Santander mortgage valuations

Ineedhelp11

I am in the process of selling my house. My buyer's lender is Santander. Does anybody know if they will undervalue my house and potentially mean the sale will fall through

GMS

How is anybody supposed to answer that?

Ineedhelp11

Sorry i realise that it is a rather vague question. My question is whether there is a trend in mortgage lenders valueing properties under what has been offered by the buyer and also if anyone has any specific experience of Santander giving a valuation less than is required, buy the seller! therefore forcing them to accept a price less than originally agreed. I have seen threads for around a year ago stating that surveys were giving valuations 10% less than purchase price and wanted to see if this was still the case

poppy10_2

Recently sold properties on your street are the best guide as to the valuation you will get for yours

Ineedhelp11

Thanks. Things like net house prices, mouseprices etc seem to be quite a lot less than what i have sold for (and the house im buying) some give a range and the price is right at the top of the range. should this be cause for concern? the ranges also see rather large. I dont feel see how a computer generated figure can be that accurate

poppy10_2

Ineedhelp11 wrote: »

Thanks. Things like net house prices, mouseprices etc seem to be quite a lot less than what i have sold for (and the house im buying) some give a range and the price is right at the top of the range. should this be cause for concern? the ranges also see rather large. I dont feel see how a computer generated figure can be that accurate

They'll take the lower end of the range. I suspect the valuation you get is not going to be to your liking, but it won't be 'undervaluing', it will just be realistic valuing.

Ineedhelp11

Its crazy that the agents value a house and ive agreed to sell for what was still under the expected/asking price yet the lender can value under this. May aswell get a lender to value it first and just accept that offer if any mortgage over this amount is going to get rejected

GMS

Why not wait until the valuation is done before planning your next move?

I have done 3 with Santander this month. 1 purchase which valued at the purchase price no problem, 1 remo which valued down by 5k, and another remo which valued at estimated.

Only person who's opinion matters is the surveyor. You can check as many websites and get as many blind opinions as you want to but nobody else can value the propery other than the valuer.

Ineedhelp11

Of course i appreciate that.

I was just looking for some reasurance which you have given me with your examples.

Trollfever

The property is being valued for the benefit of the mortgage lender, not the vendor or puchaser.

In a static or falling market valuers will want to cover themselves.

Ineedhelp11

I am aware they are doing it to cover themselves. Agents should Market at realistic prices and maybe even work with surveyors to agree corect market value rather than trying to get the highest price and therefore commission