Valuation - Genuinely shocked

swanny78

CluelessFTB wrote: »

How frustrating for you swanny - have you looked at the sold house prices on rightmove / zoopla?

I hope you get it sorted either way.

yes ive tried but difficult to see what type of house was sold. just says 4 beds with an address. I think a drive up might be in order to see

_Andy_

Why do so many people on here want to pay thousands more than what's something worth?

swanny78

_Andy_ wrote: »

Why do so many people on here want to pay thousands more than what's something worth?

I absolutely don't. If the valuer is correct I would walk away, but need to get to the bottom to see if she is.

lindens

I visited 2 new build sites local to me last week. a friend had recently had an offer accepted on one at 10% lower than list price (£250K to £225K). At the other site the saleperson intimated a 10% below asking price would be seriously considered by them too.

Wh05apk

You should be looking at this differently, a "professional" valuer has down valued the property, go back to the developer, tell them that is the valuation, that is all you will pay as otherwise you cannot get the mortgage.

Don't try to get them to increase the value, that will only make it more likely you are over paying.

jamesml

I would agree with the above - you need to get the developer to do some work on this one.

If it were me I'd be going back to the developer and making it clear that there is no way you can afford to fund the shortfall, and that they will need to drop their price if they want to sell this property to you. A professional as appointed by your mortgage provider has given this valuation - regardless of what any of us think of surveyors, the mortgage company will use their valuation. Make the developer do some leg work and then consider challenging the survey. If you feel they are laid back and don't care - make sure you speak to someone more senior. I'd have no hesitation in going above their heads if they weren't taking me seriously. Play hard ball with them, but be prepared to walk away (or at least make a 100% effort and giving the impression you will!)

jamesml

I was secretly hoping there would be a slight shortfall on my valuation to try and get a bit more money off - I had already made it clear to the developer that I was happy with my offer/our deal but that if the valuation came in at a shortfall that they would have to bridge it.