Letter: So much for the market price of my house
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sir: Regarding your article concerning the problems vendors are experiencing with their properties being undervalued ('The price was right for both of us', 10 July), the cases mentioned are tame by comparison with my experience.
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?
Yours faithfully,
GRAHAM BOOTH
London, W9
12 July
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments