I have just had my property valued at £110k. No problem with that i hear you say. only, I purchased the property for £123k less than 10 months ago. bank say they did not get valuation done and notified me to this. please help as i am desperate.
2006-08-14 14:59:23 · 8 answers · asked by SHABZ 1 in Business & Finance ➔ Renting & Real Estate
I want to sell but now have 13k negative equity.
2006-08-14 15:15:07 · update #1
Ok take a deep breath - if you are in the UK then the bank would have had a mortgage valuation done on the property prior to releasing your funds to buy the house.
Property prices have only risen slightly in the last 10 months they have NOT dropped. It is possible to challenge the surveyors decision of what your house is worth.
Find your original surveyor or request a copy of it - the bank would have got a valuation done at the time they could not have lent you the money without one.
Ask your local estate agent for sold comparable information. then challenge your surveyor.
Good luck
2006-08-14 19:40:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Was this bought from a property developer? They may charge over the odds.
Do your own valuation. Check out the prices of similar properties & what they are on the market for now and what they have sold for recently (over the last year) using www.rightmove.co.uk (talk to the estate agents marketing these properties) & www.ukhousesales.co.uk. Do your own reasearch & show this to any valuers or estate agents.
Think of creative alternatives. Could you rent out the property on a buy to let basis & make good money?
A valuation that does not warrent the purchase price is reasonable looks a bit odd if you have a 100 % mortage. How would the lender's money be protected? Or, do you just mean you would be £13,000 worse off?
2006-08-14 23:01:46 · answer #2 · answered by Frank M 3 · 0⤊ 0⤋
I must be misunderstanding your question. Are you looking to sell the home this week or month or decade? If not, relax. Hopefully you have bought the home to live in for the next 10, 20 or more years. If you pay property taxes, be glad about the lower value because you will pay less in taxes. If you feel that you paid a decent price for the home then enjoy the home not the purchase price of it or the value.
2006-08-14 15:07:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I don't know exactly where you live, but in many countries lately there has been what they call a "Real Estate Bubble". Now it is contracting, and property values are falling.
You may want to sell now, before it goes lower, or stick it out, if yiu can afford it.
2006-08-14 15:06:09 · answer #4 · answered by Computer Guy 7 · 0⤊ 0⤋
If its a realty, wait for it to appreciate before reselling it. If its a personal property that depreciates over time, then sell it asap. IT will only depreciate over time.
2006-08-14 15:43:33 · answer #5 · answered by ladyluck 2 · 0⤊ 0⤋
oh dear, were you actually thinking of selling it ?
why not get another valuation
2006-08-14 15:05:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋
FIX UP OR ADD TO YOUR PROPERTY WICH WILL ADD MUCH MORE THAN WHAT YOU BOUGHT IT FOR
2006-08-14 16:20:53 · answer #7 · answered by gottabme24 2 · 0⤊ 0⤋
get it revalued?
2006-08-14 15:12:33 · answer #8 · answered by actdlr 1 · 0⤊ 0⤋