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HSBC mortgage undervalued house
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rococomaiden
Posts: 50 Forumite
We had an offer accepted on a house for £325K.
HSBC have now valued the property (apparently they have sent someone round in person) and they have valued it at £290K and would require 3 valuations that say otherwise to budge.
What are our options besides going back to the estate agents to ask the buyer to accept a lower offer?
This is really heartbreaking as after making offers on 6 different places we finally had one accepted.
HSBC have now valued the property (apparently they have sent someone round in person) and they have valued it at £290K and would require 3 valuations that say otherwise to budge.
What are our options besides going back to the estate agents to ask the buyer to accept a lower offer?
This is really heartbreaking as after making offers on 6 different places we finally had one accepted.
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Comments
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You may need to find more cash for your deposit - what is your LTV on the mortgage offer?0
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We have a 10% deposit but simply can't cover an extra £35k.0
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What makes you think they have undervalued it rather than you and seller overvaluing it?0
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What are the comparables?
Recent (last 120 days) sold prices of similar property in the vicinity (0.5 miles or less)?
https://www.rightmove.co.uk/house-prices.htmlI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
rococomaiden wrote: »We have a 10% deposit but simply can't cover an extra £35k.
You will need to get a reduction or pull out. Property is probably overpriced.0 -
This is in Bristol where house prices are continuing to rise and other properties we have offered on have had 10+ bids (we lost 4 bidding wars even though we offered 10k above the asking value).
The carpet needs stripping and walls need painting, but the price was lower than a similar house sold recently.0 -
In that sort of market you need more cash (or to be looking at cheaper properties). Valuers will only go on proven comparables, not hearsay about prices agreed for transactions which haven't yet completed.rococomaiden wrote: »This is in Bristol where house prices are continuing to rise and other properties we have offered on have had 10+ bids (we lost 4 bidding wars even though we offered 10k above the asking value).0 -
The problem is that after another year of saving, the house prices will have increased to match
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Don't put more cash in. You will lose it overnight. Greedy greedy sellers.0
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Just tell the seller you don't want to pay more than what it's worth.0
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