House undervalued for re-mortgage....help please.

andrewmp

What did similar houses go for circa 2004?

Isn't that how you work out rough valuations now?

olliesmummy06

Thanks for the input everyone-they have said they may still lned us the amount we want. If not thers only 3k difference which hubby will sell his bike. Think im just gutted as def thought i'd be worth more-hey hoo worse things have happened at sea as my granny says.xx

EdInvestor

minimike2 wrote: »

Sorry to put a dampner on your post title, but your house has not been undervalued.

Its time to face facts. Property prices are falling. It is likely they will continue to fall. Valuers are not under-valuing. They are valuing in line with market conditions.

Which is the chicken and which is the egg?

Are the down valuations reflecting falling prices or causing them?

It's no wonder so many sellers are deciding that they don't want to be guinea pigs in this kind of "market experiment."

bolshybadger

we also have a deal with nr coming to an end, so we have now had two valuers come round, first one gave us a value of 135k (we needed 140 for mortgage), so we looked for another suitable deal, next valuer decided on 120k which again put us out of the 80%ltv bracket, now i understand that estate agents ramp up the prices, but i thought that rics surveyors would be consistant, these two valuations were in the space of a week by the way.

are the banks somehow instructing the surveyors to downvalue so that they dont have to lend the money? if so help me uncover this conspiracy so that i can sell it to the daily mail and have rid of my mortgage alltogether.

dunstonh

are the banks somehow instructing the surveyors to downvalue so that they dont have to lend the money?

Not specifically. However, you tend to find that there is some benefit of doubt in a rising market but more cautious valuations in a falling market.

Houses do not have a price tag. They are an opinion of the individual and the price is only as high as someone is willing to pay.

space_rider

I had mine valued yesterday for remortage. I knew that it had lost value. I bought it for £145,000 Dec 2006 and it was valued for £115,000 which takes me out of the range of getting a better deal. He explained why as there are lots for sale on this estate and most of the ones that have sold have been repossessions which have devalued the rest even more than they would have been devalued given the current climate. This house was sold new for £185,500 almost 3 years ago.