Nationwide LOW valuation appeals/challenges

RabK

Has anyone gone through with this??
Thank you in advance..

kasperblue

I've read a few threads about low valuations on here in the last few days although its not happened to me (yet!). I think its a really tricky situation and it sounds like not many people have much luck in trying to appeal the process. Has the buyer come in with a counter offer?


Also...as I'm waiting to hear the outcome of a valuation on the property I'm selling 7 days ago....would you mind me asking when did you hear that the valuation had gone badly?

ACG

In 2 years I have been involved in 3 appeals... I have never had one overturned.

The easiest way to find out if it has any chance is to find 3 similar properties within half a mile/a mile. If they have SOLD for £40k more in the last 3 months then you stand a half decent chance.

But the likelihood of finding 3 similar properties selling in such a short time in a small radius is so slim it almost makes it pointless in appealing.

Personally now, I tend to try and talk people out of appealing or get them to do the research.

Thrugelmir

Any survey issues?

What's the offer price? As the reduction has to be considered in % terms not just monetary.

Dave_Ham

Ordinarily I would say no chance of an overturn, especially if you have only recently acquired your property and has seen a significant jump vs what you paid.

That said, a client appealed one through us with TMW (Part of Nationwide) and to be fair did a decent job of justification and comparable properties sold and they did revalue to an acceptable level so there is hope.

Fingers crossed

RabK

Hi, thank you all for your responses.

bigchris33

So the buyer is going through the hassle of an appeals process to pay £40K more than the bank think it's worth? Are they mad?