Valuation nightmare!!!

Kez100

The thing is if you try and sell now you probably won't due to lack of buyers. So, if you want a buyer you'd have to drop to incentivise them - 165k is likely the value they feel would be needed to attract that one buyer. That is a market value, I'm afraid.

poppy10_2

Remortgage valuations are normally done on a drive-by basis, and previous selling prices on your street are the main factor in determining this. You could appeal if there have been other houses that have sold for significantly more than the £165 the old lady's went for.

bigbloke45

robertq, have you tried any other mortgage providers?

Have a look at Nationwide. I'm just now helping my son who is in a similar situation. They are still offering 95% loans. It might help to get a new valuation as well. I have impressed upon him that it is vital to check around and keep looking.

Good luck!

space_rider

I had a valuation from Halifax and mine was valued and way less than I expected. The valuer said that he valued it at what it would sell for if it was to be repossessed! Alot of the houses that have been sold here recently have been repossessions. I understood where he was coming from but it`s a shame as it affects the loan to value so you don`t actually get the best rates. I have decided to stick with my present mortgage provider and I am overpaying to bring the balance down ready for the next time I remortgage.

arkie

mortgagemark wrote: »

I would be wary of Abbey as they have been the worst for down valuations recently and charge £150 upfront.

Worth trying another lender tho - Good luck

No upfront £150 payable now to Abbey, it was withdrawn last week. Anyway if the property downvalued andthe deal couldnt go ahead on the rate agreed the £150 was refunded or not taken from the card.

maryotuam

Obviously the real value of a house is what it will realistically sell for. And that seems to be way below people's expectations. The sooner we accept the unpalatable reality the sooner buying and selling will move out of this current stalemate.

A house is only worth what someone is prepared to pay for it.

bigbloke45

maryotuam wrote: »

Obviously the real value of a house is what it will realistically sell for. And that seems to be way below people's expectations. The sooner we accept the unpalatable reality the sooner buying and selling will move out of this current stalemate.

A house is only worth what someone is prepared to pay for it.

I take your point, but I think you are singing from the wrong songsheet.

This thread is about remortgaging, not about selling. Try and keep up!

:rolleyes:

Dan_1976

The FSA told lenders to work on a 40% drop when priving products, hense the best deals are around the 60% mark!

Kez100

bigbloke45 wrote: »

I take your point, but I think you are singing from the wrong songsheet.

This thread is about remortgaging, not about selling. Try and keep up!

:rolleyes:

So, what's the difference between a value of a house for re-mortgaging and a value for selling? Apart from the fact the former is an attempt at guessing the latter they are one and the same thing.

hoggums

Actually I think the bank have done a good job here. Because anyone else thinking of buying in your road is going to look at past sales and see that one sold for 165K They are not going to know it needed renovating, so they will think this is now the going rate for your street.

This is your wake up call robertg. The housing price crash has just hit hard.