Risks of lowering the price of your house
There is a very important reason why you should think twice before you decide to lower the value of your home. Once you drop the asking price of your house there is no turning back. Basically, you can’t decide to lower the price of your home for a couple of weeks, change your mind and put the price back up.
And here’s why: Let’s say for example that your house was on the market £110,000 originally and you lower the price to £99,000. But then you change your mind, maybe it hasn’t sold and you put the price back up to £105,000. And hey presto! you are lucky enough to have found a normal buyer to purchase your home at £105,000. Your purchaser will likely be buying using a mortgage, if they are, the mortgage lender will always send a RICS surveyor around to value your home. One of the first places a surveyor checks is a section of the very popular website called Rightmove Plus. Here, the surveyor can see all the historical prices that your house has ever been advertised at.
It is the bank at the end of the day who believe that they are buying the house. They will simply say “this was advertised a couple of months ago for £99,000, we are not paying £105,000”. So, as a word of caution: You can’t sell your house unfortunately for any more than the lowest price it’s recently been advertised. Rightmove Plus it is on the top of the checklist for all the surveyors and it is a place that they will check.
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