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Property under valued?
Comments
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snowwhite8890 wrote: »If they can find some comparable sales within the last 6 months then we can appeal mortgage valuation.
Given a second opinion is also lower. I wouldn't hold out much hope of a successful appeal. Why overpay?0 -
My guess is that cash buyer was a temp invention to get you to budge on the real buyers offer once the cash vanished0
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Why do people want to overpay for houses?
I don't really get this term 'under valued.'0 -
shortchanged wrote: »Why do people want to overpay for houses?
I don't really get this term 'under valued.'
I guess because 'overpaying' is very subjective.
The worth of a house may be much more to buyer. e.g. You may save yourself 000s in travelling or childcare costs by 'overpaying' to secure the purchase of a house, but your lender and their surveyor won't take that into account in their valuation... or there's many posts on here of valuers seemingly just not doing their homework on the local market.0 -
I guess because 'overpaying' is very subjective.
The worth of a house may be much more to buyer. e.g. You may save yourself 000s in travelling or childcare costs by 'overpaying' to secure the purchase of a house, but your lender and their surveyor won't take that into account in their valuation... or there's many posts on here of valuers seemingly just not doing their homework on the local market.
Totally agree with your post. Valuers without doubt aren't doing there homework, supply and demand has a role to play too. Demand for property in my area is crazy.0 -
Another twist... the cash buyer that pulled out yesterday called our estate agents today as they 'had another change of heart' so offer of 180k is still on the table. Must be a wind up...
Anyway sticking with the 175k, not in a position to take another risk.0 -
harding1985 wrote: »Valuers without doubt aren't doing there homework, supply and demand has a role to play too. Demand for property in my area is crazy.
Valuers work for the lenders. Why would lenders have any desire to perpetuate the bubble. If you want to overpay use your own money not the banks.0 -
Thrugelmir wrote: »Valuers work for the lenders. Why would lenders have any desire to perpetuate the bubble. If you want to overpay use your own money not the banks.
V true indeed. Luckily we have the funds to bridge the 15k gap.0
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