Santander mortgage valuations

Wh05apk

It is very rare that purchase valuations get downvalued, ultimately if you have agreed a price, that is normally therefore the market price, so unless it is way out, normally they will agree the preice, remortgages on the other hand are "normally" downvalued in my experience as homeowners always think their property is worth more than it is.

Ineedhelp11

Thats what I wanted to hear!

poppy10_2

Wh05apk wrote: »

It is very rare that purchase valuations get downvalued, ultimately if you have agreed a price, that is normally therefore the market price, so unless it is way out, normally they will agree the preice

Really?

https://forums.moneysavingexpert.com/discussion/comment/41307220#Comment_41307220
https://forums.moneysavingexpert.com/discussion/comment/34162851#Comment_34162851
https://forums.moneysavingexpert.com/discussion/comment/34167731#Comment_34167731
https://forums.moneysavingexpert.com/discussion/3060300
https://forums.moneysavingexpert.com/discussion/2404973

Plenty more where those came from

DVardysShadow

Ineedhelp11 wrote: »

Thats what I wanted to hear!

???? Defeats the idea of asking a question if you know what you want to hear!

Ineedhelp11 wrote: »

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

Is this an admission you put the house on at a greedy price, got offered nearly what you wanted and now you are going to be upset if the valuation does not support the agreed price?

Ineedhelp11

Not at all. The sold price is lower than a recent Sale in the road. Just anxious that banks are mitigating against possible future house price falls by reducing valuations now.
I don't see how your comment is helpful in anyway

Wh05apk

poppy10 wrote: »

Really?

https://forums.moneysavingexpert.com/discussion/comment/41307220#Comment_41307220
https://forums.moneysavingexpert.com/discussion/comment/34162851#Comment_34162851
https://forums.moneysavingexpert.com/discussion/comment/34167731#Comment_34167731
https://forums.moneysavingexpert.com/discussion/3060300
https://forums.moneysavingexpert.com/discussion/2404973

Plenty more where those came from

I didn't say never, I said rarely, yes sometimes people get sucked in and pay more than a property is worth, and generally people will only post on here about valuations when they are downvalued, so they will be the ones you hear about, not the 99% which get valued ok.

I am talking from experience, and can only remember one purchase being down valued, which we appealed, and managed to get increased to near enough what was paid.

I am not saying valuers are always right (on remortgages, they tend to undervalue most of the time!) but from my personal experience purchases are normally ok, do you have personal experience, or are you picking up on odd threads on here?

Thrugelmir

Ineedhelp11 wrote: »

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

If the property doesn't sell then the agent doesn't get paid. So its not in their interest to overvalue the property. The agent will merely advise the vendor what to price the property at.

seller_cib

hello
Santander mortgage valuations way off the mark.
i'm in the same situation, agreed a price with a buyer. 146k.
Evaluation carried out, valued at 130k.
16k less than what i agreed with buyer.
checked houses sold in area other the past year, only 3 sold.
155k in may 2010
134k june 2010
140k dec 2010
how do the they work out that the house is only worth 130k.

milliebear00001

I had three Ssntander valuations on three different houses June-Nov last year - all came in at the price I had offered for the houses.