21
7
+5%
Not all sales are smooth
Some things can go wrong that are out of our control... 9 time out of 10 it's pretty plain sailing but there's always the potential for a spanner in the works.
On this sale we actually had an offer in and accepted of £305k - however when progressing it was actually down valued to £280k by the mortgage valuer! [Down valuing is where a surveyor acting on behalf of a lender assesses a property and says that it's worth less than the price agreed by the seller and buyer]
We were pretty shocked considering comparable properties as well as the indication from the market [6 out of the 7 offers were £290k or above].
The buyers felt the valuaer was wrong and voluntarily increased the size of thier deposit, bridging the gap to an acceptable level for our vendors.
Back up your back up
In this case the buyer was willing and able to bridge the gap - but this may not happen every time! In the background we are always on good terms with other offerers - and had 6 who were keen to jump in place.
Let's talk money
Here's a quick breakdown of the numbers:
Guide price (listed at): £280k (increased to £290k due to demand)
No. Viewings: 21
No. Offers: 7
Lowest Offer: £279k
Highest offer: £305k
Accepted: £295k
The point we're trying to make is that when you get your strategy right, even when it goes wrong you can jump straight back on track.
