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Mortgage application declined after surveyor OVER-valued
Comments
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Rollinghills wrote: »Ok that explains it. But is it common for valuation to come above offer price?
Surveyor representing the lender ensures that the property provides adequate security for the monies advanced. They are not expressing an opinion as to the possible resale value of the property. As that's subjective. Competing cash buyers could pay over the odds very easily.0 -
The lender can smell a rat (whether or not there is one). It is there prerogative to withhold their money.
This is where your broker gets to earn their corn.
Of course, if something is not quite right they put themselves at risk by being involved.
The question the underwriter asks themselves is - why would person A sell to person B at a considerable amount less than they could get unless they is a ' background story'.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I wonder what this "considerable" under/over-valuation is in % terms in OP's case. I would definitely be asking the broker or lender by how much they think it is overvalued.0
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The house was up for sales for offers over £90k, and I had £90,750 accepted, so I paid above the rightmove marketed price... So I haven't offered lower.
They apparently wouldn't disclose what the house was valued at, I'm not it couldn't have been that much more. Does any one know what % more would be considered a lot more?
No I am not related to seller, and don't think we have similar names...
They are obviously being being cautious but it seems so unfair when I am simply trying to buy a house!0 -
Is sounds strange but you may be buying a problem.
What was it valued at?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What do you mean?0
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They haven't told my mortgage advisor what they valued it at! Strangely...0
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I do believe I am getting it at a good price, but the property does need lots of attention throughout. New bathroom, kitchen etc. But i wouldn't class it as a complete bargain, knowing there was one up for 105 and one sold for 100k a yr ago.0
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Anymore feedback would be great!0
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