Property significantly down valued, what now?

Crashy_Time

AnotherJoe wrote: »

I think you should be worried that you may be paying far more for this than you need.
Tell the seller about the valuation and dont buy unless they drop the price.

Good advice.

Crashy_Time

Chemical_Grrl wrote: »

Hi all

I appreciate your replies, however shared ownership is very different to a conventional sale, you don’t make an offer for the property, the price is set from the RICS valuation that the seller gets done at the start of the process, you then get selected for the property by the housing association based on first come first serve basis and having an assessment completed by an IFA. The previous buyer didn’t proceed because her deposit was dependant on the sale of an inherited property and that sale fell through so the seller chose to not go with that buyer because she wanted to proceed quickly, she already has a property she wants to move to, whilst I agree that valuations can vary I think the original valuation was too high and the lenders valuation is low, it doesn’t make sense for the property to be worth less than it was three years ago when property values have increased in that time although I get that it’s based on a number of factors, at the end of the day this is frustrating because we are now stuck, the seller has said she won’t sell at a loss so really don’t know what to do, I guess we are going to lose the property

It does, a lot has changed in three years.