Mortgage valuation on property we selling

Supersy

Just had our EA on the phone and she said the buyer had just called and the lender has down valued our property by by £500 from £165,500 to £165,000..

Now non of is can get our heads around this, the buyer had said he'll pay the £500 but everyone finds it very strange to down value by such a low number, is this the norm?!

Surrey_EA

Supersy wrote: »

Just had our EA on the phone and she said the buyer had just called and the lender has down valued our property by by £500 from £165,500 to £160,000..

Either there's a typo, or the down-valuation is greater than £500.

Supersy

The person buying said he's had to call Nationwide to chase and thats what they have said on the phone, that its £165,000 not £165,500...

Very strange indeed! Similar properties have sold for more than ours and in much worse conditions.

I was here with the surveyor and he said that and i qoute "You'll have no issues with this one".

hazyjo

Supersy wrote: »

Just had our EA on the phone and she said the buyer had just called and the lender has down valued our property by by £500 from £165,500 to £160,000..

£165,500 to £160,000 is £5,500.

Surrey_EA

Your first post said £160,000, not £165,000.

I can't imagine why a down-valuation would only be £500, suspect it's a typo.

Supersy

Sorry i have amended the OP, Yes none of us get it!

Supersy

hazyjo wrote: »

£165,500 to £160,000 is £5,500.

Amended the OP.

Supersy

Who gives the value? I take it it's the surveyor?