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Property valuation 7% lower than accepted offer

2

Comments

  • RonSwanson
    RonSwanson Posts: 21 Forumite
    10 Posts Second Anniversary
    Sorry, I should have specified my location. I'm in the North West, just outside a big city. Looks like the general consensus here is I should negotiate for a lower price. I was happy to pay my original offer but if I can haggle them down a few thousand I'd be happy.
    eddddy wrote: »
    Your mortgage lender will lend less on a property that they've valued at £130k than one they've valued at £140k. If the seller won't budge on price, can you still afford the property?
    Is this still an issue if the bank said they would lend me a maximum of 220k?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    RonSwanson wrote: »
    Is this still an issue if the bank said they would lend me a maximum of 220k?
    Yes, that's based on your affordability. They still need the property to provide adequate security, and assess that on the lower of the valuation and the price you've paid.
  • EconomicsGirl
    EconomicsGirl Posts: 313 Forumite
    I would initially go back to the EA and say flat has been valued at 130k and show survey report and ask to reduce your offer to 130k. You need to decide whether if they don't agree you are prepared to pay 10k more than the flat is worth, I wouldn't and I would also do more research into sold prices before offering on another one to avoid the same thing happening again.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    _CC_ wrote: »
    "London is the only region where house prices are falling and experts still forecast a correction rather than a crash."


    Is the OP's £130k flat in London I wonder?


    Wonder why they down-valued it if it isn`t? Shocking mistake...
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    edited 30 June 2018 at 8:38PM
    _CC_ wrote: »
    CrashyClown linked to an article primarily about London properties so maybe he knows something about the OP's location which we don't.
    the idea that Crashy Clown "knows" anything about anything has me :rotfl::rotfl::rotfl:
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    00ec25 wrote: »
    the idea that Crashy Clown "knows" anything about anything has me :rotfl::rotfl::rotfl:


    See you edited the laughter, not so funny as you first thought?
    :rotfl:Bet the would be seller isn`t laughing :)
  • quantumlobster
    quantumlobster Posts: 510 Forumite
    Seventh Anniversary Combo Breaker
    Crashy_Time wrote: »
    https://www.homesandproperty.co.uk/property-news/london-house-prices-falling-at-fastest-rate-in-almost-a-decade-but-theyre-still-50-per-cent-higher-a121716.html
    Yes and? How does that help the OP?

    OP, it's no help now :) but if I am buying a property (and not paying cash), I am reluctant to make an offer before I have a clear understanding of my prospective lender's view on it.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    quantumlobster wrote: »
    Yes and? How does that help the OP?

    OP, it's no help now :) but if I am buying a property (and not paying cash), I am reluctant to make an offer before I have a clear understanding of my prospective lender's view on it.


    It helps to show that the price trend/chance of a sale is down, the OP needs to step back and know that his house will get cheaper, so no need to worry about "down-valuations", sellers will come round to this eventually, especially when rates rise.
  • _CC_
    _CC_ Posts: 362 Forumite
    Crashy_Time wrote: »
    It helps to show that the price trend/chance of a sale is down, the OP needs to step back and know that his house will get cheaper, so no need to worry about "down-valuations", sellers will come round to this eventually, especially when rates rise.


    No, if you read your own link it shows prices in the North West, where the OP is from, are up annually 3.2% in the last quarter.


    Trashy making things up, again.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    _CC_ wrote: »
    No, if you read your own link it shows prices in the North West, where the OP is from, are up annually 3.2% in the last quarter.


    Trashy making things up, again.


    So prices up, valuations and sales down...wonder what will give first :)


    https://www.bbc.co.uk/news/business-44681564


    Agents maybe? :rotfl:
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