Problems encountered selling property

Posted: 12 Aug 2009 11:28:35 GMT

Some 65 per cent of respondents to a National Association of Estate Agents (NAEA) study said that their property selling process fell through as a result of down valuations.

According to the UK's professional estate agency body, 86 per cent of people ended up negotiating on their property due to discrepancies with the stated value.

Indeed, the NAEA said that 69 per cent of agents have experienced problems with lenders' valuations after a sale had already been agreed, with some members suggesting that mortgage firms have undervalued home by up to ten per cent.

Peter Bolton-King, chief executive of the NAEA, said: "Undervaluing properties creates the knock-on effect of sellers having to drop prices and those homeowners who are looking to re-mortgage their property being left with little room for manoeuvre."

Selling a property privately on a website may give vendors more control over the value of their home.


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