is totally crazy - its a 5 year old house up for 117k (we accepted the offer of 115k) and in the last few months about 3 or 4 have sold with the same agent as ours for at least 115k with no problems.

I spoke to the agent and she is as bemused as me she said the surveyor didnt ring for comparables which they do normally so seems to basing this valuation purely on his own perspective - she is ringing him with comparables to try and talk him round - Im not at all hopeful about this!

Our buyers have offered to meet us half way which would be 110k but I cant accept this valuation - in this area you just cant buy anything for 105k and our street is one of the two nicest in the area....

Our sellers are going to lose their house if we dont complete by next friday.

I DONT KNOW WHAT TO DO - please, please, please does anyone have advice?

OP posts:
Original poster
Beccarollover · 14/07/2004 09:45

Still no news....

OP posts:
sponge · 14/07/2004 09:51

Put more pressure on your buyers.
Tell them they have to sort it by Friday or the deal's off and you'll remarket (after all this is your deadline from your sellers).
They are more likely to have success pressuring their mortgage company than you or the agent. This will also press the agent into action as they'll see their commission slipping away!
It's amazing how quickly people can start to move, even on a situation which has seemed like stalemate for weeks, if they think they're about to lose their house and their investment to date they have a deadline to focus their minds.

noddy5 · 14/07/2004 09:54

Sorry I didn't realise the surveyor was going to review things I just thought you could go in to make them move things quicker.Do they know you will lose your house.Our buyer has given us til the 26 or 27 to complete but the house we are moving to says they need another month!This has been going on 5 months we are at our wits end with her!I had no sleep last night and feel today.Dp has gone to work so exhausted and stressed I hope things work out for you today keep us posted

Original poster
Beccarollover · 14/07/2004 12:26

Oh god

Just rang the agent and the girl dealing with it has buggered off on holiday until next Wednesday

I got the other woman who answered the phone to ring and chase the surveyor - they rang me back to say he was out of the office and they left a message for him to call them..........

Im going to have to speak to my sellers tonight - Ive put it off so far but they are expecting to exchange on Friday so i will have to say something Not looking forward to that at all

I told the estate agent that if we dont exchange on friday my seller will walk away and the whole chain will collapse.

Im losing hope each day that it will be resolved

What I now need to decide is if I am prepared to negotiate at all

Can anyone help me work out what the financial implications are of this falling through and us starting all over again so I can decide if Id rather let the house go for a bit less rather than face that

DP was being really unhelpful this morning about it - just ranting and getting angry instead of talking constructively to me about it

OP posts:
noddy5 · 14/07/2004 12:31

Ours has fallen through 3 times and the last time when the house went back on the estate agents upped the price of ours to cover what we'd lost,apparently they often do this.Don't give up yet as you said they have got the money and they did think it was a fair price to start with so I think they''ll pay.Also ring your solicitor and ask what the charges would be if you pull out may get them into gear and realise you mean business

sponge · 14/07/2004 12:45

The cost of it falling through will be your solicitors costs to date on both sale and purchase, which they can tell you, plus anything you've spent on a survey on your purchase.
So perhaps your bottom line (privately) should be that you'd be prepared to reduce the asking price by this amount as a last resort.
However I wouldn't let on that you're prepared to move on price yet.
Get the agent to chase the purchaser, not just the surveyor. The surveyor doesn't give a toss whether your sale happens or not but your buyers will care very much, so if the agent gives them a
deadline they will put pressure on, and the mortgage company/ surveyor is acting for them not you so they are more likely to get a response.
Don't be fobbed off with people being away - they must leave someone else to deal with it.
You should probably warn the people you're buying from if you don't find out anything today as they will have to start negotiating as well.
We had the same situation with our sellers - they were buying from a developer and had been given a "final" deadline but did managed to get it extended a little bit because our buyer was buggering about. Even a developer doesn't want to have to start again and remarket at this late stage as they lose money too.

Original poster
Beccarollover · 14/07/2004 12:50

Ive just emailed my solicitor to ask for costs so far and to see if there is anything she can do to put pressure on anyone.

arrrrghghgh I just want my house, I really do

OP posts:
shrub · 14/07/2004 12:56

if you really want the house and if the people you are buying from absolutely have to complete when you say they do, i would contact your mortgage company to see if you can amend the amount you need to borrow. you can just enquire at this stage to see if its a posssibility. its horrible what they and the surveyor have done - it messes with peoples lives but if this is really the house you want then it will more than compensate when all this is all over. i would also try and be really proactive with estate agent/surveyors/solicitors -go in in person if you have to - they can't ignore you then!

shrub · 14/07/2004 13:02

if estate agent/surveyors office are still saying they can't get through, demand (very nicely) their mobile number and explain how urgent it is and whats at stake. take children for extra effect!

