Nationwide down valuation

moneysaver

kingo30 wrote: »

My broker just called to let me know that the builder has challenged the valuation. The have just exchanged on two3 bedroom houses for 279950, fifty pounds less than what a 4 bedroom house with 300 square feet more space can be valued 50 pounds more and what he compared it to. One house was sold with lloyds tsb valuation and the other with halifax. Anyone any experience of this being overturned ?

Just because they have exchanged at this price does not mean they were valued at that. The buyers could have made up the shortfall.;)

A house is only worth what someone is willing to pay.

kingstreet

That may be the case, but three properties completing at a particular price in a particular area may affect the surveyor's comparables enough they influence future valuations.

mungobella

I know this is a bit late, but I just wanted to say that I challenged a valuation from Nationwide this summer and was successful in getting them to move the valuation up, though still £8000 short of the price we had offered. We did have to provide evidence of similar homes that had sold within the last 120 days; they also allowed us to provide evidence of houses that had exchanged but not completed. Ours wasn't a new build, though.

The idea that these individuals are doing a professional job is laughable--the house next door to the one we made an offer on sold for £40,000 more than the valuation price a few months before. When I asked the surveyor about this, he claimed there was no record of that property on the land registry. I had gone to the land registry website myself and downloaded the document showing the sales price and date, so I knew it was correct. Three houses on our street (all 1930s semis in a similar style) sold this summer and the prices were all within £2000 of each other, and one round the corner for about £5000 more, so I know we paid an appropriate price for the house.

Best of luck to you.

kingo30

I Agree some people on here had a dig at me when I said the valuation seemed low comparing many other 4 bed houses in my town and the fact 2 of the 3 bed houses right next door had exchanged at £50.00 less, they had stated this blokes a professional !!! so live with it, the other 2 professionals valued the 3 beds so who is right and who is wrong there does not seem to be an exact science...

poppy10_2

mungobella wrote: »

I know this is a bit late, but I just wanted to say that I challenged a valuation from Nationwide this summer and was successful in getting them to move the valuation up, though still £8000 short of the price we had offered.

Huge success!!! :beer::beer::beer:

You know, it would have been even more successful if you had managed to spend the extra £8,000. Tell you what, you can send me a cheque for that amount and then bask in the glory of your brilliant financial acumen.

kingo30

poppy10 wrote: »

Huge success!!! :beer::beer::beer:

You know, it would have been even more successful if you had managed to spend the extra £8,000. Tell you what, you can send me a cheque for that amount and then bask in the glory of your brilliant financial acumen.

See another one who does not see the full picture !!! You can bask in the glory of buying a house that needs new windows, kitchen, bathroom costs a fortune to heat OH but u got got it 10 grand less than a new build ... unless you know the market for the area or have a Chrystal ball from you home then how can you say people are paying to much for a property when even the valuers who are the so called professional are so far apart in the opinions when valuing them.

so many spiteful people on this forum, is it just jealousy when someone manages to get a home ?, people ask for advice on certain situations and then you get the know alls appearing making comments, if you have nothing informative to add then don't bother.

Simon_gloster

The problem is the lender you have gone with. That valuer now knows they are under pressure and if an when a valuer changes their decision it is upon provable evidence and for the principle valuer to agree with the evidence.

The biggest problem youll come against is they'll work together and pride. A hard a time consuming task in itself as valuation appeals are at the bottom of every companies list irrespective of the annoying bombardment of calls from the borrower as it doesnt earn them any morw money. Harsh, but facts and reality come to the forefront in these cases.

Please prove I am wrong by coming back with an outcome.

brit1234

And I thought this was Money Saving Expert notHow to Overpay Expert.

:eek:

What happens when you go for a remortgage and they value it even less?

If you want to overpay then I recommend you do it with your own money and not peoples bank savings, people are only trying to help and they are defiantly not jealous.

bobsyourteapots

Simon_gloster wrote: »

The problem is the lender you have gone with. That valuer now knows they are under pressure and if an when a valuer changes their decision it is upon provable evidence and for the principle valuer to agree with the evidence.

The biggest problem youll come against is they'll work together and pride. A hard a time consuming task in itself as valuation appeals are at the bottom of every companies list irrespective of the annoying bombardment of calls from the borrower as it doesnt earn them any morw money. Harsh, but facts and reality come to the forefront in these cases.

Please prove I am wrong by coming back with an outcome.

I am quite shocked that you would suggest that a professional would do such a thing!!! especially as they are separate from the lender.
valuation appeals aren't dealt with by them, it goes straight to the valuer.

kingo30

brit1234 wrote: »

And I thought this was Money Saving Expert notHow to Overpay Expert.

:eek:

What happens when you go for a remortgage and they value it even less?

If you want to overpay then I recommend you do it with your own money and not peoples bank savings, people are only trying to help and they are defiantly not jealous.

YAWN !!! Another know it all