Low valuation - is it right?

holly_hobby

Please dont start making mge apps here and there ... please speak to the vendor discuss the issues, and then take it from there.

ACG

As holly says, having multiple apps going through isnt a great idea.

If you cant get the price down then it might be worth a bash with a different lender. But i would initially try to get the price down, show them the report and go from there.

Thrugelmir

Solibear wrote: »

I believe that this price (or thereabouts) IS in line with the current market.

You've offered £20k more that the advertised price, in effect paying a premium. This is ok if you have the cash to fund the purchase. However a lender will take a far more subjective view. As firesale prices are below those of market values. Which is the basis on which the lender will view the security.

witchy1066

why would the EA advise their client to ditch you , unless they can get another buyer who is daft enough to pay well over valuation for the property , the next person that comes along unless they have a substantial pot of money or dont need a mortgage at all, the seller will have the same problem,
you could get 10 different valuation surveys and all will come back within 10k, either way, of each other

just because a seller wants x amount for their property doesn't mean that is what its worth,
OP I am sorry your valuation didn't come back as you had wished but look at it as a good thing,

it will stop sellers asking over inflated prices (they can ask but will not get ) and buyers from panicking into paying way over value,
this should keep the housing market moving but stop prices getting out of control and unaffordable, hopefully