HELP PLEASE! Property undervalued...

MortgageMamma

Ann, explain what has happened to the vendor and challenge it. From my experience the portman arn't set in stone, but your credit rating will not have any influence over theor decision over the valuation. I know it sounds like hassle but anything worth having in life is difficult to get! Hang in there

If you do choose to go to another lender, get your broker to go over your options with you again, in fact you could always request this before you decide whether to appeal the decision or not

charley_177

I bought my first house in June.

House went on the market last November, valued at £147,500. Dropped to £135,000 in December.

BS valued at £130k, £132k if house improved.

So offered £130,000. EA and vendor did not appreciate offer. Eventually accepted in June and completed in July.

Considering the current climate they should consider themselves lucky they have an offer on their property.

Prices do go down as well as up*

*includes after years of HPI

Charley
http://www.gmroads.co.uk

FTBann

thanks charley,sure that may be true, but in this particular area properties still go for near or over the asking price within a short period of time.

i will expain everything to the vendor's EA on monday but i don't want them to think i'm messing them about, especially as i've been pushing for as quick as a completion as possible as neither of us is in a chain.

oh well, i had thought i'd been quite lucky with how smoothly it had been going, this is probably just a little hiccup!

FTBann

how wrong i was...an update on this unfolding debacle

the valuer asked for the survey to be faxed over so i did the next day. then they wanted comparable prices, so i emailed and faxed over details on the same day. then they said that they wanted only the details of sold properties. so i faxed them over after running around locak EAs. then they asked for the sold prices of these properties. obviously EAs said they weren'y happy to divulge that info to me, but would be happy to speak to the valuer and give him the info direct. he said no, that wasn't his job and that the onus was on me. grrrrrr

by this point i am tearing my hair out, as he's asking for quotes on the building work.....even though i still don't know if the important question of whether he'll actually increase the valuation anyway, which was the whole point of the exercise. bearing in mind that i've been ringing the BS twice a day to get an update, you can imagine how i felt yeserday when i rang up to see how things were moving only to be told that the valuer was going on holiday and would not be back until after bank holiday!!!!!!!!!!!!!!

so, i'd been running 'round like crazy (and i'm sleep deprived cos i'm working nights) trying to get all the paperwork sent and he had no intention of reviewing it this week at all! i'm pretty annoyed because i made it clear last week that i had wanted a final yes or no this week.

i am so depressed.