RBS Mortgage Valuation under agreed sale price

livalicious

Thats great news for you both! :T We in a similar situation to you, we offered on a 3 bed house in the SE, asking price £225, offer of £217 accepted. The bank have instructed the surveyor to do a valuation sometime this week. I would be thrilled if we could make the same or even half the saving you have and the vendors agreeing to it! Good luck hope it all goes smoothly for u!

surreybased

Good news, seems like your seller was very sensible.

new_home_owner_3

Valuations can be very funny we bought our house in november for 198000 and the valuation came back spot on from rbs, i dont think they put the valuations down if they think its worth more, they only put down that its worth what you are paying.

Its mad because since then 2 houses have come up for sale one for 225000, which sold within a week and another for 255000. which is still for sale.

suisidevw

Nice one OP, real result there!

It's very funny indeed the valuations. I believe we got a great deal and haggled hard for our house in May 09, getting £27.5k off asking price eventually paying £197.500. This is what surveyor valued it at in report. The surveyor when I spoke to him after receiving the survey (to find out about various 'issues') mentioned that we'd got a deal and for minimal outlay could make a lot of money selling in the near future. 2 houses have sold in the last 2 months within 2 weeks of going on market on our same road (both been terraced and ours semi) and both went for approx £235k in WORSE condition than ours when we bought it!

Hopefully when we come to remortgage the valuation will reflect these and we'll have a lower LTV if that's how they work it.

mitchaa

Isn't this what the home report is for? To stop this kind of thing from happening or are valuations only carried it in Scotland?