House we're buying has been downvalued, please could anyone advise?

Crashy_Time

00ec25 wrote: »

?
so a newbie "miraculously" manages to work out how to use the search function (but not start a new thread) to find a 1.5 year old thread so they can post on it, and yet lo and behold, up pops "expert" CrashyTime

Closely followed by the Price Police.......:rotfl:


A LOT of houses are going to be "down-valued", you should try to get used to it

Truly2

Sorry - could you enlarge on that comment.

Crashy_Time

FBaby wrote: »

Three ways about it. Call their bluff and say you'll pull out if they don't agree to a reduction, or negotiate a half way figure, or indeed just accept that this house is not for you and start looking elsewhere and accept your loss.

Eventually it is the sellers loss, because their next offer if they get one, is likely to be lower?

AdrianC

Truly2 wrote: »

During the property boom in 2007 lenders surveyors were over valuing properties resulting in over lending.

Over-valuation simply wasn't needed in a time of 100%+ mortgages and self-certification.

As the surveyor takes his instructions from the lender, they now err on the cautious side. I am told that regardless of the condition of your property, they take into account sold prices of similar properties near to your home regardless of any additional features or condition. I am not sure how I will proceed at present but I certainly will consider having my own survey done

You can if you wish, but a lender won't take that as anything - they'll still instruct their own valuation (at the borrower's cost, obv...)

Crashy_Time

AdrianC wrote: »

Over-valuation simply wasn't needed in a time of 100%+ mortgages and self-certification.



You can if you wish, but a lender won't take that as anything - they'll still instruct their own valuation (at the borrower's cost, obv...)

It was needed even more, under-valuing then would have stopped the whole Ponzi scheme in it`s tracks :eek: Who is going to bother with 100% loans if houses are getting cheaper?

Truly2

At present I am awaiting a copy of the valuers report for the lender on my property. (It was 20K down).

As a female of 73 of course I am finding this stressful. However, I have considered various options and am keeping them all close to my chest! To reiterate, these valuations are for the Lender only and we must bare that in mind. They at all costs must protect their interests. In reality there are no two houses which are comparable to owners, but to a valuer(most of whom know how to read a website) its easy peasy.

I am trying to divert my attention away from the problem until I see the report.

Like a divorce there are no winners and that includes estate agents many of whom could well go under.

Truly2

Yes I do realise that but at least I would have an honest picture. I have used this surveyor in the past and they do not do valuations. This will be a proper survey and i am willing to spend the money. It is then mine to show to whom I like. I will be calling time soon if I do not have sight of this devaluation report. Is there a seller out there who has been in my position and has actually seen one of these reports?

I have a suspicion that most people just accept these verbally. Think twice before you do that.

Crashy_Time

Truly2 wrote: »

Sorry - could you enlarge on that comment.

What comment?