The term ‘Down Valuation’ simply means that a surveyor has advised the prospective lender that the property on sale is not worth the buyer’s offer. While this is not uncommon when selling a property, a down valuation feels like a failure for the buyer as they often believe they have fallen at the final obstacle and are left with a dilemma. Do they go back to renegotiate the price or do they restart the process if there is no settlement between the two parties?
Mentioned below are a few tips to help you keep the sale process on track when you deal with a devaluation of your property.
Re-evaluate
The surveyor usually checks every minute detail, yet as a seller, it is best to investigate the reason yourself. You should personally look into the issue and address it promptly by taking the buyer into confidence. It’s beneficial to gather as much information as possible on the situation from the surveyor and ascertain how fast and quickly the problem can be resolved.
Restore
After re-evaluating the details, you may decide to either proceed with the sale of your house to the same buyer or choose to look at other potential buyers for the property. In both cases, it is pertinent to correct any issues raised in the report with the help of related experts. Simultaneously, it is also essential to ensure that you don’t go overboard with the repair.
Re-negotiate
There are some instances where the report shows lower valuation only because the surveyor disagrees over the market price of your property. In such cases, persuading the buyer to get a second opinion from another surveyor may work in your favor. If the buyer shows no inclination, you may need to accept the surveyor’s opinion and renegotiate the price as per the report.
Though it is crucial to weigh in on the impact of the report, alternately you can also check out https://metromilwaukeehomebuyer.com to sell your house fast in Milwaukee and get paid in cash regardless of the condition.