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Valuation came in a lot under asking price...

AMILLIONDOLLARS
AMILLIONDOLLARS Posts: 2,299 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
edited 27 May 2009 at 4:24PM in House buying, renting & selling
I'm happy with this but the other side are obviously not!

We are buying from an HA they have referred the matter to their surveyor to see whether they can come up with Sold comparables in the area.

Questions: how far back do you think they can go to compare prices then and now? And with prices still falling isn't it a pointless exercise. We have sent through comparable prices for similar properties to ours (which are at todays asking price) but they won't accept these!!

So now its a case of their surveyor against ours and whatever data is now available.

One last question, do achieved prices at Auctions count.

AMD
Debt Free!!!

Comments

  • sarkin1
    sarkin1 Posts: 283 Forumite
    Part of the Furniture Combo Breaker
    When we get a down valuation for mortgage purposes, the lender states that if you can get 3 comparables of property sold within the local area you can challenge the decision.

    They never can as the market is falling and the deal falls out or they take a higher rate.
    :cool:
  • Nosht
    Nosht Posts: 744 Forumite
    I'm happy with this but the other side are obviously not!

    We are buying from an HA they have referred the matter to their surveyor to see whether they can come up with Sold comparables in the area.

    Questions: how far back do you think they can go to compare prices then and now? And with prices still falling isn't it a pointless exercise. We have sent through comparable prices for similar properties to ours (which are at todays asking price) but they won't accept these!!

    So now its a case of their surveyor against ours and whatever data is now available.

    One last question, do achieved prices at Auctions count.

    AMD

    Go to plan "B".Regards,N.
    Never be afraid to take a profit. ;)
    Keep breathing. :eek:
    Just because I am surrounded by FOOLS does not make me wise. :j
  • cardsharps
    cardsharps Posts: 137 Forumite
    (which are at todays asking price) but they won't accept these!!
    But aren't asking prices different from actual sale prices? I think you should be glad that your lender is stopping you from paying too much.
  • Bermuda_John
    Bermuda_John Posts: 311 Forumite
    houseprices.co.uk
    i buy houses ........... any condition.
  • AMILLIONDOLLARS
    AMILLIONDOLLARS Posts: 2,299 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    cardsharps wrote: »
    But aren't asking prices different from actual sale prices? I think you should be glad that your lender is stopping you from paying too much.

    I think you mis-read my post, I am glad but the HA is not, You'd think they'd be happy for us to buy at the valuation price, it is after all their job to get as many key workers onto the housing ladder!!

    AMD
    Debt Free!!!
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