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Mortgage valuation has under valued
Leard91
Posts: 47 Forumite
We have offered £268k for the house we are currently buying. NatWest have come back with a valuation of the house at £250k. We have spoken with the vendors and they are willing to go down to £260k, but not any lower.
Do we pay £10k over the valuation of the house? Or would we be fools to do so?
Any advice?
Do we pay £10k over the valuation of the house? Or would we be fools to do so?
Any advice?
0
Comments
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Did you find evidence to support a price of £260k?0
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The lender has not undervalued, the vendor/agent have overvalued. It's up to you whether to pay over this if it's the home you really want or continue negotiations. The vendor may be hard pushed to find another buyer this side of Christmas.Signature on holiday for two weeks0
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How unique is the house and how badly do you want it? I probably paid £5-10k over the odds on the house I'm in now, but to me it was totally worth it, because the plot was large and had a better shape than most in suburbia, and the location was a very rare combination of central and secluded. I was comfortable to accept the potential loss in order to secure this particular place. On the other hand, there have been houses I've bought in the past which suited me well but were very standard, where it would have annoyed me to pay more than I needed to.
In sum, only you can know whether it would be worth making up the difference.0 -
The problem is likely to exist even if you pull out.The next purchaser is more than likely going to get a similar valuation.
Simply its up to you how much you like the property and whether you are in a position to meet the vendor at the suggested offer amount.
Are you a fool to increase your offer....who knows like I said it boils down to how much you want the house....in S 38 T 2 F 50
out S 36 T 9 F 24 FF 4
2017-32 2018 -33 2019 -21 2020 -5 2021 -4 20220 -
Do we pay £10k over the valuation of the house? Or would we be fools to do so?
It all comes down to how much do you want the house? (and whether giving £10k cash affects your ability to get a mortgage.
It's not a lot in the grand scheme of things.
On my last purchase they overvalued it by 13.5k. I knew it was overpriced from the start but wanted it. Got them down to accepting 5k over.
Do whatever makes you happy. If you will fret over it for years to come do not. If you really like the house do it.
And yes if it is overvalued it may well get sold for less later but right now it is unlikely the vendors will move. And they will probably count you out if you came back when it was marketed for less.0 -
Bossypants wrote: »How unique is the house and how badly do you want it? I probably paid £5-10k over the odds on the house I'm in now, but to me it was totally worth it, because the plot was large and had a better shape than most in suburbia, and the location was a very rare combination of central and secluded. I was comfortable to accept the potential loss in order to secure this particular place. On the other hand, there have been houses I've bought in the past which suited me well but were very standard, where it would have annoyed me to pay more than I needed to.
In sum, only you can know whether it would be worth making up the difference.
We're kind of in a rush to move since we're being kicked out of our flat on December 7th. We both love the house, as much as the last house we were in the process of buying which we were willing to pay £273k for.0 -
If you are willing to pay the extra over the valuation and your mortgage figures still stack up then go ahead and do so.
Why regret losing the house that you want over £10k which let's face it in the scheme of things when buying a home is really very little.0 -
It hasn't been undervalued by the surveyor - it's been over valued by you and the vendors.0
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If you are happy paying that price then pay it. Its you that is going to live there not the surveyor.0
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To me it would depend also on how long you intended to keep the house.. if it was your forever home then 10k in the scheme of things could be worth it.. would you regret it if you did not get this house.
Or is the house a for now house you will likely sell in a few years as you take steps up the property ladder? If this is the case if it was me I would walk away.0
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