2 Low Mortgage Valuations. What next??

Catslovelycats

Oh that is such good news. Good luck with the new home!

ellenlh

I'm glad I have seen this - happy it's worked out for you!
I'm having the same problem at the minute - We are buying a new build up at £149,995. We have has 1 valuation with halifax that came back at £130,000! Halifax wern't willing to budge so we tried with Nationwide and are now currently waiting to see what they come back with.
The housing company we are buying from (Britannia) haven't sold 1 house on their site yet, so surely if Nationwide come back with a low valuation again they should lower the house price? Otherwise they're never going to sell their houses

fairouzeh

ellenlh... What was Britannia's initial response to the lower valuation? Did you show them a copy of the valuation at all?

The vendors I was talking about in the posts above really played hard ball with me and it caused a lot of stress at our end. My boyfriend initially wanted to find a surveyor who would value it closer to the asking price in order to make sure we didn't lose the house. I'm glad I convinced him otherwise!

If you have information stating that the asking price isn't accurate you are in a strong position. I'd point out to them that it looks good for them too if they've sold one of the houses. Nobody will know you got it below asking price other than you and them (it takes a while for that data to be released by the land registry and by that time they should have sold more).

I know its really tough but stick to your guns. In the valuers professional opinion the house is worth x. If they won't accept that then point out that they stand a good chance of losing their first sale! Remember, even if another valuer comes back saying it worth more, you might regret going for it at the higher price given that the first valuer didn't agree. Even if the second comes up higher I'd try to take into account the first one and see if you can save yourselves some money by standing firm.

Good Luck!