Mortgage survey

dexterwolf

Has anyone ever sold a house but the mortgage survey has dropped the price of what you have been offered. We are waiting for buyers mortgage to go through so just wondering. Or even upped the value

Senior_Paper_Monitor

Upped - no !

Reduced - no more than half a dozen so far this year !

dexterwolf

Senior_Paper_Monitor wrote: »

Upped - no !

Reduced - no more than half a dozen so far this year !

How much by was it reduced and for what reasons were they reduced if you don't mind me asking

AnotherJoe

dexterwolf wrote: »

and for what reasons were they reduced if you don't mind me asking

It doesn't really work that way, they just tell you what they think its worth. They just say "valued at £x", not "valued at £Y less than the agreed price because.... "

If you question it, if there is a big discrepancy, they may say its worth less than <some other comparable place> because its - next to river and in risk of flooding, by train lines (as per recent post), whatever. But they wont proactively offer that. And if its only a few % off the answer will be "because we think so"

Senior_Paper_Monitor

As Joe says - its what they think its worth !

Largest downvalue this year - offered £500K with subsequent response from lender valuation (no further info/discussion):

"We have assessed the Valuation in regards to the above application for your client and the valuation has been returned lower than expected. This affects our ability to proceed at the original amount and/or rate originally requested.

Next Steps

To allow us to proceed on the case we require you to send us the following:

- Source of Funds that will cover the shortfall
- Confirmation that there is no further change to the Mortgage proposition

For your information we have detailed some key information below and have attached the valuation report for your perusal.

- New Loan to Value: 81.52% %
- Valuation Amount: £ £460,000.00
- Re-Build / Reinstatement Cost: £ £175,000.00"

i.e 40K off the valuation (8% reduction)



Can I assume you can't believe how lucky you have been with your purchaser's offer ?

dexterwolf

Thanks for the replies,

No I and not surprised at our offer as houses near us have been listed on rm 7/10k less and we have a double drive and an extension.

Grenage

Yes, when I sold mine last year.

I estimated that it was probably worth around 180; the estate agent said 200-215. For a laugh (I would have no chain), I put it on for a punt at 200. I had one offer at 200, but their chain collapsed, I had one offer at 195. The survey for the latter valued the property at 180.

I might have got more if I'd waited for another buyer with a larger deposit, but we were both happy with the final figure of 185.