Valuation problems!

Rob_Jones_2

Hi all,

Everything with our mortgage was going pretty smoothly (well as smooth as a mortgage application can go) then the bank did a valuation, the valuer messed up and assumed from a (CTL) form, my abbreviation could be totally wrong I was led to believe it was a form with the suggested selling price on, we were buying the house for £40,000 more when in actual fact the company devalued the house £40,000 and the valuer put on the form in the comments box that he has valued the property so low because we are getting £40,000 worth of incentives when in actual fact were getting £0 incentives!

Our mortgage advisor said he is disputing this but he said valuers are very stubborn and once they make a decision they will stick to this (but he should change his decision because he has made a mistake won’t he?)

He then said if he won’t change his decision our advisor will send a list of comparables to the bank because next door which is the same build sold last month for £5,000 more than what we have agreed to pay.

Does anyone know if all this will be a long drawn out process or if it will be straightforward?

Thanks

Rob_Jones_2

Hi everyone im not sure if you can still help me on this....

We heard back from our mortage advisor today and he said the valuer wont change his decision because he feels properties of this type have dropped 40,000 since he valued the house, so our advisor has made a complaint and said he has passed the case onto a manager at the surveyors, he said if this fails he will send a letter to the regional manager of the building company with the valuation letter and ask if they will drop the selling price another 40,000 so they wont loose a sale of a house.

Do you think they will drop the price of the house? i know they have a valuation saying the house isnt worth what it is selling for but next door which is the same build sold for more than the original selling price recently,so the other buyers must have obtained a satisfactory valuation

Robert_Sterling_3

I shall just say two words that spring to mind

Gifted deposit ?

If you Google up "Gifted Deposit" you get leads to 100,000 items which explain how they may work.

Conrad

RJONES

In the end the valuer sets the figure at that which will be obtained in the event of a repo. You say you had 0 incentives, but is the developer paying the deposit for you? If they are then this is an incentive in the sense no such juicy enticement will be offered in the event of a resale repo.

Rob_Jones_2

hi everyone no the developer isnt paying a penny of the deposit for us, thats thats what i was meaning by the incentives i was talking about (i couldnt think of any other incentives a builder could give?) at first the surveyor must have assumed they were paying the deposit for us, then when he found out they were not he didnt change his price estimate he just said "the houses have devalued this much in the past few weeks", which seems strange as its the exact amount that he thought we were getting as a gifted deposit.

Rob_Jones_2

Its all sorted now, the mortgage advisor sent off the valuation to the regional manager and he said let it go for the valuation price, must be awful for next door who bought the exact same house for £40k more just weeks before us, it just shows how desperate builders are to get rid of houses