Overpriced house purchase?

Question

I bought a house over a year ago and after having researched various property sites I suspect that the house was grossly overvalued.
The vendor worked for the Estate Agents that marketed the house. The survey I commissioned, after a cursory inspection not worth the paper it was written on,just agreed!
Can I complain?

Answer 1

you can complain all you want, its been a year nothing you can do about it.

Answer 2

Were you informed at that start of negotiations that the vendor worked for an Estate Agency - section 21 (I think) of the Estate Agents Act requires that all vendors reveal such information from the outset.

Did you obtain a mortgage and was the lender independent of the Estate Agency? Some lenders have their own Estate Agency (Halifax being the main one). If the lender was independent the valuation survey for the mortgage should have been impartial and was probably a reasonably accurate reflection of the value of the property at the time of purchase. If the lender was connected to the estate agency there may have been a conflict of interest, your Solicitor should have spotted this and ensured an independent survey was carried out.

If you paid cash then the survey you commissioned should have been independent of the estate agency (some agents have their own surveyors or a panel of surveyors they use). If the surveyor was connected to the estate agency there could have been a conflict of interest - again, something your solicitor should have pointed out.

Is your house similar to others in the area? When providing a valuation survey the first thing a surveyor will do is look up the prices that similar properties have recently sold for and use these for comparison purposes. If your house is a one off then it's harder to value.

If you believe the survey is inaccurate or that there was some sort of underhand activity (backhanders between estate agents, lenders, surveyors etc) then you can make a complaint.

Your solicitor should have overseen the entire process and looked after your interests. If the solicitor hasn't done so you can make a complaint against the solicitor - this is often a dead end street as solicitors are governed by more solicitors, no prizes for guessing who they usually side with.

Direct complaints to...
Financial Ombudsman Service http://www.financial-ombudsman.org.uk/
National Association of Estate Agents http://www.naea.co.uk/
Royal Institute of Chartered Surveyors http://www.rics.org/
The Law Society http://www.lawsociety.org.uk/

Answer 3

Only with the surveyor.

You have no arguement with the vender or estate agent. You CHOSE to buy it at that price and presumably compared it to others on the market and decided this one was worth it to you.

You'd have to go some to prove the surveyor was negligent though.

If the surveyor was part of a mortgage deal they the "customer" of the survey is the morgage provider and its up to them if they decide they are not happy with the survey assessment.
But do you really want to go to a mortgage provided and tell them you're house is worth far less than you paid for it ?

If the survey was not worth the paper it was written on after a "cursory inspection" then now is not the time to complain. After it was reviewed and before you bought the house was the time to complain.

So, in answer to your question, Yes, you can complain. anyone can complain about anything ( just look at this forum to see that ! )

Will it do you any good ? highly unlikely.

Answer 4

Do this - go apply at your for an equity line of credit, usually these have no charges attached to them (i.e. no closing costs). This will come with a free appraisal - ask for a drive-by, not just a neighborhood analysis. The computerized analysis most companies use are truly based on numbers within a radius of your home - not taking into account anything about aesthetics, quality of home, buyer attitute, etc.

Here is why I say this. Three companies used their computer aided analysis on my house and appraised it 50K under what I was able to capture as equity - meaning, it was thought of as 150K when the bank put the total including equity gained at 200K. Within 2 months I had then sold it at 230K. ---- So, screw the computer aided, and go with your gut. If you are willing to pay what you payed - and are happy with your house - so will somebody else.

And to answer your exact question - you can complain, but there is no action anybody will take. You can't argue over a price you feel you got suckered into - but, if you find there was something grossly misrepresented, other than value, you can try court. For example, if the seller claimed they knew of no asbestos, yet you know a contractor they had used in the past notified them of an area of asbestos found in the house - those types of things.

Answer 5

I'm sorry you are disappointed in the amount you paid for your house. Unfortunately it doesn't sound like you can complain.

You can sell your property at whatever price you want, and if someone is willing to purchase at the asking price, I can't see how they can complain after. I doubt anyone will find anything illegal about what has been done.

To put your mind at rest, it may be better for you to go and have a word with a solicitor - you never know, you may get lucky and be able to do something.

Answer 6

No don't buy it that is too much debt over you they have those problems with the house and you have to buy the house and fix it up which will cost a lot of they have too much work to be done to it if they really wanted to sell the house they should go down on the price i nstead of overpricing it.

Answer 7

There's nothing you can do about the purchase of your house. You can go to your Better Business Bureau and give them the details of what happen to you. There's nothing they can do about your deal, but when someone from out of town calls them and wants a recommendation on a real estate company they will tell them what happen to you or recommend another company.

Answer 8

Once papers have passed, you're out of luck. Next time, be sure to use a buyer's agent. Their job is to know the market and to be sure that the property is priced fairly.

Answer 9

After over a year - not a chance, as comparison to current house prices is now useless. Still, you can always try and talk to a solicitor, and see what a professional thinks.

Answer 10

complain all you like but it won't do you any good I'm afraid...you agreed the price. Stop thinking about it and get on with your life...the house will catch up the price you paid eventually in any event.

Answer 11

NO! sorry but you must of agreed on the price!

You should always check all price in the area before you buy to see if your getting a deal or being riped off.