Valuation lower than agreed price

monty-doggy

I'd be glad I have been saved from overpaying. Don't let your heart rule your head!

hazza74

opinions4u wrote: »

I always find these "I want to pay thousands more for something than it's worth" posts baffling on a money saving web site.

I always find sarcastic comments baffling too.

We just want some advice is it wrong to ask ???

The surveyor is obviously working for the bank who tells them to undervalue properties on purpose simply because they don't want to lend any money. I found this out on google.

RobertoMoir

hazza74 wrote: »

Why would it seem unlikely? I don't get how the valuation is 17% or so less than the price! I mean how did the estate agents value it what they did, they are adamant that their value is correct. I understand if the valuation for a couple a grand under but nearly 20k? How can they be so wrong...

What makes you so sure that the bank's valuer is the one that's wrong? Simply because you disagree with them? It's surely at least equally possible that the sellers are over-valuing the property.

And if you think that estate agents can't or won't over-value a property then you need to think again. Their job is to sell the property for as much as they can get and to favour their clients (the people selling the property, not you!), not to get realistic values that are equally fair to both parties.

hazza74 wrote: »

The surveyor is obviously working for the bank who tells them to undervalue properties on purpose simply because they don't want to lend any money. I found this out on google.

So you googled until you found something that explained things the way you already thought they were, and it must be right because it agreed with you.

Well I went on google too, and I found this.

monty-doggy

hazza74 wrote: »

I always find sarcastic comments baffling too.

We just want some advice is it wrong to ask ???

The surveyor is obviously working for the bank who tells them to undervalue properties on purpose simply because they don't want to lend any money. I found this out on google.

No it's not wrong to ask. However don't take it personally if it's not the advice you want to hear, I'm sure no one on here is wanting to be malicious, and are just trying to point out that your love of the property aside, it may well be overpriced given the current climate.

Use it as an opportunity to either get more of a discount, or if prices are lower than you expect, perhaps your money will go further and buy you a better property?

Don't waste your energy fighting a professional who does this day in day out, it's unlikely you will win and it will cause you unnecessary stress and frustration.
Ask yourself how you will feel if you have a second survey which you have to pay for, and it has the same result?

Talk to the EA and get them to talk to the seller. You may be surprised and get it at the lower price.

FTB_Doll

Ive just had valuation done by Santander for £113k home and was all good they agreed on the price

Maybe the house isnt worth as much as you think? x

kingstreet

Change lenders and have another valuation. It may be done by the same surveyor, in which case you're stuffed.

If it isn't, the new surveyor may agree with the first one, in which case you're stuffed.

The new surveyor may not agree with the old one and you may be alright.

Flip the coin. It's your money after all.

rochja

I had house I wanted to purchase fall down badly on valuation despite assurances from the national builder and from estate agents that I had negotiated a good discount and the house was well worth the asking price. I walked away. 9 months later the house sold for less than the valuation. The house was gorgeous and backed onto a site of special scientific interest. Badgers regularly visited the pleasant garden with its established trees. Peace and quiet reigned. It was hard to imagine a more idyllic spot. The house was still not worth its asking price and eventually the builder was forced into acknowledging that

StuC75

New roof and Conservatory do not really add value to a property.. Roof is general maintenance.. Conservatory can be off putting as they are rarely an All Year room...

hazza74 wrote: »

Offer price is £118.950

Valuation is £100.000

The vendors purchased the house 7 years ago for £112.000 and have spent a bit doing it up including new roof tiles, new conservatory....

Morgage_Confused

Post a link to the house so we can take a look. Someone might find something that sold nearby which would justify either the valuation or the vendors/agents.

hazza74

http://www.up-estates.co.uk/property-details/3073962/west-midlands/holbrooks/kirkdale-avenue