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Down valued by 80k!


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Hi all,

Im new to this and wanted to get some opinions and advice. 
Basically found a property was semi detached 3 bed but with a loft conversion no door on loft long lovely garden, 2 big sized rooms downstairs and a kitchen (old fashioned wonky tilling) garage etc it was very big for a semi but also opposite a school, double yellow lines and bollards...the price was high still lots of work to be done and the property had been on market for over 4 months but we loved it, it was in the area we wanted plus near the school literally...went ahead with close to asking price. Valuation was done and it was down valued 80k less then asking. We tried to negotiate but the owner disagreed and put it back on the market for the same price. Its now been taken off market after 2 months.

Has this ever happened to anyone else? We couldnt stump up 80k...and the valuation guy said we had a lucky escape!? 

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Was that the lender's valuation or one that you commissioned yourself? If it's the lender's, then they might be particularly cautious, or perhaps there's little for the valuer to work with in terms of finding comparables so opted for the lower end. 

It's currently a hot market and homebuyers have pent up demand and savings to spend, hopefully before the end of the SDLT holiday. 

It may well be that the second purchase will fall through as well when they get their valuation done, so keep an eye on it and see if it comes back on the market. If it does, then get back in touch to let them know that your offer is there, assuming you're still happy to offer at the lower amount at that time. 

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The seller apparently got the estate agents in house guy to do a valuation and they came to that price. We ordered searches etc and the valuation bu the mortgage lender came down by 80K. The estate agent and owner did not want to believe this and put it back on market few weeks later it was taken off. Before us it was on the market since Feb, offers were made but nowhere bear asking. I agree we will continue to see if this property becomes available one day again. The same estate agent we notice have hiked up property prices all over the floor similar to these...

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