Having put my flat on the market at pounds 76,950, I had three offers in the space of a week over the asking price. Naturally I accepted the best offer, of pounds 79,500. Last week I lost my buyer after his building society valuation came in at pounds 60,000, pounds 20,000 less than the agreed purchase price.
I am surely not too naive in believing that the 'value' of a commodity in a market economy is only what people are prepared to pay for it. I had three potential purchasers who were prepared to pay 30 per cent more than the value a surveyor was prepared to put on my property. Surely, something is badly wrong here.
Of course, this has enormous ramifications. I will probably lose the property on which I have had an offer accepted, as I wait for another buyer. The most frustrating aspect of all this, however, is that the poor vendor is, so far as I can tell, a helpless victim in this situation. I have no effective means of appeal or redress.
Even when I find another buyer, will the same thing just happen again?
Will building society down-valuing prevent me from selling my flat, despite there being a queue of people out there who are prepared to pay the asking price?
12 JulyReuse content