Valuation no where near the estate agents figure?

JA1000

You have no choice but to resubmit an offer for £200k, if this is accepted based upon the evidence then bingo, if not then you will have to look to another lender.

This happened to me but I was undercut by £75k, more complicated as I was building and it was near completion.

Chinkle

Stop fretting over the surveyor's valuation - it is what it is - now start working with it. See if you can work it to your advantage by reducing the price to one that you can get a mortgage on ie £200K.

If the seller wants a quick sale to move to on then actually the dilema of what to do lies with them. They either accept your lower offer, or try to find another buyer (with either the cash or a more flexible surveyors report) neither of which is likely to happen in the timescale they want.

I know you want this house, but you might as well be firm on lower price, as you have no other cards to play with.

The seller is bound to be unhappy at first, but once they come round to what their options are, you may find you get the house of your dreams at a lower price.

paulnstar

Hi

Just adding that we have the same problem, house was advertised at £225k and we had an offer agreed at £212K. (3 bed semi 1930's in Hampshire)

RBS vauled house at £205K based on previous house sales in the area. So we're now 7k short as we only have enough for 90% LTV mortgage + stamp duty and have already borrowed 6K from family.

Other houses on Rightmove are being advertised in same Post code between £215 to £224K and this house has been extended and is in amazing condition. So our heart strings are being pulled too. However house prices according to land reg sold on average for £205k last year.

I've gone back to the Estate Agent and they have contacted our Financial Advisor and are contacting RBS to appeal and are providing evidence of other house prices in the area for recent sales.

We know the seller is buying a vacated house (probate I think) and is very keen to move. I've pressed the Estate agent for feedback from the sellers but he's going down the appeal route first not giving anything away about the lower offer of £205k (£7k less).

So we're waiting too, I expect the appeal to fail and then it will just come down to the seller - do they want to sell quickly but at £7k less? We have the 10% desposit sat in the bank and are ready to move (no house to sell) but like you the valuation did surprise me.

I have considered going through another bank (HSBC) do you think they'd use the same survayer and as they're all RICS certified what are the chances of the valuation being any different???

Paul

JA1000

Who did your survey?

redpete

Asking for another surveyor from the same company - not worth it, what are the chances of a company admitting that one of their surveyors got the valuation a long way out by putting in a different one?

Asking for NatWest to get another company to do a survey - probably not worth it, what are the chances of NatWest admitting that they use surveyors who provide inaccurate valuations.

Getting an independent valuation survey done - probably not worth it, NatWest's valuation is what they believe.

Offering the seller £200k on the basis of a lender's valuation - definitely worth it but possibly slim chance of success, after all they got an offer for £230k the first people to view it.

maddison-white

To be honest a property is only worth what you are prepared to pay for it, the problem you have at the moment is that house prices have dipped and valuers base their valuation on historic data. So the estate agent may have valued correctly. What you should do is go back to your mortgage broker and ask them to contact the lender and appeal against the valuers valuation, if you can show property prices in the area that may help (you can get this info from rightmove).

I am a mortgage adviser and I am giving an opinion not advice

Arthritic_Toe

It just seems an odd concept to me that you would want to appeal against a valuation, so you can pay more for it. At least start by offering at the valuation.

Leew1231

The vendor has no reason other than they are wanting a quick sale to reduce the asking price. It could be that Mr Bloggs comes with a £230k offer but only needs a mortgage of £100k. His lenders surveyor would come and say worth £200k but they probably wouldn't even tell him how much, just that it was adequate.
I remortgaged mine once as i split with my partner. Someone came frmo the bank and asked how much I was hoping it was worth. I can't remember what I said but his comment was "Well I think you will be pleasantly surprised at the outcome". When the report came back via the bank it was jus tenough to giv me the cash but not enough to go to the lower LTV amount. I think they just say what they want.

The ironic thing is that the surveyor said he couldn't tell me how much it was worth because he was appointed by the bank...yet I had to pay the bank up front for the cost of the surveyor. These institutions pretty much do what they want to suit themselves. I would accept defeat and ask the vendor for a reduction or walk away. As I've been told...it's only bricks and mortar, nothing to get upset about. When you get into this way of thinking it is a whole different ballg ame when buying or selling a house.

ginvzt

Also - if other comparable houses in the street sold for £205, why do you want to pay £212?

Seems like we are on the way to another house price boom by reading this thread!

howd

Hi Everyone,

I have a meeting in half an hour with the estate agent as he has just met with the vendor to tell them that the valuation was for £200K.

I'll keep you posted with the outcome of that meeting.

Fingers crossed I get the house for £200K!