Another Valuation Too Low

dylansmum

Oh dear - sorry about that. But, you know, if this is the case then unless the seller gets someone with a 50K deposit (as you say - who has that for this kind of property?) then he or she won't be able to sell. Can you talk to them?

Trollfever

I spoke to somebody this week who told me that their house was worth £160k. It has recently been repossessed and sold for £110k.


.

opinions4u

Time to think this through very carefully.

1) If the valuer says the property is worth £120k, he's probably right.
2) Property prices have probably got a further 10% to fall. Why would you want to pay £150k for something that will be worth £108k in a few months time?
3) The seller is unlikely to find anybody else who is prepared to pay over the odds.

My advice? Show the seller the valuation report and offer them £120k. Not a penny more.

If they reject the offer, there's plenty more property out there.

The valuer has done you a MASSIVE favour.

turbobob

Novascape wrote: »

Thanks doesn't really help me as the taxpayer! when they under value a property using figures from 2005 which stop me affording the mortgage!.

Using late 2004 or 2005 levels shouldn't be too far out for the moment. This is the Land Registry average price index for England and Wales as a whole. It doesn't include repo's or new builds and tends to lag other indexes. My belief is that there is a lot further to go as well.