Hi All,
Looking for any advice as my anxiety is going crazy right now and I'm not sure what the best course of action might be.
Basically I put my flat on the market back in August with a guide price of 225-250k, after quite a few viewings I eventually accepted an offer of 235k just before Christmas after a bit of negotiation.
The buyer messaged me last night stating that his lender had downvalued my property in the valuation and asked if we could catch up about it. I responded and just said could he send the valuation report to myself and my estate agent so we could ascertain why.
I've had no reply and not sure if I should send him another message, following his offer myself and my partner had an offer also accepted on a property we were interested in but there is literally no room for manoeuvre in dropping the price on mine in terms of finances as we're literally using every penny from the sale of mine to pay for the deposit, stamp duty, etc.
I've done a bit of research and it doesn't look like there is much scope for appealing the revaluation although there has literally been no sales in my postcode in the last 2-3 years on the land registry, at least that's what the land registry looks like (probably due to covid taking so long with any updates) and if you look at the whole of SE20 then there is such variation between the properties that it must make comparisons hard. I also worry that the surveyor might not have measured up properly or taken the dimensions from Rightmove which are wrong - says 35 sq/m as opposed to 38 sq/m (not much admittedly but I've heard anything under 37sq/m is counted as a studio?).
If the worst comes to the worst and he tried to renegotiate the price do I just insist he meets the asking price and finds the extra to put towards his deposit, finds a new lender and put the flat back on the market in the hope that someone else might want it with an open day or something?
Looking for any advice as my anxiety is going crazy right now and I'm not sure what the best course of action might be.
Basically I put my flat on the market back in August with a guide price of 225-250k, after quite a few viewings I eventually accepted an offer of 235k just before Christmas after a bit of negotiation.
The buyer messaged me last night stating that his lender had downvalued my property in the valuation and asked if we could catch up about it. I responded and just said could he send the valuation report to myself and my estate agent so we could ascertain why.
I've had no reply and not sure if I should send him another message, following his offer myself and my partner had an offer also accepted on a property we were interested in but there is literally no room for manoeuvre in dropping the price on mine in terms of finances as we're literally using every penny from the sale of mine to pay for the deposit, stamp duty, etc.
I've done a bit of research and it doesn't look like there is much scope for appealing the revaluation although there has literally been no sales in my postcode in the last 2-3 years on the land registry, at least that's what the land registry looks like (probably due to covid taking so long with any updates) and if you look at the whole of SE20 then there is such variation between the properties that it must make comparisons hard. I also worry that the surveyor might not have measured up properly or taken the dimensions from Rightmove which are wrong - says 35 sq/m as opposed to 38 sq/m (not much admittedly but I've heard anything under 37sq/m is counted as a studio?).
If the worst comes to the worst and he tried to renegotiate the price do I just insist he meets the asking price and finds the extra to put towards his deposit, finds a new lender and put the flat back on the market in the hope that someone else might want it with an open day or something?
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