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Mortgage downvaluation being used to negotiate price from a potential buyer
JollyH
Posts: 1 Newbie
Hi
I'm looking for advice after a weird scenario that seems really fishy to us.
We recently applied to remortgage our property and move to a buy to let mortgage to release capital to buy a new house. Initially we were going to go with our current lender and they valued the house ok, then a better deal came up with another lender so we decided to switch, however the 2nd valuation came in significantly lower then expected and than the 1st valuation. We then decided to change our plans and sell putting it on the market at the 1st (& higher) valuation. A potential buyer has now approached us offering less and using the down valuation as a reason. He claims to be a surveyor and knows the exact details of the second low valuation.
This seems really wrong to us, how has someone got hold of this info? does anyone have any thoughts?
Thanks
I'm looking for advice after a weird scenario that seems really fishy to us.
We recently applied to remortgage our property and move to a buy to let mortgage to release capital to buy a new house. Initially we were going to go with our current lender and they valued the house ok, then a better deal came up with another lender so we decided to switch, however the 2nd valuation came in significantly lower then expected and than the 1st valuation. We then decided to change our plans and sell putting it on the market at the 1st (& higher) valuation. A potential buyer has now approached us offering less and using the down valuation as a reason. He claims to be a surveyor and knows the exact details of the second low valuation.
This seems really wrong to us, how has someone got hold of this info? does anyone have any thoughts?
Thanks
0
Comments
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This seems really wrong to us, how has someone got hold of this info? does anyone have any thoughts?
It is quite common for people who get lower valuations to come back and negotiate a lower price.
In respect of info, perhaps he was involved with the surveying firm. That may well be what attracted him to you in the first place.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If he works for the company?
The valuations are not made public.
If you are not happy with the offer, decline it and move on.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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