Mortgage house valuation nightmare

MAFERGAL

cattie wrote: »

First of all don't take any notice of Zoopla valuations. In most cases they are way out and seem to have plucked figures from thin air.

Does the valuer you used know the area that the house is in thoroughly? As if he is from out of the area, it could be more of a guesstimate.

I'm unsure if the valuer was local or not, I'm hoping this information comes to light when we get the full reasons/justification for the value quoted. I would assume he was local, that would be logical but I am learning fast that the majority of this process is not logical at all.

cattie wrote: »

I see your problem as being if you can't come up with more money, the vendors will put house back on market. A different valuer could come up with a sum much near the asking price. I know some ea's overvalue, but not usually by that much on a mid priced house, as they at least do know the local market. If it were me I'd be more than willing to pay for the 2nd valuation if I really wanted to try to buy the house.

That's right. I'm not necessarily blaming the estate agent, I don't know anyone who has been in this situation and it's so frustrating potentially being in a situation having to pay out for and gamble on valuations until one comes back high enough so you can proceed. It seems bizarre to me that the valuation has come back considerably less. I think if it comes to it I will take your advice and pay for that second valuation.

propertyman wrote: »

As posted above, this is known as the "biggest house in the road".

While it might offer the same accommodation as a similar house in a road with houses of that size nearby, and has the advantage of the extension being recently built and a modern spec, it rarely attains a similar value as those other properties.

I suspect that an error is more likely the expectation of the owner and the listing by the EA, that it should be priced in line with the other road, not where it actually is.

1: Look at other 5 beds in the area as to price

2: If you can proceed without the full loan then get a second valuation from a local experienced chartered surveyor.

That's exactly what this is, biggest on the street by far and totally unique when compared to other local properties.

As my mortgage provider used an independent valuer, would I be able to specifically request a local experienced chartered surveyer to do the valuation? It's probably rare to hear but I honestly think that the valuer has got this wrong and valued too low.

pinkshoes

Just playing devil's advocate here, but perhaps the valuation is right...?

They bought it at almost the peak of the market for £230k, spent say £30k doing it up, making it worth say £280k, then the recession hit, making it worth only £235k?

It's highly feasible.

What have price drops has the area seen since 2006?

MiniSis

MAFERGAL wrote: »

Thanks for your response. I understand what you mean but I think this is a little different. I feel the house is worth what I offered. I've spent a year researching and looking at houses (so I've seen plenty where extra rooms have been created from cupboards etc. I wouldn't have made the offer unless I thought it was a good deal for me.

The vendors have made existing rooms bigger if anything. The smallest room is 3.7m x 3.1m, the other rooms are all large double rooms.

Bearing in mind pries haven't risen since the vendor themselves purchased the house do you think it's really worth £50k more than what they paid. A house is with what you are willin to pay, you are willing to pay £280k therefore it is worth that to you. It may not be worth that in real terms. I'm not saying he valuation is correct and it may well be undervalued, but you are possibly also blinded because you love and want the house!!

Say this couple have spent £40k doing it up then if course they'll want to sell for a higher price to try and recoup their outlay.

The point I was making in my original post is that extensions etc don't always add tens if thousands of pounds on a propertys value.

I really hope that you manage to sort this though

vectistim

With the asking price having been reduced to £280,000 that essentially puts a limit on any offers of £250,000 (stamp duty).

Your £249,999 offer should be passed on, moan at them if it isn't (and remind them of the stamp duty issue) and check your sums still add up if the lender will only lend based on the £235k valuation.

MAFERGAL

MiniSis wrote: »

Bearing in mind pries haven't risen since the vendor themselves purchased the house do you think it's really worth £50k more than what they paid. A house is with what you are willin to pay, you are willing to pay £280k therefore it is worth that to you. It may not be worth that in real terms. I'm not saying he valuation is correct and it may well be undervalued, but you are possibly also blinded because you love and want the house!!

Say this couple have spent £40k doing it up then if course they'll want to sell for a higher price to try and recoup their outlay.

The point I was making in my original post is that extensions etc don't always add tens if thousands of pounds on a propertys value.

I really hope that you manage to sort this though

I know what you mean, I keep going backwards and forwards between is the valuer right or the vendors/estate agent? I'm trying to stay neutral and look at it from all angles and that was my main reason for posting on here to get opinions from people who don't know me and who have more knowledge/experience than me.
Thanks for your advice!