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Mortgage valuations less than agreed sale price
RLH30
Posts: 15 Forumite
Hi - we had our offer of £197k accepted on a 3 bed ex-council maisonette with garden in SE London...only to hear that the mortgage co - Nationwide - has valued it at £185k.
We thought we were getting a bargain!
What do we do now?!
Advice/help appreciated.
We thought we were getting a bargain!
What do we do now?!
Advice/help appreciated.
0
Comments
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Try talking to the vendors about lowering the offer - they may take the hit if you offer to walk away or maybe meet you in the middle... or they may just tell you to get stuffed. What are other similar houses going for? Did you get a homebuyers' survey done? What did that valuation come out as?0
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Hi - we had our offer of £197k accepted on a 3 bed ex-council maisonette with garden in SE London...only to hear that the mortgage co - Nationwide - has valued it at £185k.
We thought we were getting a bargain!
What do we do now?!
Advice/help appreciated.
Go back to the vendor with the information. Point out that they will have the same issues with anybody looking to raise a mortgage as the valuation will not match the price.
Negotiate a reduced price based on the valuation. If you are relying on a mortgage you will be dictated by that anyway.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Simple: You've offered too much... But, if it really is wprth that much to you & you've the money, buy it...0
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Hi - we had our offer of £197k accepted on a 3 bed ex-council maisonette with garden in SE London...only to hear that the mortgage co - Nationwide - has valued it at £185k.
We thought we were getting a bargain!
What do we do now?!
Advice/help appreciated.
Nationwide are trying to do you a favour.
Why would you want to pay more for the house and have a bigger mortgage?
This is a money-saving site after all."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
That's what I call a result. You've potentially just saved £12,000. Thank heavens for surveys, eh? They pay for themselves 20 times over.Hi - we had our offer of £197k accepted on a 3 bed ex-council maisonette with garden in SE London...only to hear that the mortgage co - Nationwide - has valued it at £185k.0 -
Thanks everyone - we're FTBs and lost in a world of uncertainty.
We will try to negotiate a lower price with the vendor. Is it normal to meet half way? Feels wrong to pay more for something than an 'expert' has said it's worth...0 -
Thanks everyone - we're FTBs and lost in a world of uncertainty.
We will try to negotiate a lower price with the vendor. Is it normal to meet half way? Feels wrong to pay more for something than an 'expert' has said it's worth...
Can you AFFORD to meet them halfway? In order to do this, you'll have to put more cash into the deal, as your mortgage lender won't.......0 -
Thanks everyone - we're FTBs and lost in a world of uncertainty.
We will try to negotiate a lower price with the vendor. Is it normal to meet half way? Feels wrong to pay more for something than an 'expert' has said it's worth...
Patience is your best weapon in this era of falling prices."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
This is the biggest reason for sales falling through at the moment.
You obviously want the house and are (were?) prepared to pay full price.
Seller will be worried that any future buyers will face the same problem and they won't be able to sell it.
Try to get a discount on the price - though it's probably too late to get the seller down to the valuation price.0 -
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