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Mistake on property valuation
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As it's a new build. Are you receiving any incentives. In cash or in kind.
The surveyor will work under the instructions of the lender. If the lender wishes to be cautious in the current market then this be relayed.0 -
Has anyone considered that is was valued as a semi detached and then someone made an error typing up the report and put terraced instead of semi?
This is what I was assuming as well, it's literally just a clerical error, it's not like the surveyor has genuinely mistaken a terraced house for a semi surely!0 -
This is what I was assuming as well, it's literally just a clerical error, it's not like the surveyor has genuinely mistaken a terraced house for a semi surely!
On the basis I see a lot of HA new build plans, I'm wondering if the house isn't in a block of houses - say three for example - and the OP's proposed house is the end house.
He & the HA are calling it a semi detached whilst the valuer are calling it a terraced (or perhaps strictly speaking an end of terraced) house - hence the down valuation?0 -
barbiedoll wrote: »I don't think that 25k is "beyond cautious". My sister offered 275k on a house for sale at 281k. When the valuation came in at 250k, she thought all hope was lost. Luckily, she was dealing with a sensible vendor who dropped the price accordingly. This is just outside London and prices are stagnating and/or dropping everywhere. (Don't tell Crashy I said that!)
You could try another lender but the HA may eventually have to suck it up if the same thing happens again. If it's not worth 300k, they'll have a hard time selling for that. Which is good news for you!
Crashy already know this, but thanks for your support
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