Mortgage Provider has undervalued property

mungobella

Each mortgage lender will have its own criteria for appealing a valuation. You should talk to your lender about what counts as a comparable property--it won't be just those on the same street, but it probably will be within a certain time frame. You might be able to find out the agreed price for SSTC properties by contacting the estate agent. After you know what the lender's criteria are, you can figure out what to do, but it will be difficult before that.

TrickyDicky101

mungobella wrote: »

You might be able to find out the agreed price for SSTC properties by contacting the estate agent.

Of all the things an estate agent will never tell you, I would think that would come pretty damn near the top.

kittymac1

Thanks again,

I will mention the Independent Valuation to him and see if he will look in to it.

paulmapp8306

Would an independant valuation actually achieve anything? a lender will onluy lend based on its own valuation (or rather that carried out by its own appointed surveyer). Having a bit of paper saying its worth more in another surveyers opinion will not change how much the lender will lend on that property.

MacMickster

Why do buyers seem to get so upset when a surveyor gives them the ammunition to bargain the price of a property down further?

It happens all of the time but I can never understand it.

kittymac1

paulmapp8306 wrote: »

Would an independant valuation actually achieve anything? a lender will onluy lend based on its own valuation (or rather that carried out by its own appointed surveyer). Having a bit of paper saying its worth more in another surveyers opinion will not change how much the lender will lend on that property.

The only reason to mention the valuation to him is to get him to realise that the estate agents valuation is too high and he should accept a lower offer.

kittymac1

MacMickster wrote: »

Why do buyers seem to get so upset when a surveyor gives them the ammunition to bargain the price of a property down further?

It happens all of the time but I can never understand it.

I would be happy to pay more than the valuation for the property as it is ideal for what we want compared to other more expensive properties, the reason we are trying to disagree with the valuation is that my uncle just won't move if he can't afford to go to the place he has an offer in on.

Thrugelmir

kittymac1 wrote: »

I have told my uncle that it is out of our control and we can give him the £130k, but he doesn't believe the valuation and says he can't afford to sell it for that.

You can pay your Uncle whatever you want for the property. As you you could independently pay him any difference in installments.

Do you want to pay more for the property than its actual worth?