Down-valuation advice needed!

thatadamwalker

Can I ask why you've advised that banks4u?

The estate agent acting for the seller has estimated the value of the property where as its the lenders valuation service that have down valued it.

I would rather trust the second opinion of another lender on this matter before I decide how to proceed.

itsdagal

The Estate Agent earns commission on the sale hence higher valuation. The lender has to cover the eventuality of default and so there valuation is more likely the realisable value of the property.

thatadamwalker

I just though I'd pop back to explain how the situation has panned out.

The valuation from Halifax came back at the agreed sale price of £124k which I'm relieved and happy about.

It's a real shame Principality's valuers wasted our time and £300 of my money but I'm over that and Halifax's 1% bonus is the real sweetener out of this situation!