Failed mortgage valuation

stator

Do you know which contractor did the valuation for santander, are you sure halifax won't use the same?

wannahouse

amnblog wrote: »

You don't need closure. You need to take the smart view.


If a valuer is saying it is not suitable security you need to remember they are not idiots, they are professionals.


if the property is not suitable security this affect the resale potential.


Buy it and you will regret it.

i tend to disagree with your opinion that a valuer couldn't possibly be an idiot!

we had an idiot valuer, that even made up the there was japanese knotweed on our property to scuttle our mortgage!

there WAS NOT any japanese knotweed, nor anything that vaguely resembled it!He then tried every other trick in the book to try to stop our purchase, but common sense won over in the end, with even our banks mortgage advisors and his district seniors thinking the valuer was a few sandwiches short of a picnic too!
the place was an absolute once in a lifetime bargain, a huge old georgian gentlemans residence that needs some renovation with 4 gorgeous acres and we got it for a song...
In between exhange and completion we agreed to do certain works to keep the valuer happy, and ripped out the old kitchen on our own steam and replaced it with a 2nd hand one from ebay, with lovely granite worktops ,which we bought for £399 and repainted to update the colour a bit...

when all the works were complete, he came back to revalue it, and was blown away by "the kitchen that obviously cost you a fortune to install" :rotfl:and VALUED THE HOUSE AT £25,000 MORE than what we were paying! :T
Everyone on this forum told me that wasn't possible and the bank would ignore that and take the purchase price, but they didn't instead they rang us up and told us the good new that because they considered we had more equity in the property, they were giving us a cheaper mortgage deal at 1% less than we were going to pay! lol!
We had the biggest idiot in the region as our surveyor..nothing he said made sense, and then he's fooled by a 2nd hand kitchen from ebay...as he left, he said "you're lucky you know, this house is going to be worth over £800,000 when you've finished it!"

yes sir..we already knew that, so why were you that much of a fool you weren't going to let us buy it for £250,000 in the first place...

there are some idiots out there, and unfortunately we got one of them!

SuperSaver123

Love your story wannahouse and am impressed with your determination and happy for your success.

I have nothing against valuers as such but I think as with any group of people there will be all sorts of types, including the ones being 'a few sandwiches short of a picnic' - politely put!

Wishing best of luck to hmapoet and that you get your dream home - whether it is meant to be this one or another, time will tell...

hmapoet

Thanks! :]

The valuation is today....

SuperSaver123

hmapoet wrote: »

Thanks! :]

The valuation is today....

How did it go?

hmapoet

Hi everyone!

It went without a hitch and was valued by Halifax at the asking price.

So glad we went with our instincts on this one. We are so relieved!

We are hoping for a mortgage offer next week. They haven't approved the application yet so fingers still crossed!

TBeckett100

If Halifax went to valuation, it should be in the bag. They tend to be easy lenders.