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Successfully challenge a house valuation?

dominoman
dominoman Posts: 973 Forumite
Ninth Anniversary 500 Posts Combo Breaker
in House buying, renting & selling
Has anyone managed to successfully challenge a house valuation from their mortgage lender? Either an under or an over-valuation?

Comments

  • Full_of_angst
    Full_of_angst Posts: 116 Forumite
    Have you had a property valued differently to your agreed sale price?

    I was talking to my EA about this today and he told me that he has never seen a property in this area be down valued; he said he'd heard of this happening to others when the property market crashed in 2009. The only time he personally experienced it was when the figures had been accidently transposed - should have been £435k but the typo was £345k.

    I have been worried sick that my sale valuation will be down valued.

    I don't know why anyone would want to challenge a valuation that came in higher though! The buyer is under no obligation to let the seller know that their property is valued higher than the agreed price; the only time you'd be discussing the results of any surveys or valuations is if it was down valued!

    I have spent a long time looking up old threads on this forum regarding down valuations and it appears that it IS possible to challenge the valuation figure but RARE that any appeal is upheld unless there is overwhelming evidence or a reason (ie wrong number of bedrooms etc) that the valuation was wrong.
    Experience is simply the name we give our mistakes (Oscar Wilde)

    If you tell the truth, you don't have to remember anything (Mark Twain)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    dominoman wrote: »
    Has anyone managed to successfully challenge a house valuation from their mortgage lender? Either an under or an over-valuation?

    In what context?

    Mistakes are made. So there are cases of revisions being made. Valuations are subjective as a property is only worth what a buyer will pay. So often people are overly optimistic.
  • fishpond
    fishpond Posts: 1,022 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    dominoman wrote: »
    Has anyone managed to successfully challenge a house valuation from their mortgage lender? Either an under or an over-valuation?

    Yes.:beer:
    I am a LandLord,(under review) so there!:p
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