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First time buyer - apartment undervalued by 60K
Dufferdexter
Posts: 1 Newbie
Hi
I am a first time buyer and had valuation done by esurv for the new built property I m in process of purchasing. Unfortunately property was undervalued by 60K £ which does seem quiet a big amount difference
I have had asked the builder to provide the evidence which they used to determine the asking price for the property plus documents which I will need to apply for valuation appeal but I m not sure even if with appeal property valuation will make up for the huge difference.
Any suggestions what step to take next ?
I am a first time buyer and had valuation done by esurv for the new built property I m in process of purchasing. Unfortunately property was undervalued by 60K £ which does seem quiet a big amount difference
I have had asked the builder to provide the evidence which they used to determine the asking price for the property plus documents which I will need to apply for valuation appeal but I m not sure even if with appeal property valuation will make up for the huge difference.
Any suggestions what step to take next ?
0
Comments
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Find a different apartment.0
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"Evidence used to determine the asking price"? You clearly thought it was worth that price... else you wouldn't have offered, right? What other evidence do you want?
Given that you and the developer both thought it worth that, then perhaps it's the surveyor who's off-whack?
What proportion of the agreed price IS £60k, anyway? 10% or less? 50% or more?
What LtV does it take your mortgage to?
Is HtB an issue?
Either way, unless you can negotiate a way to make the valuation and asking price agree closely enough to allow your lender to lend enough, then there is only one option available. Don't buy this flat.0 -
Lucky escape IMO. Wait til we "Hard Brexit" next week and ask them to knock 70k off the price maybe?0
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