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.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.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
Downvaluation & EAs recommendation

MaybeMax
Posts: 5 Forumite
Hi
I'm a first time buyer, buying by myself and have seen a property I really like.
It was listed for £180,000, and bidding is now at £210,000.
Estate agent has mentioned that the seller is realistic in their expectation, and both the seller and the EA expects a valuation to come in around £190,000, and strangely, off the bat confirmed that if it was valued at £190,000 then the sellers would be happy (as its above the 180 they expected) would be sold for that price with perhaps a couple of £000's thrown in.
Obviously that's good news for me, if I get accepted (paying only the valuation amount), and if it was valued much lower than the bid, and the seller wouldn't reduce, I would naturally have to back out as it would kill my LTV.
My question is, in advance of a bank valuation, does it not seem strange that I've already been told this property is certain to be downvalued, and that is the price I'd pay - rather than me/other bidders max bid?
Apologies for the lack of structure in my query, and I appreciate that everyone will be thinking "why has it been bid up so high above the expected valuation".
Thanks
Max
I'm a first time buyer, buying by myself and have seen a property I really like.
It was listed for £180,000, and bidding is now at £210,000.
Estate agent has mentioned that the seller is realistic in their expectation, and both the seller and the EA expects a valuation to come in around £190,000, and strangely, off the bat confirmed that if it was valued at £190,000 then the sellers would be happy (as its above the 180 they expected) would be sold for that price with perhaps a couple of £000's thrown in.
Obviously that's good news for me, if I get accepted (paying only the valuation amount), and if it was valued much lower than the bid, and the seller wouldn't reduce, I would naturally have to back out as it would kill my LTV.
My question is, in advance of a bank valuation, does it not seem strange that I've already been told this property is certain to be downvalued, and that is the price I'd pay - rather than me/other bidders max bid?
Apologies for the lack of structure in my query, and I appreciate that everyone will be thinking "why has it been bid up so high above the expected valuation".
Thanks
Max
0
Comments
-
Get the valuation first, before you make any emotional connections to a certain price level, chances are that the seller is unrealistic in their price expectations.0
-
Surely you won't have a valuation until you actually agree to buy it and start the process and your lender (presuming there is one) values it?
Why have they allowed bidding to continue? That makes no sense. The vendors should have accepted £190k ish if that's what they're happy with.
I agree it's likely to be downvalued. Wonder why it was valued so low in the first place. Was it on at 'offers in excess of'?2024 wins: *must start comping again!*0 -
Yes it does seem strange. But if its correct, why do you think you are in the running compared to those who might have more cash to make up the difference, or even all cash ?
The EA might just be keeping you in the bidding to encourage some other more cash rich buyers to pay over valuation. You are a nice underpin at AP, keeping them higher.0 -
What a horrible waste of everyone's time.0
-
Perhaps the house was down-valued before? I would ask if the seller accepted any offers before and if so whats happened.0
-
Hi
I'm a first time buyer, buying by myself and have seen a property I really like.
It was listed for £180,000, and bidding is now at £210,000.
That is quite a specific turn of phrase, it isn't one of those modern auctions is it? In which case be very careful they often come with a substantial non-refundable fee.0 -
Hi
Re: Q1/2 - Correct, I have no valuation yet. The estate agent said it's not valued at the current bids (they're too high). Before I proceed with the mortgage process (including firstly requesting a valuation will per the EA will trigger a downvaluation + renegotiation) I need to first get sale agreed.
Agree it has been a painful waste of time.
Not an actual auction, just back and forward between 1 other bidder, EA won't say anything other than they're in similar position to me (chain free / 10% deposit approx)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.5K Spending & Discounts
- 241K Work, Benefits & Business
- 617.4K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards