New Build Valuation fine but Resale Value less than Half!

Niallmcg0wan

Accepted with barclays for a new build house priced at 145k.

Valuation carried out and they see the value as 145k but.. they have stated the resale value is ONLY 75K!!

Property is Semi-Detached 3 bed 2 bathroom 2 receptions, potential for garage build in future etc. Good upcoming area where the house prices are gradually rising.

I have appealed obviously as I assume this must be a mistake? Has anyone had this experience before?

Other houses in the development have been valued and mortgage gone through no problem as I personally know the poeple that are buying the house.

Thanks

kuratowski

This could be a silly question, but you're not confusing the resale value with the rebuild cost, are you?

Niallmcg0wan

No it is definitely the resale value, as in if I were to sell the house again in 2 years it would only be worth 75k!


Has to be an error I am hoping but you just never know?

foxy-stoat

They wont lend if they think the property will be worth half its purchase price when new.....What make is their crystal ball they are using?

Niallmcg0wan

Thats what they have said they arent lending because of this.. the appeal is lodged so as soon as they see this Im hoping they realise instantly its a mistake from the valuer.