Refresh Valuation £10k Lower

pokey128

Was it the same surveyor who did the refresh? I had a similar situation where the flat next door to me (same size and layout but has damp) had a home report value of £250k in May and ours came in at £225k in June! I was devastated so called the surveyor and posted here for advice. Basically, our neighbours are desperate to sell so reduced the price very quickly from o/o 235 to fixed price 230 to fixed price £212, all within 4 weeks! This had a negative impact on our valuation, maybe something similar has happened to you?

shebanjoed

Same surveyor. I've asked my lawyer to discuss with the estate agent selling the house, hopefully soon. My mortgage advisor said it could be due to other houses in the area selling for a lower amount. It's not.

I've been looking at this area since January, been on all the sites, ate, slepts, dreamt about houses in the area and know every movement every house has made in the area.

googler

shebanjoed wrote: »

Same surveyor. I've asked my lawyer to discuss with the estate agent selling the house, hopefully soon. My mortgage advisor said it could be due to other houses in the area selling for a lower amount. It's not.

I've been looking at this area since January, been on all the sites, ate, slepts, dreamt about houses in the area and know every movement every house has made in the area.

Maybe the surveyor(s) have seen completed sales that you haven't - i.e. they haven't reached the pricing sites like myhouseprice, zoopla, etc.?

shebanjoed

Lawyer's advice is to wait till mortgage application approved - this has been part of the process - and take it from there.

shebanjoed

And ... still waiting for the lawyer to get back to me. Quick question whilst we wait and wait and wait.

If the seller does not accept a price reduction, bearing in mind our mortgage has been approved, can we then go elsewhere with our approved application? Start looking at other houses straight away with our approved mortgage ready and waiting?

(in Scotland)

googler

shebanjoed wrote: »

If the seller does not accept a price reduction, bearing in mind our mortgage has been approved, can we then go elsewhere with our approved application? Start looking at other houses straight away with our approved mortgage ready and waiting?

Whether your approved appln for this house is also suitable for another will depend on your lender, so direct this question to them.

If your reduced offer is declined, then I'm sure your solicitor won't offer on another for you without formally withdrawing your offer from this one. He/she shouldn't commit you to two offers simultaneously.

shebanjoed

So, lawyer has a chest infection. He won't be taking calls this week and no-one is looking after his work. :rotfl:Not getting irritated.

With regard to the refreshed home report and the additional "defect" highlighted, I would like to view the house again to view the problem.

I was hoping lawyer could request this of the EA however my question is would there be any harm in me approaching the EA and asking myself?