Valuation worries

trini

So - offer accepted, mortgage copany seem really good and have got things moving really quickly (touch wood).

Valuation set for Wednesday - am really scared now that it won't come back at the price I need it to!

Am borrowing 85% of my offer price - on a mtg with max LTV of 85% (probably very stupid).

Only posting to get this off my chest - I AM SCARED.

Fingers crossed

_Andy_

Do you mean you're concerned it will come back at less? Surely this would be a good thing as you would then be saving money?

lellow_lorry

if valuation comes back lower then questions have to be raised over the agents valuation(or sellers as some tell the agent what they want to sell at).
Don't lose sleep over it if it does......just put it to the agent and that it is not worth it. If they want the sale then sell at the right price. besides you wouldn't pay 10k for a 2k motor so why do it with a house?

bandofbrothers

Hope this is not a case of a potential buyer hoping to use the survey to knock the initial offer down even further.

Why do people sometimes seem to think that if a house is not selling, then its because its not valued right !

The valuation in my opinion is flawed anyway.

When a valuation was done by the buyer of my property the valuer agreed it was worth what we had agreed.

This sale fell thro due to the buyer not having the deposit.

Its now half way thro being sold again 4 months for less than before because i decided to reduce the price to stir up further interest.

The valuer agreed it was worth what had been agreed.

In an ideal world the valuer should make a report saying the house is worth more than agreed if this was the case !

This would stop this bit of paper being used as a bargaining tool !

jonewer

bandofbrothers wrote: »

Why do people sometimes seem to think that if a house is not selling, then its because its not valued right !

OK, what reason would you give for a house not selling?

MissMoneypenny

jonewer wrote: »

OK, what reason would you give for a house not selling?

If a house isn't getting many viewers, then it is overpriced. If a house gets lots of viewers, but doesn't sell, then it smells:D

trini

Ok just thought I'd share a quick update re the valiation. Property was on market for 59950 was told vendor would offer FTB 10% reduction so our offer of 54000 was accepted. And guess what the valuation (for mtg purposes) came back at exactly 54000 - lazy valuer me thinks?!

Eric1

trini wrote: »

Ok just thought I'd share a quick update re the valiation. Property was on market for 59950 was told vendor would offer FTB 10% reduction so our offer of 54000 was accepted. And guess what the valuation (for mtg purposes) came back at exactly 54000 - lazy valuer me thinks?!

me thinks it's more to do with the lender being happy with their security

trini

You're probably right never thought of that

MrsManda

Glad it worked out for you I'm slightly confused about valuations done by the mortgage company. The house we bought was originally for sale for £180000. We had our offer of £166000 accepted, the valuation came in at £180000 then was altered to £166000 after the valuers were told what we had offered.

lellow_lorry

I have to admit in all the properties I have bought (6 in 10 years) All the surveors reports have valued it at exactly the same as I offered, even though with a couple of them bought at bargain price. A surveyors is cautious not to overvalue, and it is worth what you are paying for it. Any more is speculative to someone else prepared to pay more for it.