crazy valuation

sibod2002

hi

i am currently in the process of getting a mortgage for the first time and have passed checks.the purchase price is 105k.2 bedroom house,semi,porch,really nice inside.

the valuation was done on monday at it came back at 60k...yes 60k. the valuar gave no structual problems etc just stated there wasnt really any properties in the are that they could use as comparables???

the seller is working on trying to sort this out and my mortgage advisor firmly beleives the actual person who valued the house has a personal issue with the seller.

any thoughts?

Doozergirl

That's the most random valuation I've heard of. He didn't condem it as a structural issue?

Do you have comparables to come up with?

You can sometimes push them up with proof of comparables but wow, you might be looking for another mortgage if you're sure the price is right!

sibod2002

i know its madness.no strucual problems stated.yes the seller and my advisor and getting some comparables together.and also dixons have said that they would put it onto the market at around 110k

Doozergirl

Can't offer any advice except to say that everyone seems to be doing the right thing for you. I can't imagine you offering on a property genuinely worth that much less.

I'd complain about the surveyor!

Henry_P_Chester

I'd use this to your advantage and save some money! Revise your offer lower on this basis.

GDB2222

sibod2002 wrote: »

i know its madness.no strucual problems stated.yes the seller and my advisor and getting some comparables together.and also dixons have said that they would put it onto the market at around 110k

In that case, you are probably over-paying a few thousand. If it were on the market at £110k, I doubt you'd get any offers over £100k.

sibod2002

thanks for all the advice people.well now we are going down the route of using a different back to obtain my mortgage.got to sign the paperwork tomorow and hopefully the valuation will be done in the next few days.will be interesting to find out what the other bank valuation comes back as.i will keep u posted

BadgerFace_2

GDB2222 wrote: »

In that case, you are probably over-paying a few thousand. If it were on the market at £110k, I doubt you'd get any offers over £100k.

I'd love to know how you came up with that nugget of information. £110k could have been a bloody bargain. You have as much idea as I do about the value of that house.

sibod2002

hello

well due to xmas and new year the new valuation took place last thursday and i have recieved the valuation letter in the post today and it has come back at 105k (the agreed purchase price)

so god only knows how the last surveyor came back at 60k

just thought id let u guys know,now am just waiting for the morthgge offer,fingers crossed.

thanks