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Original poster

House valued as more than asking price by mortgage valuation

18 replies

Gobbolinothewitchscat · 05/06/2017 17:27

We live near a very, very good school which makes property prices a bit mad.

We had wanted to move for a while but finding a bigger house within the catchment area was nearly impossible. Found one so put our lovely, recently fully renovated house on the market. I agreed with DH that we would put it on for a very reasonable price so that we could secure the other house. Sold out within 10 days to buyers in rented and managed to secure the other house

So - I should have been pelared for this but the buyers mortage valuation has come back and the agent mentioned in passing that the broker has said the valuation is more than the asking price

The sensible part of me is saying that of course it will have done. The irrational part wants to burst into tears - we spent a lot of time and effort renovating the house. The new house is bigger but we have to fully renovate it. Which is fine (as it can be with 3 DCs aged 4 and under) as we have the money to do it (very lucky, I know). I feel now that someone is getting my beautiful, much loved house for a bargain Sad

Please can you talk some sense into me before I start wailing and pull out of the sale

OP posts:
vivavivaviva · 05/06/2017 17:32

I'm sorry, I'm confused.

You wanted a quick sale so you put the asking price fairly low, and now you're upset because the buyers valuation has come back that the agreed price of sale is less than the true value. If that's it then of course you're being silly! You want the other house!

Original poster
Gobbolinothewitchscat · 05/06/2017 17:34

I know. I know. I am being silly.

I'm now wondering if I am having second thoughts about moving

OP posts:
vivavivaviva · 05/06/2017 17:46

That sounds much more likely. Try to forget the money, it's all Monopoly money anyway. We accepted less than we wanted to on our last sale, because we were ready to move. We definitely hadn't fully renovated though - everything must be exactly like you want it?

EssentialHummus · 05/06/2017 17:49

Well, you have the choice of going back to the buyer and asking for more, risking them pulling out and then needing to put yours back on the market, which means you might lose your new place. To me it's a choice of which is more important to you - achieving maximum price possible for current house, or securing new house?

Also, by how much was it over-valued?

And what's the market like where you are?

Badgertastic · 05/06/2017 17:51

Obviously you are having a wobble. Think through these and see what emotions come up as you think of them. You have a few choices. Take your house off the market, stay where you are and lose the bigger house in the right catchment area which you have said does not come up often and is very rare, decide not to sell to the people you have sold to and put the house back on the market for more money and hope you sell it quickly and don't lose the house you have offered on, or accept that you underpriced your house but that by selling quickly you get to move to a bigger house in the right catchment.

JT05 · 05/06/2017 17:53

We sold our last house at a much reduced rate, purely because we had a chain free buyer and had our eye on another house, which we got.
The new house has increased in value, so it's made up some of the difference.
As others have said, sometimes it's not just about the money. If you want to move go for it and move on.

WhatWouldTheDoctorDo · 05/06/2017 18:02

We recently sold our house for less than we could have done for a quick sale. I'm now in my new home which I love. I did have a wobble but we really wanted to move. Now it's done I don't give it a second thought and if this move's right for you then you won't worry about it in the future either.

Original poster
Gobbolinothewitchscat · 05/06/2017 18:03

The market is pretty hot due to the school.

We could extend on the ground floor but ideally want another bedroom too - hence why we are moving as that would be tricky as already have a lift extension.

You are all correct and I know I need to look at this as part of the bigger picture. It's just hard when everything is perfect and done to a really high spec (surveyor took our builder's details as so impressed). I think it's tied up with wondering if I really want to leave as I love the house and the neighbours. Which is ridic as we are literally moving round the corner and will get a much bigger garden too

OP posts:
Squishedstrawberry4 · 05/06/2017 18:03

What's the horsing market like in your area?

How much less did you sell your house for?

Are your buyers very keen and secure?

Do your buyers have a chain or not?

Squishedstrawberry4 · 05/06/2017 18:05

You've answered some of my questions already!

How much did you sell your house for and what was its validation?

PersianCatLady · 05/06/2017 18:16

Your OP contradicts itself.

You wanted to sell quickly so you priced your house competitively, then the valuation was realistic.

What's the issue??

Tulip81 · 05/06/2017 18:16

We were in a similar situation! Not only were the house prices high in the area we wanted to live in, but the competition was crazy! We sold our house for a bit less than what we expected, however it put us in a position to move quickly, once we had found the house. Several people were interested in the house we wanted to buy, but we were the only ones in a position to proceed! We made a lower offer because of this, which was accepted. But had the other interested parties been in a position to put an offer in, we would have had to go way above the asking price. So my advice would be, think forward to the house you are buying. Think that if you hadn't had accepted a lower offer on your house, you would have lost out on the house you are buying!

Original poster
Gobbolinothewitchscat · 05/06/2017 20:29

tulip - that's kind of like our situation

There is an option to extend and we are wondering about doing that instead as a stop gap and review in 5 years

I think part of the problem - again, irrational - is that our solicitor can't even get them to agree to a completion date. Bearing in mind the fact that we were assured by the agent that they loved the house blah blah blah and that is why we accepted the offer, this is really annoying. Beard g in mind the fact that we have to find and move into a rented house for 6 months to let our new house be gutted and we need to be back into it for Jan so we can apply for a school place

I'm just pissed off generally

OP posts:
FlouncingInTheRain · 05/06/2017 20:35

Then you have a logical deadline for this to work for you.

Exchange/ complete end June so that you have six months to end Jan for your school application or the deal isn't what you signed up for.

Original poster
Gobbolinothewitchscat · 06/06/2017 10:12

Thank you for all the advice. Have sent the estate agent a firm email and asked the manager to call me.

OP posts:
Cersei1 · 13/06/2017 17:39

Did the agent get back to you?

JoJoSM2 · 13/06/2017 21:47

Snce you're only moving round the corner, is your current property in the right catchment as well? If so, there is no need to frantically move, sell for less, live in rented, take on a massive project whilst the children are so little etc. You could get the oldest one started at the school which will then pave the way for the others due to sibling connection. You could then have a slightly wider search area and move to a house you love and sell the current one for a better price.

Badgertastic · 07/07/2017 07:47

How are things OP? Any update?

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