Low Valuations - Please help!

seanandgill

koexelek,

I really appreciate your advice.

Surveyor told our vendor that the property was one of a kind and he would have to take into account the size etc into account when valuing so even he knew he couldn't compare it to other 3 beds as it is considerably larger. Our vendor is 'flabbergasted' to use their words. As are we, as is the estate agent (although we know they will always aim high).

Comparables are hard to come by in the area as other houses just don't match up for size.

I am becoming a bit more annoyed with the A**** (rhymes with Shabby) as I feel we have been ill-advised by them, especially as they have never once mentioned that valuations are coming back low... AND THEY KNOW IT!

puddy

if prices are back to 2005 as 'they' say they are, then the valuation sounds about right

seanandgill

Thanks Mrs Bumble,

I think we have kind of given up on this house even at this early stage. As koexelek says, the surveyors are a stubborn bunch. After all who likes to be told they are doing their job badly...

Mrs_Bumble

It doesn't cost anything to ask the question? If you can find the other comparables, after all you paid for this valuation. Good luck with whatever you decide:)

janninew

seanandgill wrote: »

Hi janninew,

With you on that one, that sounds really unfair.

I just really feel that mortgage advisors should be 'ADVISING' as that is their job. If they know that valuations are coming in low (silly low in some cases) should they not be advising their 'customers' before taking the valuation fees from them!

I assume in your case the 2nd valuation was paid for by the mortgage company?

The second valuation was paid for by me! It cost me 90.00 for the privilage. They had me over a barrell really, if I had refused and looked elsewhere for another mortgage, I would have been liable to pay a high fee to the Woolwich for not completing on the mortgage.

It does really bug me that I have to pay so much more a month, but thats life!

Good luck with your situation!

seanandgill

Thanks to everybody. I appreciate your comments and you've all been really helpful.

We're going to have to decide whether to quit the whole moving thing or aim lower and swallow the low valuation thing.

opinions4u

seanandgill wrote: »

I just really feel that mortgage advisors should be 'ADVISING' as that is their job.

The FSA would say that advising customers about the most appropriate mortgage deal is their role. They are not valuers or surveyors though. It really is up to the valuer to assess the valuation of a property.

If they know that valuations are coming in low (silly low in some cases) should they not be advising their 'customers' before taking the valuation fees from them!

I would agree that they should clarify what will happen if a valuation is not good enough for a specific mortgage deal.

surely if the house was a carpetless, applianceless empty shell it would be worth less... wouldn't it?

The properties should be valued the same. The carpets and appliances are contents that should be paid for separately (savings a few quid on stamp duty).