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Property under valued?
harding1985
Posts: 224 Forumite
Hi all,
Recently had an offer for a 4 bed property accepted at 247k. The survey has come back saying its only worth 235k :eek:. Now on rightmove there is a 3 bedroom, smaller plot property for sale at 260k.
The vendors aren't willing to budge on the price. Not sure where that leaves us?
Any advice welcome
Recently had an offer for a 4 bed property accepted at 247k. The survey has come back saying its only worth 235k :eek:. Now on rightmove there is a 3 bedroom, smaller plot property for sale at 260k.
The vendors aren't willing to budge on the price. Not sure where that leaves us?
Any advice welcome
0
Comments
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Is the £235k the reinstatement cost or property value?Start Feb 2013 £148,900
Initial MFD Feb 2043 --- Target Feb 2035
Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509
:beer:Current MFD Oct 2042 (5 Months Early) :beer:
2013 OP: £255 / 2014 OP: £8150 -
reinstatement cost is 165k, value in present condition is 235k.0
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Is this a survey that you commissioned, or that your lender commissioned?
If your lender commissioned it (e.g. it's a valuation for the lender's benefit) then you have three options:- Haggle the price down.
- Take the hit and find the extra 12k in cash (rarely easy)
- Pull out. You never know, the agent may call you back and say "actually the vendor IS prepared to negotiate".
If you commissioned it and the lender will be doing their own valuation, sit tight. Their valuer may well value the property at the £247k you offered. Valuation is an art, not a science! If this is the case, you have no room for negotiation.0 -
Lenders commissioned the valuation.
I can't see the sellers lowering the price if I'm honest but its worth a request. We do have spare cash but the question is can we afford to part with 12k and is it worth it, obviously not according to the valuation.
Thanks for that.0 -
You can try another mortgage company.....with a new valuation report.
We had to do this when the property we were purchasing was valued at £10k under the offer price.
New valuation report came in at offer price and so did the homebuyers report.0 -
Our property has also been valued 10k lower. Oh jesus!0
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harding1985 wrote: »Our property has also been valued 10k lower. Oh jesus!
Do everyone needs to drop their price £10k or the chain collapses and you start again.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
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If you don't have the extra cash you have very little choice but to ask them to take the hit (or try another lender but risk the same or lower valuation).Thinking critically since 1996....0
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somethingcorporate wrote: »If you don't have the extra cash you have very little choice but to ask them to take the hit (or try another lender but risk the same or lower valuation).
We have the extra cash but that was meant for the renovation works.0
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