Mortgage valuation £20k lower than agreed price

Gwendo40

ACG wrote: »

I do not agree with that "if one surveyor values it at x so will another".

5-6 months ago we did a case with Nationwide which was downvalued by £10k, we then went to Natwest and it valued up fine.

I have no idea whether or not the value is correct and there is no harm in trying to work it to your advantage but you might find a buyer expecting x and being told it will be £20k less than x makes them think about their options (ie another buyer, not selling at all etc).

You say you don't agree that "if one surveyor values it at x so will another".

As a mortgage adviser how many mortgage applications a day do you have to deal with?

Yet you have to go back 6 months to illustrate one single example of a down valuation subsequently being up valued, so based on your figures you see 1-2 down valuations a year getting up valued... hardly a common occurrence is it?

ACG

Gwendo40 wrote: »

You say you don't agree that "if one surveyor values it at x so will another".

As a mortgage adviser how many mortgage applications a day do you have to deal with?

Yet you have to go back 6 months to illustrate one single example of a down valuation subsequently being up valued, so based on your figures you see 1-2 down valuations a year getting up valued... hardly a common occurrence is it?

That was the last down valuation we had. Every other property since then has been valued at the purchase price.

Gwendo40

Can i ask again how many mortgage applications a day you deal with?

Yet you claim you've only encountered one solitary down valuation in the last 6 months?
And that got quickly and easily up valued by a different lender?

ACG

I am sensing some sort of hostility from your posts and I can not see any reason why.

Very few down valuations is no reflection on me or my colleagues. Why would I "claim" something like that if it were not true.

konark

The surveyor is there to ensure the lender doesn't over-expose to the property, but this can be used to your advantage. In the absence of other evidence we may assume the true value of house is £320k.

Seller originally wanted £335k but you offered £340k. I assume you were told there was another bidder.

Use the new valuation to renegotiate price, seller will know that if he refuses to budge and seeks another buyer any future survey valuations will probably be similar and he'll be back to square one.

His Estate Agents will wish him to sell quickly so may advise him to take your lower offer.

Gwendo40

No hostility from me here ACG.

I do sense from you an unwillingness or inability to answer a perfectly reasonable and simple question, which, given your claimed status as a mortgage adviser, here to supposedly offer impartial guidance and advice, you should be more than happy to do so.

AdrianC

Crashy_Time wrote: »

Really? Would have thought most of the regulars on here were glued to NW house price data

There's only one poster who's fixated on property values... They're easily identified, too, by their user name, which implies some kind of monomania.

Crashy_Time

AdrianC wrote: »

There's only one poster who's fixated on property values... They're easily identified, too, by their user name, which implies some kind of monomania.

:rotfl: Come on, there are posters here who spend all their time bumping any discussion of house prices off the first page, it is going to get harder to do that soon, they will need to get up quite early.......:)

AdrianC

I think you're getting confused with the "house price debate" board. That's full of fruitloops and conspiracy theorists - like you.

This is the "house buying/selling/renting" board, which mostly contains grown-ups.

ashe

AdrianC wrote: »

I think you're getting confused with the "house price debate" board. That's full of fruitloops and conspiracy theorists - like you.

This is the "house buying/selling/renting" board, which mostly contains grown-ups.

Not to mention people ACTUALLY buying and selling houses, not just commenting on every thread with your doom and gloom 'opinion' over a several year period in the hope it will eventually be correct.