And just when you think you are there....

petegriggs

Hello,

Just had the mortgage valuation come back and the surveyor has devalued it by 20k.

Where do I go from here, have told the estate agent who is selling it and he is contacting the vendor. Do you think they could appeal for to be devalued by 10k. It was a free survey from Santander so they wont release it.

Really gutted as loved the house. Any advice?

mrginge

Reduce your offer by 20k would seem to be the obvious suggestion

Contemptuous

You'll have to check the lender's appeals process.

Generally speaking you have to be able to prove the house is worth more and the only way to do that is to show comparable properties that have been sold for more, in the same area, within the last 3 months.

petegriggs

Am I right to put the onus on the vendor to do this ?

Malmo

The options are essentially to:
1) Accept the valuation and attempt to re-negotiate to the purchase price
2) Accept the valuation and make up the shortfall yourself
3) Request the lender to ask the valuer to review the valuation (as per post #3). This is your responsibility.
4) Approach another lender that hopefully uses a different valuer on their panel

How does this property stack up in terms of general condition and current asking / recent sold prices with other comparable ones in the same post code and neighbourhood recently?

audigex

Probably not: it's not their mortgage company who've said it's worth less. They've named their price, you've accepted it: it's between the two of you and your lender

sheramber

I imagine the eatate agent is approaching the vendor to see if they will reduce their price.

Thrugelmir

petegriggs wrote: »

Just had the mortgage valuation come back and the surveyor has devalued it by 20k.

Any reasons given?

It was a free survey from Santander so they wont release it.

Free to you. Santander paid for the valuation. As it's primarily performed for them.

petegriggs

I am waiting to hear back, basically Santander are not prepared to release it and no reasons have been given