Mortgage down valued by £65k!!!

lanceyp88

Hi Guys I am wondering if anyone can offer us some advice.

We have recently purchased a 3 bedroom detached house in Lower Gornal, West Midlands. Our house has sold and valuation is fine.

We have had an offer accepted on the property we like at £214950, which for what else was on the market of a similar standard is quite reasonable for the area. However Santander's valuers have valued it a a dreadful £150k!!

In the area two bed detached have sold for more than that and 3 bed semis for a similar price.

The vendors brought the property off a family friend for £135k in Oct 15 and have renovated it throughout and added a utility room.

We just don't get how either the estate agent or valuer have got the valuation si wrong please help!! We feel deflated at present:mad:

AnotherJoe

Have they valued the wrong house ? Or sent the valuation in for another property ?

chanz4

they may of also looked at the price it sold last year

lanceyp88

I believe the property they gave valued is the property were buying, I don't know as to whether they have just done AVM or actually gone out to the property, I have not seen any down valuations on forums that drastic

Clutterfree

chanz4 wrote: »

they may of also looked at the price it sold last year

Or looked on Zoopla!

lanceyp88

Zooplas average for the area is £220k! Land registry the same.

Thrugelmir

lanceyp88 wrote: »

The vendors brought the property off a family friend for £135k in Oct 15 and have renovated it throughout and added a utility room.

Sounds as iffy. £80k increase in 6 months........

kingstreet

What are the recent (last four months) sold prices for similar houses in the vicinity (upto half a mile away).

Such comparables are what surveyors use for their valuations.

lanceyp88

We have today sent 3 comparables of 237k 220k and 240k. Which are in a 1/4 mile radius in the last 3 months. So we're waiting to hear back now to see what they say.:(

lanceyp88

The valuer won't over turn his decision, despite us providing them with 3 properties in a 1/4 mile radius of a higher sold price....he is still saying that a detached house with 3 double bedrooms, drive for up to 6 cars, garage utility lounge modern kitchen and dining room and large rear garden is £150k!! :mad:

Thrugelmir

lanceyp88 wrote: »

The valuer won't over turn his decision, despite us providing them with 3 properties in a 1/4 mile radius of a higher sold price....he is still saying that a detached house with 3 double bedrooms, drive for up to 6 cars, garage utility lounge modern kitchen and dining room and large rear garden is £150k!! :mad:

Why did the property only sell for £135k last October? Still an unanswered question.