Down Value of my property

alt80

The buyer's broker can challenge the valuation if they have sufficient new comparable evidence. Don't expect the valuer to change their mind but they will have to justify why they chose the comps they did and why the new evidence is not suitable.
[Chartered Surveyor / Valuer]

LitBill

I’ve just posted a thread with a similar story.

The frustration is that the lender aren’t accepting a challenge on their valuation.

Feels as though perhaps there’s a case to suggest that estate agents are over valuing property at the moment.

MWT

From this, and a few other anecdotal reports, it does seem that the lenders are starting to anticipate a downturn in the economy which will affect valuations even if buyers are keen to compete for the available property at higher prices. 

... but in general, a lack of comparable recent sales causing 'low' valuations isn't a new problem, it just feels worse right now I suspect because the 'boom' is coming on the heels of a period of very low volume limiting the pool of recent comparable sales.

davidmcn

LitBill said:

Feels as though perhaps there’s a case to suggest that estate agents are over valuing property at the moment.

There's no "at the moment" about it, they always overvalue property!

Thrugelmir

LitBill said:

Feels as though perhaps there’s a case to suggest that estate agents are over valuing property at the moment.

Valuation of property is always subjective. Current valuations will be making allowance for the dark clouds on the horizon.