Help!...What if you think the HomeBuyer Valuation is wrong?

Brallaqueen

Sarahjessica, it is a blow to feel as though your house is slipping through your fingers, especially if your heart is set on it and it has been a long hard slog to find.
However -does the mortgage come from a common, high street bank (halifax, nationwide)? You could argue good odds of the next valuation being the same, so keep the lines of communication between you and the vendor open just in case. Meanwhile, build your deposit even higher and keep searching.

sonastin

In answer to the original question, yes you can challenge the valuation and ask them to reconsider. However, based on the information you have supplied (which you'll have to supply as justification for re-valuing the property), they've got it right at £110k. You need to show what other similar houses in the area are selling for, not just on the same street (i.e. the ones you'd buy if you couldn't buy this one). If they are up around the £120k mark, you might stand a chance.

And I know where you are coming from with liking the house enough to pay more than the valuation for it. My b/f and I have different tastes in property so when we found one that suited us both, I was happy to pay the price we'd agreed, even though the bank valued it at £10k less than that. The difference was that the LTV at their value was still within the limit for that mortgage so they were still happy the amount I wanted to borrow. (vendor took it off the market in the end anyway so we lost that one).

Hailstorm

You state the £90k sale as an oddball that brings the average down but the 130K sale is strange to. The peak of the market was in early 2007 so the ceiling price being set this year is unexpected.

You are justifying the 90k, what is the justification behind the 130k sale?

Crinz

You can certainly do a valuation appeal but I dont think the figures you have got will support this.

Going by my own experience with Colleys valuers an appeal can only be hear if 3 comparable properties are presented that have sold (exchanged and completed) in the last 6 months.

Even at this though, the valuers will take previous sold properties into account and the original valuation will most likely stand.

The 110k is all the bank are willing to risk on the property. I dare say most banks will come in at similar prices.

geoffky

oh dear.....

SD0084

Hi
Same thing happened to me on an ex council house I offered 85K, the value was 80K and vendor refused to budge. Have you asked your solicitor/the estate agent to speak to the vendor and make it 100% clear that if 110K is the maximum that a surveyor says it is worth then this is the maximum he can expect WHOEVER buys the property (excepting a very generous cash buyer), the next prospective purchaser will have exactly the same problem. He/She is lucky you are offering 100% of its valuation. It may also be worth a mention that it is a falling market and predictions are for an approx 2% dip (if you believe reports published)
I tried an appeal based on other properties selling but it came back with the same result. You have paid a fair amount for this person's professional judgement and having been through this myself think you should stick at 110. I did this and at first my vendor flatly refused but given a couple of weeks to mull it over did accept. Good luck regardless of what you decide.