Mortgage down valued by £65k!!!

JimmyTheWig

Thrugelmir wrote: »

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

lanceyp88 wrote: »

The vendors brought the property off a family friend for £135k in Oct 15

Bought from a family friend. So gifted deposit, I'm guessing.

lanceyp88

They purchased the property under market value from a family friend.

brit1234

Can't you negotiate a price reduction, you don't want to over pay?

Andypandyboy

There is another thread about Santander undervaluing by 77k, the previous sale price of that house was much, much less than current asking too. It may be a policy decision to take accoubt if the previous sale price.

https://forums.moneysavingexpert.com/discussion/5463408

dimbo61

If you read the survey report carefully it normally states recent sales of the same type of property in the area.
So what is the most recent sale in the area and how much OH £135,000 for that house.
Gold plated taps, flock wallpaper and green bathroom will not add value.
Did the vendor add a two storey extension ?
If not it has not increased in value.
Forget Homes under the Hammer that was make believe in most cases.

lanceyp88

The house was run down before they have land scaped the garden full renovation throughout new doors and windows and have added a separate utility. We have had the rationale back and this is what is said. "Although there are similar properties of a higher value that have been sold within a quarter of a mile of the purchase property, the fact there is a car repair garage close to the property in question, the value would be less than the 3 comparables" We have now paid £330 for a revaluation with a different valuer.

Thrugelmir

lanceyp88 wrote: »

They purchased the property under market value from a family friend.

Under market value is an understatement. People don't gift friends sums of that size. Conveniently selling the property on 6 months later after refurbishment.

AnotherJoe

lanceyp88 wrote: »

We have now paid £330 for a revaluation with a different valuer.

Will the building society accept that new valuation ??? Or is that part of you challenging the decision a second time which I would suspect is tilting at windmills ?

Thrugelmir

JimmyTheWig wrote: »

Bought from a family friend. So gifted deposit, I'm guessing.

Family perhaps. Friend somewhat improbable.

warby68

I think you should take heed of the reason quoted.

A commercial business nearby - location is EVERYTHING with resi property, over and above the state of the house.

The story about the previous price raises a red flag - there aren't that many charitable people. The improvements you describe do not add £80k - cosmetics plus utility , not much footprint increase.

I would be on the 'buyer beware' side here rather than 'the valuer's got it wrong' on the information thus far.