Property buying/selling timeline - currently into week 21
04/12/20: Both properties listed for sale
11/01/21: Offers
accepted on both sales & on our joint purchase
25/01/21: Identity checks completed, solicitors instructed
27/01/21: Purchase survey & valuation complete, mortgage offer
received
05/02/21: Reduction agreed on partner's sale (under-valuation) & on
purchase. Mortgage offer amended
08/02/21: Buyers pack returned to solicitor - sellers packs already returned
26/02/21:
Partner's sale contract signed
10/03/21: Purchase searches all back
16/03/21: My sale contract signed
28/03/21: Purchase enquiries satisfied, Title
Report & contracts issued, contracts signed & returned
11/05/21: Still waiting on final enquiry in the adjoining chain to be resolved. Consent to break the chain granted, instruction to move to exchange given.
17/05/21: All parties agreed to June 3rd for completion
27/05/21: Exchanged on my sale only
28/05/21: ALL EXCHANGED!
03/06/21: Completion
We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage valuation undervalued
Boneeeey
Posts: 9 Forumite
Hi all! In need of some help/advice my property is on the market for sale, had an offer which I have accepted, the buyers mortgage company did a valuation on it and has came back undervalued by 22k. Just really wanna know a few things if possible! Would my estate agent get back the report directly to him? Or would it just go to the buyer? I say this because it was my estate agent which told me about the undervalue and when I ask what the buyer has said to the valuation he told me that he hasn’t been in contact directly with him.
My estate agent has put an appeal in with valuation, but without the buyer asking for it to be done is this possible? Surely the bank would only deal with the buyer?
My estate agent has put an appeal in with valuation, but without the buyer asking for it to be done is this possible? Surely the bank would only deal with the buyer?
0
Comments
-
The bank would only deal with either the mortgage intermediary or the customer themselves if they are applying directly. Is it possible they are using a mortgage advisor through the estate agency? In any case, the likelihood of the valuation appeal being successful is slim unless the valuer has missed out something obvious.0
-
The EA just wants to keep you on their books IMO.0
-
I don’t think the buyer is using an advisor through the estate agent as it’s a local small company which doesn’t any have. It is very possible they missed the fact it’s a two bedroom flat and not a one. As it is a converted flat from a one bed to a two bedroom flat. Looking at rightmove and zoopla the price they valued it is the price a 1 bedroom goes for and not a two bed.0
-
I don’t think the buyer is using an advisor through the estate agent as it’s a local small company which doesn’t any have. It is very possible they missed the fact it’s a two bedroom flat and not a one. As it is a converted flat from a one bed to a two bedroom flat. Looking at rightmove and zoopla the price they valued it is the price a 1 bedroom goes for and not a two bed.
Seriously doubt that, they have just looked at the state of play in the wider market and valued it accordingly IMO.0 -
Was it Countrywide by any chance? They are well known for it and it happened to us. They under-valued our house by £10k, about 8%. Our EA tried to negotiate with them and they were having none of it. The lender refused to lend, our buyer refused to try another lender & surveyor, no-one could/wanted to stump up £10k so the deal fell through.
We're now back under offer, having reduced it by £5k to get a quick sale before we lost the house we are buying (and only because the vendor of that house reduced their price by £3k to help us). The valuation just came back ok today through Colleys/Halifax, which was a huge relief.
ETA the buyer could try challenge it, and so could the EA, but they're unlikely to listen to either. Either you reduce your price, the buyers find a different lender and get a new valuation or you find a new buyer and they get a new valuation - and hope the next one is ok.0 -
Don’t know who it was, all I know that the bank the buyer is going with is Bank of Ireland, so probably countrywide, I don’t even think I’ve ever seen a Bank of Ireland branch in England!? I’m waiting now to hear back from the appeal, from reading on here and online it is near impossible to get it overturned! I’ve reduced it for a quick sale already, if possible I don’t really want to reduce again by the amount of 22k. Hopefully the buyer will go which another lender or will need to find a new buyer ��0
-
What part of the country is your property? Property prices are stagnant or falling in most of the country with the exception of the HS2 rail route.
The valuation could be right especially if you speak to estate agents privately about the state of the market.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
0 -
Property is in Hemel Hempstead, most properties that come on the market that are similar to mine are selling pretty quickly. I even had a remortgage valuation done in January by nationwide and they valued it at 220k, prices haven’t dropped that much round here.0
-
Property is in Hemel Hempstead, most properties that come on the market that are similar to mine are selling pretty quickly. I even had a remortgage valuation done in January by nationwide and they valued it at 220k, prices haven’t dropped that much round here.
In that case then put it on the market and get what you think it is worth.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards