Mortgage down valued by £65k!!!

gunsandbanjos

Lungboy wrote: »

This one?

And the older listing

Really don't see £80k of improvement there!

Thrugelmir

Struggling to see where the money was spent. £15k of refurbishment is about right.

lanceyp88

I couldn't agree more.. then adding that £135k would add up to £150k, that we get but when the 2 bed detached on the same road is sold for OIEO £150K with no off the road parking and an incomplete kitchen and a 4 bed detached goes for £255k..it is hard to see how we are going to negotiate with the vendors...it's frustrating

yessuz

well, imho the initial price of 135 is the main problem with this valuation.
if you look at the current market, it looks like that there are much more expensive houses nearby.
list here
although, half a year ago, this 2 bed semi, few steps away, was sold for less than 110.
This One

However, looking at history, the particular house you want to buy was sold for 150 in 2004 and just 135 in 2015? sounds about ok according zoopla as well.

however I feel your pain. I am looking for house my self and I see that in location I am interested in, house price was at least 20-30 K less less than half a year ago and I am not ready to pay that premium just because there was a mini bubble half a year a go (because of stamp duty for B2L)

Typhoon2000

If a small 2 bed detached with no off road parking sold for over £150k then I would inclined to believe that this house is worth a lot more. Valuers always seem to look at the last sold price if there was a recent sale in preference to nearby sales of comparative properties.
If you bought it for £200k, I contend a valuer in 6months time would say it was worth at least that much.
Still doesn't solve you problem if you require a higher valuation I order to get the mortgage.

Thrugelmir

Typhoon2000 wrote: »

If you bought it for £200k, I contend a valuer in 6months time would say it was worth at least that much.

Doesn't explain why it wouldn't sell previously at a much lower price.

JimmyTheWig

lanceyp88 wrote: »

it is hard to see how we are going to negotiate with the vendors

At which point you need to think about walking away.

lanceyp88

I have had further clarification from the previous estate agents. The property was listed for cash buyers only. Which on one hand can explain why it didn't sell but on the other hand Why did they only want cash buyer's? It appears from other listings the property was rented out in 2013.

lanceyp88

http://search.skitts.net/detailsLite.aspx?chainid=2047&propertyid=467280116

018125

You must be very relieved that the valuer has saved you from overpaying so much.

Have a glass of champagne to celebrate!