UPDATED: Nationwide valuation lower than offer, but mistakes on surveyor report

Carrotline

I get that, but what about the two errors on the form? Would that not provide us with any leverage on getting the valuation re-looked at by Countrywide?

Carrotline

We sent the valuation back to Countrywide to contest the errors, and they've apologised. The surveyor also sent over a statement explaining why he undervalued the property, and the things he's said make sense.

For instance, he said the fact the property's on a main road, although it directly faces a slip road, was one of the reasons he undervalued it.

He also said he acknowledges the property has been renovated, but he feels it has been "cheaply done" and is not worth what we offered.

CountryWide said they are going to send us out a corrected report, and the surveyor said the valuation figure might be revised up as a result, but it's unlikely to be.

We've told the sellers this (went down like the proverbial lead balloon) and subsequently revised down our offer.

Because of the financial risk involved (and the fact Nationwide have adjusted our loan amount down to £185,000 in light of the valuation), the most we can stretch to is £200,000 and the seller has told us where to go.

We also said, if we could view it again this weekend, we would also be prepared to offer £200,000 and we'd do the rest of the remaining refurbishment, but they're not interested in that either.

Not surprised, really, even though they've been pushing us to complete for weeks and Nationwide said if we can agree a lower price, they'd send out our mortgage offer straight away.

Oh well. Thems the breaks, I guess.

Feasibly, we could stretch to £203,000, but - as it stands - we've told them our offer of £200,000 is good for two weeks and, in the meantime, we've got a viewing to go to this weekend.

The pair of us are trying not to get down hearted, but we know there's no point overstretching ourselves, especially if it means we might be exposing ourselves to negative equity later down the line.

We're not totally out of the game, though, (she says while clutching at straws and scrapping a barrel) as there's still a chance the revised valuation *might* be a little higher. We're not banking on it, though.

I'll keep you posted...

wannahouse

sounds like that extra £20,000 was the "profit" they hoped they could cream off, after watching too many episodes from homes under the hammer during the boom!
it also sounds like, to me, that they were pushing you tom complete, without the house being finished or ready to move into, because they needed that money to finish the job off!
who sells a house to someone and then comes back in later to make a mess of it and "finish it off!
they sound like losers, and you're well shot of the place!

it sounds like the kind of place that was "refinished" and all the bad stuff just covered up underneath!

Carrotline

Completely agree. Although, things have taken a bit of a strange turn today, thanks to my Dad.

He phoned the estate agent, posing as someone else (think he learnt everything he knows from the News of the World's fake sheikh) to inquire about the property next door, which is also for sale, but at £199,999 (telling).

The estate agent said if he was interested in that one, he should book a viewing for the one next door (the one we were going to buy). It's listed at £215,000 but is going to be reduced to £200,000 in a couple of days, she said.

We offered £200,000 and they rejected it. Guess they'll probably use the "we've already had an offer on it" line to try and get someone else to pay over the odds for it.

We're not sure what to do next. We did view the £199,999 one a few months ago, but favoured the one next door because it sounded like we'd be able to move straight in, while the other one would require some updating.

What a topsy turvy world we live in!

amnblog

Carrotline, everything on this thread suggests you are determined to pay more for this property than a professional has stated as its worth.

Please, whatever happens pay no more than the valuation.

IF you don't get the property you will have invested your £300 wisely.

Carrotline

amnblog wrote: »

Carrotline, everything on this thread suggests you are determined to pay more for this property than a professional has stated as its worth.

Please, whatever happens pay no more than the valuation.

IF you don't get the property you will have invested your £300 wisely.

I appreciate your concern, but we're not pursuing the original property any more, so don't worry.

We're going to view two others in the same area tomorrow, and had a look at another on Saturday.