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Buyers mortgage lender valued our house £20k less than agreed price!
evansmummy
Posts: 303 Forumite
As above really.
Their bank has got their valuer around and in the notes they've based the valuation on nethouseprices.co.uk unfortunately for us the last two houses sold were bordering on derilict!!
What the hell do we do now????
Their bank has got their valuer around and in the notes they've based the valuation on nethouseprices.co.uk unfortunately for us the last two houses sold were bordering on derilict!!
What the hell do we do now????
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Comments
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A similar situation happened to my friends earlier this year, (but they were the sellers).
In their case, the seller's bank would (obviously) only lend on the valuation amount, and the seller had no more money to increase deposit.
The conclusion was that they met half way on the difference - the buyer borrowed some money from family to increase deposit, and the sellers reduced the price half the difference.
They were understandably a bit upset about this last minute knock to their selling price,but at that stage just wanted the sale to go through.
I suppose in your case, you could use this to lean on seller for similar arrangement - knock 10k of the price?0 -
How badly do you need to sell?Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
similar thing recently happened to us but not by as much.
our difference was 4.5k and as they are first time buyers buying our house they were already stretched to the limit, we managed to negotiate a drop in price between us and the owner of the house we are in the process of buying we split 50/50 to get the sale going.
hope you can come to some sort of arrangement its so annoying when this sort of thing happens. our house was up for sale towards end of last year and when it was valued it was valued at the selling price unfortunately the sale fell through but fast forward 3 months and this time when the house was valued it was 4.5k less bit of a rapid drop in such a short space of time and it was valued by the same bloke both times!!! think what dropped it though was a house selling opposite at less than it was up for.0 -
Is there some way of appealing?0
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evansmummy wrote: »As above really.
Their bank has got their valuer around and in the notes they've based the valuation on nethouseprices.co.uk unfortunately for us the last two houses sold were bordering on derilict!!
What the hell do we do now????
The lender's valuer will be qualified to value your house, your EA most likely is not, your house is worth less than you think. If I were your buyer I would offer not a penny more than the valuation, your actual buyer, however, may be a mug.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
20k on 100k or 1000k? makes a big difference.0
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