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Mortgage valuations

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twink1108
twink1108 Posts: 97 Forumite
in House buying, renting & selling
Can anyone advise me on the normal turnaround for a mortgage valuation?

We're buying a new build and had our valuation back within about 2 weeks of placing our deposit. The house was downvalued by 40k so we are awaiting valuations of the people who put their deposits down (same style houses) on the same day back in march. Apparently no others have come back yet but I find this strange!!

Also wondering what the likelihood of another mortgage lenders valuation being significantly different to ours might be?

Thank you.

Comments

  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    newbuilds are normally over priced, you can try and negotiate with the developer or use a different lender but no guarantees regarding valuation
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    40k is a tasty discount, how much were they asking for the house?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    csgohan4 wrote: »
    newbuilds are normally over priced, you can try and negotiate with the developer or use a different lender but no guarantees regarding valuation


    Looks like the over-pricing mechanism has failed on this one?
This discussion has been closed.
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