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Property under valued?
Comments
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This happened to us except to the tune of £30k about a month ago. We were given a fourth option of challenging the valuation by providing details of 3 other similar properties that had gone for that price. Unfortunately in our situation this wasn't possible and we had to walk away from the house as we couldn't find an extra £30k but it could be an option for you?0
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Twood, this is exactly what has just happened to us. House undervalued by 30k, and it's in a semi-rural area so there aren't 3 similar houses within half a mile that have sold in the last 6 months. We are trying another lender as we didn't have an extra 30k lying around and weren't willing to accept a higher LTV and the extra monthly payments that would entail.
The other alternative our broker suggested was to borrow a greater percentage of the house cost.
Harding1985 - What is your deposit and what LTV were you looking at? You could always increase the LTV. But that doesn't help with your property being undervalued as well, and I assume you can't really afford to pay full price for the new one as well as take a 10k hit on your current one.0 -
We have 35k in the bank, the original deposit required was only 3.5k, 5k for solicitors fees etc, 20k was for renovation works, ie Kitchen, Bathroom, Carpets etc etc. The rest will go in the bank.
We had received some news that a cash buyer is interested in our property at the original sale price of 180k.
Just trying to negotiate a new price with the vendors of the property we are purchasing. All if's and but's at the mo but looking a little brighter.0 -
Slight update, we gave the original buyers of our property a chance of proceeding at 180k but have said due to the survey results are unwilling to match 180k and have offered 174k. So we have accepted the cash offer at 180k.
Apparently the original buyers, according to my estate agent, had no intention of buying our property at the agreed price and were banking on securing a lower price once the survey was confirmed, which was risky if the survey had been confirmed at 180k. Bit cheeky, in my book don't offer a price unless your willing to pay that amount.
I'm hoping to get this back on track today, although its going to cost us an extra 9k in deposit costs due to Nationwide lowering the borrowed amount from 185k to 176k.
Lets see how it goes.0 -
harding1985 wrote: »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.
You decided it was worth £247k now not so sure.
Why did you think it was worth £247 in the first place?harding1985 wrote: »Bit cheeky, in my book don't offer a price unless your willing to pay that amount.
Really .... except when it is you doing the buying............0 -
A house is worth what anyone is willing to pay for it.
The lender's valuation is just to cover their risk, and in some rare cases might not be an accurate reflection of the value.
Haggle anyway .... If it's your dream home, you may have to stump up.0 -
We are awaiting the outcome of a Countrywide survey and we're getting hassled by the vendor.
We had our home surveyed too a couple of weeks back, so equally nervously waiting.0 -
sinizterguy wrote: »A house is worth what anyone is willing to pay for it.
The lender's valuation is just to cover their risk, and in some rare cases might not be an accurate reflection of the value.
Haggle anyway .... If it's your dream home, you may have to stump up.
That is true, we are going for it with an increased deposit.0 -
mikeyscott wrote: »We are awaiting the outcome of a Countrywide survey and we're getting hassled by the vendor.
We had our home surveyed too a couple of weeks back, so equally nervously waiting.
Good luck, our survey only took 3 working days from start to finish, what is the delay?0 -
harding1985 wrote: »Good luck, our survey only took 3 working days from start to finish, what is the delay?
Thank you, don't know why, but it's painful.
Heard Countrywide are also aggressive on the down valuation, so it could unravel anyway.
Personally I think the valuation should form part of the arrangement fees.0
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