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Valuation tomorrow
Stiglet
Posts: 7 Forumite
I'm in a real tizzy. We have a bog standard valuation being conducted on our property tomorrow. It went on the market and sold in little over 24 hours for full asking price. I'm now worried they will undervalue it as we are banking on this to get our next property. Am I being silly?
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Comments
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Make sure you are in - you should make sure you are available to answer his questions.
Make sure its clean and tidy.
Be nice to the surveyor- have tea coffee and biscuits at the ready0 -
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I agree, but that just leaves all of us guessing whether or not it's priced correctly.
My point is that none of us can possibly know the answer.0 -
bog standard valuationSmashedAvacado wrote: »Make sure you are in - you should make sure you are available to answer his questions.
Make sure its clean and tidy.
Be nice to the surveyor- have tea coffee and biscuits at the ready
"Bog standard valuation" is the lender just checking there is adequate security for their loan. I wouldn't even put the kettle on, the surveyor might not even be there 5 minutes.Signature on holiday for two weeks0 -
I'm in a real tizzy. We have a bog standard valuation being conducted on our property tomorrow. It went on the market and sold in little over 24 hours for full asking price. I'm now worried they will undervalue it as we are banking on this to get our next property. Am I being silly?
Anxiety is not silly, but it is mentally and physically destructive.
Do some distracting activity preferably involving movement and music.
Brisk walk listening to relaxing classical music or Spring cleaning with singalong radio cranked up or go to a group exercise class at the gym or watch all the YouTube clips that make you laugh like a drain.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Sorry like I say I'm just getting tizzed up because there's lots riding on it. We also had another offer over but that to may not be relevant. Anyway am I correct in thinking that as long as the value covers what's borrowed after deposit then it will all be ok? I may have not explained myself very well. So if we sold for 200,000 and their deposit is 50,000 the valuation would have to come in at 150,000?0
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No, it would have to be more because the lender uses the lower of their valuation and the agreed price, and there are (almost) no 100% mortgages around these days. And if it's valued at £150k are they likely to want to pay you £200k anyway?So if we sold for 200,000 and their deposit is 50,000 the valuation would have to come in at 150,000?0 -
Sorry like I say I'm just getting tizzed up because there's lots riding on it. We also had another offer over but that to may not be relevant. Anyway am I correct in thinking that as long as the value covers what's borrowed after deposit then it will all be ok? I may have not explained myself very well. So if we sold for 200,000 and their deposit is 50,000 the valuation would have to come in at 150,000?
No, if the lender valued it at 150k and loaned 150k, then in their opinion they are giving a 100% mortgage. Lenders like to give lower LTV mortgages so that if the borrower fails to pay, they have some room to cover a few missed payments, repossession costs, decrease in property value etc before the lender can actually recover LESS than the loan.
The lender will only offer a more attractive interest rate or loan to people less able to afford it IF the LTV is low enough. eg if the buyers have applied for a mortgage product / rate for a max 75% LTV, then the lender will only agree if the valuation is at least 200k.0 -
Oh yes! I see now. I've got my knickers in a right old twist. FC then that they will value it at its asking price then. Good job you can't see me I feel so stupid��0
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