Is having your property down valued by the lender common at the moment?

Firsttimebuyer29

Just had an offer accepted, which we were over the moon about. Then a colleague at work mentioned that we should be careful of having our property down valued by our lender and potentially having to find a lump sum of cash (which we definitely don't have).

The property market is hot where we've bought, with houses going as quickly as overnight. Houses seem to come on the market and go off very quickly. I'm not sure how many houses go for on or above asking, but we were beaten out of another property recently despite offering £10k above asking.

We've had an offer of £239,950 acceptor our house, and

Firsttimebuyer29

Apologies, I pressed post too soon!

We had an offer of £239,950 accepted on our house, which is asking price, and looking at some of the properties sold nearby using Zoopla, mouseprices and other online tools, I can see that the last property to sell on that street went for a lot less in 2017.

I'm a very anxious first time buyer, and was just wondering how common it is to have your house downvalued by your lender these days?

Any help or advice would be greatly appreciated.

kingstreet

No. Not particularly.

Firsttimebuyer29

kingstreet wrote: »

No. Not particularly.

Thanks for your reply. Can I ask for more information? Are you speaking from experience? Thanks

kingstreet

Yeah.

About thirty mortgage and remortgage applications a month.

One in the last three months, IIRC.

Firsttimebuyer29

kingstreet wrote: »

Yeah.

About thirty mortgage and remortgage applications a month.

One in the last three months, IIRC.

Thank you so much. You may have just saved me from grey hair! I was so excited that my offer had been accepted, and as soon as my colleague mentioned that the property might be down valued (probably because we went straight in at asking price, due to how much we loved the property), all that excitement was replaced with anxiety.

I thought I'd ask on here as I didn't want to ask the EA how often they deal with under valuations as I was worried they might take offence as they valued the house in the first place!

Thanks again

ScottishSaver14

Having had an offer accepted on Monday, I can sympathise with the 'colleague at work offering helpful advice' syndrome. It's almost a bit like how everyone nags newly married people about babies, then when the woman becomes pregnant, instantly laments about how awful it will be haha.

Sometimes I feel there is an instant need in some people to lower your expec

ScottishSaver14

Having had an offer accepted in a similar situation on Monday, I can sympathise with 'helpful colleague at work' syndrome that puts the fear of God in you.

I feel like it's a bit like how some people nag newly married people about babies then lament about how awful parenthood is the moment they get pregnant.

Even though I know there is a chance something could go bits up, I choose to believe for my own sanity (and my broker's) that things are much more likely to go right.

It will be fine! You got this and congratulations on your new house!!

ScottishSaver14

***sorry I thought I'd deleted the original comment accidentally....doh!