Nationwide down valuation

kingo30

_Andy_ wrote: »

Only a professional valuer who you paid to tell you how much it's worth.

I'll butt out now as it's clear you're wanting to rip yourself off by £20k plus ignore the opinion of a professional.

please do you obviously didn't read and are focused on the price and not the fact that two other professionals valued the properties that are 3 bed and smaller just 50 pounds less... and just 2 doors away so who is the expert out of them all.

I don't want to pay over either but . Think I will give up with this one to many people cannot read or understand the question which was had they any experience of this situation, Tony gave his experience which was welcomed. The rest who have no experience just Bang on and on about price but can't:mad:
grasp the basic question ...

antrobus

tony2toes wrote: »

T..They have a tendency of down valuing new builds as second hand. ....

Might that be because it will be second hand when you come to sell it?

Thrugelmir

kingo30 wrote: »

please do you obviously didn't read and are focused on the price and not the fact that two other professionals valued the properties that are 3 bed and smaller just 50 pounds less... and just 2 doors away so who is the expert out of them all.

The reason the developer won't budge is mostly likely here.

was purchasing the property on a 20/80 split shared equity with no payments or interest but to be paid back in 10yrs

This has been built into the selling price.

TastyTeeth

In my experience, the builder won't want to lose the sale. They will challenge the valuation but, if they think you're going to pull out of the purchase, there's a very good chance they'll take the hit. Even with the additional incentive with the 80/20 taken into account. You're too far down the line now for them to let you walk away from this.

Of course they will be more than happy with you contributing another £20k of your own money and will, no doubt, snap your hand off. And that's what they are gambling on. You will pay and they won't have to decrease the price.

My advise, play it a bit canny here and you'll be getting a deal.

I haven't based this response purely on the money, it's based on common sense. Would you refuse £20k if someone offered it to you? Honestly?

maninthestreet

How can the developer challenge the valuation, if they didn't commisson it?

TastyTeeth

maninthestreet wrote: »

How can the developer challenge the valuation, if they didn't commisson it?

Well that's what the OP has said they're doing. I suspect they will challenge it through the appointed Broker. I'm assuming its the one who was recommended by the builder?

Thrugelmir

TastyTeeth wrote: »

Well that's what the OP has said they're doing. I suspect they will challenge it through the appointed Broker. I'm assuming its the one who was recommended by the builder?

Valuer is appointed by and is working for the lender.

TastyTeeth

Thrugelmir wrote: »

Valuer is appointed by and is working for the lender.

Indeed they are.

kingo30

You are correct the broker is doing it. I am hoping because I am all ready to exchange that This Will play in my favour.. I can complete 10 days later to.

kingo30

Thrugelmir wrote: »

The reason the developer won't budge is mostly likely here.



This has been built into the selling price.

Not sure if it is built into the price this was not available at first but it maybe not sure.