Valuation Issues

Thrugelmir

Tightaz wrote: »

Such a shame really. I do feel that the valuation is a bit unfair to be honest.

Property has to be adequate security for the money being advanced by the lender. It's their money at risk not yours. Hence the conservative valuation.

hb2

If you think the valuation is too low, can find the extra money yourself, don't want to sell in next few years and believe it is worth the risk, then that is up to you. Otherwise, it will be negotiate a lower price, find another lender who use a different valuer (and hope for higher valuation) or start looking elsewhere.

Crashy_Time

Tightaz wrote: »

I’m happy to lower the offer but I’m not sure if the vendor will entertain that idea. How do I sell it to them? There were other interested parties at the viewing.

I guess another question is what % over the bank valuation is not an absurd amount?

How do you know if their lender hasn`t also "downvalued" the property? The bank/valuer are probably doing you a favour here IMO, sellers who really need to sell usually come around to reality in the end.

Crashy_Time

G_M said:

As slithery says. But to add.... how long do you plan to live there? If this is a long term family home, then future sale price/issues really don't figure.


If you plan to move again in 12 months, then purchase/sale price is more of an issue.

They do if you suddenly find that your plans have changed.......don`t overpay/borrow (well the bank obviously won`t let you do that anyway)