Original poster
Beccarollover · 14/07/2004 15:37

arrrghghg a house has gone up for sale on my street IDENTICAL to mine for 120k - Im only asking 115k for mine so this shows how unrealistic this 105k valuation is - the b*stard still hasnt rung back!!!!

OP posts:
shrub · 14/07/2004 15:52

good - that adds weight to your argument with the surveyor

bunnyrabbit · 14/07/2004 22:31

What's the latest Becca??

Original poster
Beccarollover · 15/07/2004 09:57

He still didnt get back in touch last night - my estate was hoping he would ring this morning and if he didnt is going to push for his mobile number - I dont think it looks good if this man is too bloody ignorant to return a phone call he is hardly going to go back on his word is he!!!

We need to exchange tomorrow really - not looking hopeful!

OP posts:
melsy · 15/07/2004 10:16

Oh bugger becca , this is horrible for you. I want to phone there for you!!! Seems soo strange of this guy , especially with the value of the property in your road. IT LUDICROUS, but thats not helping much is it. I hope it gets resolved in a good way , crossing everything today for you.

Original poster
Beccarollover · 15/07/2004 11:37

Right, my EA has now managed to speak to the surveyor - he has asked for the number of the surveyor who did the homebuyers survey on the house - not really sure why

What do you tihnk

OP posts:
Freckle · 15/07/2004 11:45

Maybe because the homebuyer surveyor is local and knows the area and property prices better? The problem with a lot of mortgagees is that they don't instruct local people to carry out surveys, so their view of what is a market price for something won't always reflect local conditions.

noddy5 · 15/07/2004 11:50

I think this is a good sign, if he was just a complete obstinate git he wouldn't even bother getting the number.Fingers crossed the homebuyer survey will win in the end.Any chance of sending him details of the latest house to go up for sale in your street?

ringmum · 15/07/2004 15:56

coming in late here, but for what it's worth a friend had the same thing happen last year in the end they lost out because they had to sell due to work relocating far far away. Now the house is back on the market for loads more! I am so cross for them.

TurnAgainCat · 15/07/2004 16:05

can only add sympathy and no advice. my mother lost £600 earlier this year because after having her offer accepted on a house and getting the survey and all the searches done the seller was just never setting a completion date, and so mum pulled out. she has now had an offer accepted on another property, but is holding back instructing the surveyor or solicitors to start searches until she gets a date from the seller, who is in a long chain at the end of which is a woman waiting to find out her divorce settlement before she moves! meanwhile my flat has gone on the market this week, with the first viewer coming tomorrow, and it is already too stressful for me! best of luck!

SofiaAmes · 15/07/2004 23:29

My understanding is that the banks are getting nervous and putting pressure on surveyors to be very cautious when valuing houses (ie undervalue them) so that they don't get caught out too much if the market starts dropping. If your buyers have the money, then I would wait it out. Maybe try for a bridging loan as someone suggested.

Chandra · 16/07/2004 11:06

How did it go? have you exchanged contracts?

Original poster
Beccarollover · 16/07/2004 17:32

No Im really starting to get stressed beyhond belief - looks like we definitely wont be moving next friday now which is the sellers vendors absolute cut off point - unless by some stroke of a miracle that its all sorted very first thing Monday.

The surveyor spoke to the surveyor who did the homebuyers survey but he wouldnt advise on price as it was a different type of survey - they are obviously all w@nkers!

Now he is waiting to here from another surveyor who apparently will have comparables for this area - BUT will it come in time? Seeing as he has take a full week to even answer his phone Im not hopeful

It is horrible horrible horrible and Im sick of stressing and worrying about it.

I suppose my only other option is to renegotiate and let the house go for less or let it all fall through

OP posts:
Freckle · 16/07/2004 17:37

Don't stress about it. Get your solicitor and your agent to start putting pressure on your purchasers. At the end of the day, this is really their problem and their solicitor has already told you that they have the money. So it really depends on how much they want your house. Just get your solicitor to say that you are not prepared to renegotiate on price at this late stage and that, if they are not ready to exchange contracts by close of business on Monday, you will be remarketing the property.

It's horrible, I know, but you don't want to give yourself financial worries by taking less money as you will then not be able to enjoy your new house.

SecondhandRose · 16/07/2004 20:01

You could go on to the Land Registry website. For £2 you can find out how much other houses have recently sold for in your area. You just need the postcode. Perhaps the selling price was actually higher than they actually sold for.

Also just because he's devalued the house it doesn't mean your buyers should lower their offer as long as they have the collateral. Sit tight if you feel brave enough.

ks · 16/07/2004 20:22

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