Property seriously Down valued

Thrugelmir

mr_optamistic wrote: »

Yeah we are only FTB and only have a 5% deposit so who knows.

Valuer works for the lender. Valuer may have been instructed to be cautious. 5% equity wouldn't even cover the fees in the event of a forced fire sale.

sam2015_2

mr_optamistic wrote: »

Another quick question

if we decide after speaking to mortgage adviser on monday that it be best for us to look elsewhere does that mean we will then have to go through the whole full application process again with the same lenders and will it leave a mark on our credit??

It depends on your lender and when you find your next property. Some insists it'll have to be a new application for new property,...some will let you change just the property address providing everything else(your income, situation, etc) stay the same and you find another property within certain time. Your MA should be able to advise you on that.

Get your solicitor to talk to seller's solicitor if you appointed a solicitor already. Talk to your MA and estate agent too.
Good luck.

betmunch

I don't often stick up for EAs but it is their job to get as higher price as possible.

It was advertised at a price and it seems that you and others were willing to go above that price so in my book the EA has done just fine.

The lenders surveyor has matched the price to the closest sale so I don't see anything out of the ordinary there. In a rising market these things happen, especially if the lender has instructed the surveyor to be cautious.

If I was the vendor I would hold out for the higher price and advise the EA to check on how much the buyer has for deposit so they can absorb a down valuation should it happen again.

Remember its a sellers market, they don't owe you anything, why should they take less than they can get?

mr_optamistic

yes ourselves and others were more than happy to pay more than asking price because it seemed a good price for a 3 bed in that area. But as you and others have said, if the surveyor's have been told to be cautious with their valuation because of a low deposit then their isn't much else we can do apart from speak to the EA and our MA and see where we can, If the buyer wishes to sell to someone else then that's fine and we will continue looking.

thanks for the advice all