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Valuation less than offer
Comments
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Another option is to find another mortgage provider that will use a different valuer and hope they value it closer to what you are wanting to buy it for. It's a gamble though and more expense to think of.
We are waiting for the house we are buying to be valued and the house we are selling to be valued and I'm convinced both will be down valued by the valuers, It's very stressful.
Why......?0 -
Crashy_Time wrote: »Why......?
Probably because prices are falling for the first time in 8 years xx0 -
bob_bank_spanker wrote: »Probably because prices are falling for the first time in 8 years xx
I meant why is he stressed about this.0 -
Crashy_Time wrote: »I meant why is he stressed about this.
Oh I though you meant why is he worried it will be down valued xx0 -
bob_bank_spanker wrote: »Oh I though you meant why is he worried it will be down valued xx
They are probably worried that the seller will wriggle a bit about dropping 9k off "The Price" and just be a general PITA. Fair enough I suppose.....:rotfl: Interest rates up is the only thing that will cure this painfully slow train wreck of a housing market IMO.0 -
SHE is worried because it's stressful trying to negotiate with the vendor and trying to get them to drop the price. When you are getting a mortgage and are likely to need to drop down to the next Ltv bracket if they won't budge enough, or even back out all together and lose the house you love if the figures don't work.
Also on the other side of things having to wait to see if the house you are selling will be valued less than you have sold it for. Meaning you could have even less of a deposit to put down, which could cause problems with the mortgage application.
What's not stressful about that?0 -
OP, you state that the previous seller pulled out for financial reasons. Do you know this wasn't the exact same reason? The house isn't worth what was stated? Therefore they couldn't afford the price with the new valuation.Anything I say in no way constitutes financial advice and anything you do is your own decision.0
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