Undervalued Property

Carrot007

Gidged500 wrote: »

I have no idea , unless they havnt taken into consideration the sellers are leaving items in the house
Eg : fridge , freezer , cooker , dishwasher , dryer , washing machine

They would not, they do not add to the value of the house. If the sellers were leaving them then they are as such worth nothing. If they added a price on top they are not leaving them for you but a re charging and it would not be part of the mortgage.

eddddy

Gidged500 wrote: »

We get our own valuation on the house carried out incase this company have vastly undervalued the house at ?

You can if you want - but that won't make your mortgage lender change their mind.

Whatever your valuation says, your mortgage lender will say the house is only worth £214k and they will only lend you £192.6k

BoGoF

Post a link to the property.

Have you checked out recent sales in the area?

lees80

The banks valuation will be what they see the house to be worth. Absolutely no point in you paying for anything else.

The only real (sensible) option you have is to go back to the Estate Agent with the valuation figure and ask the sellers to lower the price. If the seller won't drop, walk away.

[Deleted User]

How could you consider the second hand white goods could account for a £50k value difference? My first thought would be that the vendors have overvalued it. I wouldn't think of organising and paying for another expensive survey until I knew the vendors were prepared to negotiate. Very prepared - unless you want to throw away the money of course.

Compare the house to other similar sold houses in the area in recent months. How do the prices compare?

[Deleted User]

That is a significant undervalue for a 2003 house as its way past the new buyers premium drop. Can you post a link as we can look at past sales in the area, market info etc
The only way a mortgage co will change their mind ( rare) is on comparable recently sold properties, which presumably the valuer would have looked at when he did his valuation
Dont waste any more money getting any more surveys done at this stage

pinkshoes

All you can do is take the valuation to the EA and put your best offer forward.

You cannot offer higher as it is you that needs to make up the short fall, not the lender.

You could ask who the owner's mortgage is with?

A_Nice_Englishman

I'd offer £214k and if that is not accepted walk away.

If the estate agent can get £250k for the property from another buyer in a better financial position than you then fair play to him. If he can't you'll probably get a phone call in a few weeks time and be on the front foot in negotiating a price you can afford. That's unless you've found a property you prefer in the meantime, of course.

Mutton_Geoff

Search this forum for "undervalued". A post like yours appears almost every other day. The house has not been undervalued by a surveyor, it's been overpriced by the vendor and his agent.


Estate agents are employed by the vendor to maximise their return on their house. And the agents to maximise their fees. Valuers and surveyors are professionals who view property in the cold light of day and pull people back to normality.


You now have a professional opinion on the value. Time to go back to the agent with your revised offer.

Crashy_Time

Gidged500 wrote: »

Ah sorry yes I did misunderstand.

We havnt got 57.4k only 30k

What’s our best next step ? Get a homebuyers report and see what that valuation comes back at. Then if it’s less try and negotiate with the seller ?

Tell the seller it is price drop time or you will walk away, the bank are probably doing you a big favour here.