Property Down Valued by NW

l66b

Hello,

A flat we are trying to buy was initially down-valued by Nationwide by £25,000 off the offer we had made. Since the sellers were not happy about this they suggested we get another valuation through Abbey who have now confirmed that the flat has been valued to exactly the offer that was made by us (£25,000 more than what Nationwide had valued it to be).

I am just torn now, obviously one of them is wrong and I would hate for Nationwide to be the right one and end up paying a lot more for a flat that's not worth it.

Can I please have your thoughts on this matter. I really appreciate any input..

Thanks

kingstreet

Nationwide's valuation work is handled by Countrywide who act as panel manager and valuer.

Abbey/Santander predomninantly uses Esurv, IIRC.

Luck of the draw, I'm, afraid.

Thrugelmir

What's the purchase price of the property?

l66b

The purchase price is 220k, NW valued it 195k

kingstreet: I just don't how two professional bodies who supposedly know what they are doing can give such different results

opinions4u

l66b wrote: »

The purchase price is 220k, NW valued it 195k

kingstreet: I just don't how two professional bodies who supposedly know what they are doing can give such different results

You could say the same for political parties. Everywhere I've worked good people have different views. Sometimes my professional opinion has been wrong and a supposedly lower ranked person has been right.

It's the way of the world.

If I was you I'd be trying to pay as little as possible for a property. Not paying out extra fees to prove a case that I should pay more.

l66b

opinions4u wrote: »

You could say the same for political parties. Everywhere I've worked good people have different views. Sometimes my professional opinion has been wrong and a supposedly lower ranked person has been right.

It's the way of the world.

If I was you I'd be trying to pay as little as possible for a property. Not paying out extra fees to prove a case that I should pay more.

If I had an extra £25k that I didn't care about then I wouldn't be here asking for input. I have been trying to pay less but now that the second bank has valued it at exactly £220k the sellers don't want to sell it for anything less. The only thing would be to pull out of it. I just wanted to know the true value of the property but I guess that's not possible. if it was 2 or 3k difference I would understand but 25 is quite a lot.

C_Mababejive

Take my advice..dont buy a flat.

Thrugelmir

l66b wrote: »

The purchase price is 220k, NW valued it 195k

kingstreet: I just don't how two professional bodies who supposedly know what they are doing can give such different results

Two ways of looking at the the situation.

£25k to you is a lot of money.

A 10% difference could easily be accounted for in a drop in property prices or realisable value in the event of a quick sale.

dawyldthing

I'd have been thanking Nationwide for the first valuation as it could have saved you 25k. I had mine undervalued by 2500 and I paid 2500 less. I didn't query it as why should you pay more than it is worth as someone has overvalued it.

Something only has value for what someone wants to pay for it

l66b

dawyldthing wrote: »

I'd have been thanking Nationwide for the first valuation as it could have saved you 25k. I had mine undervalued by 2500 and I paid 2500 less. I didn't query it as why should you pay more than it is worth as someone has overvalued it.

Something only has value for what someone wants to pay for it

£2500 is quite a lot less than £25000 (in fact by a factor of 10). If Nationwide would have come back with £2500 less than the asking price I would have made sure we get it for that much less. However it's one thing to ask for bringing the price down by £2500 than by £25k. They would have never sold the place for that much. I only did the Abbey survey cause I thought it would have been a confirmation of the lower price, which it turned out not to be.

marathonic

I'd chance requesting to meet in the middle - so a £12,500 discount. If the sellers are motivated, you save a fortune. Otherwise, there's plenty other properties available on the market.