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Valuation lower than offer
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traceyhealy88
Posts: 9 Forumite
Had our valuation done yesterday, halifax rang today to say they had valued it at 3k less than the offer price of £100,000. We have been in touch with the seller (private sale) and they have agreed to take the valuation price of £97,000. Does anyone know what happens now, will halifax just send me an offer on the price they have valued it at or will i have to go back to the bank and do a new application. Anyone experienced this before and have any advice on what happens now. Thanks.
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the offer will stand, your solicitor will have to amend your contracts0
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The offer will not stand - Halifax now need to amend the offer to reflect the new purchase price, and work out if it affects your loan to value. Your solicitor will not exchange without it being rightSo many glitches, so little time...0
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will i have to go back into the bank for them to re-do it or will they do it automatically? How long do you think it could be before i get an offer? Is this something major that could effect me getting the offer?0
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You need to inform the lender that the purchase price and mortgage amount has changed. It will amend the application and issue an offer on the new basis.
You do not re-apply, or be re-scored, re-checked or anything else. It's a clerical alteration.
Your solicitor will alter the contract paperwork so everything matches.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »You need to inform the lender that the purchase price and mortgage amount has changed. It will amend the application and issue an offer on the new basis.
You do not re-apply, or be re-scored, re-checked or anything else. It's a clerical alteration.
Your solicitor will alter the contract paperwork so everything matches.
Sorry but it will be re-scored, as the LTV may well have changed as well.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Aye, I wasn't thinking about the Halifax system.
Every time you make an alteration it re-scores, but as it's a reduction in price (and presumably mortgage amount?) all things being equal it shouldn't make a difference.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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