Nationwide Undervalued Property

Niklas33

Hi.
I'm a FTB i have put an offer in for a property for £75,000.
Nationwide have gone out to value it they've come back with a valuation of £60,000 my mortgage broker is appealing it as in his words it is 'ridiculous' i have been told there's nothing i can do except wait...but i am so worried! please can anybody provide any advice or what to expect in the coming days?

mwarby

I think all you can really do is wait and see what your broker can get from Nationwide. You could get your own valuation done, It's possible the surveyor noticed some worrying signs and in fact the property isnt worth £75k in its present condition.

Niklas33

I don't think the vendor will negotiate at all on the price if nothing is done will it just fall through?

Thrugelmir

On what basis has your broker expressed that opinion. One assumes that they haven't inspected the property first hand. 

Niklas33

He sent me an email stating that they've had the response from Nationwide and it is at that price and not 75,000.

I did try to offer £70,000 initially on the property but was told he wouldn't accept anything but £75,000.

mwarby

A seller being attached to a price doesn't make the property worth that. Perhaps the seller purchased it during the last bubble and wants to make sure they get what they paid, it still doesn't make it worth £75k

Niklas33

Is it worth negotiating? Or waiting to hear back from my MB.

Carl2510

Offer 60K and see what he says if he won’t budge then walk away if you really want it, get as low as you can and produce the shortfall needed, or get a different survey

amnblog

Another way of looking at it is that the Nationwide valuer is trying to stop you overpaying for the property by £15,000. Meanwhile your Broker is attempting to enable you to do so.
See if the vendors will take £60,000, if not, move on. 

MovingForwards

The other option is take the £60k mortgage offer and add another £15k of your own money, if you still honestly want to buy the property, knowing it's not worth what you have paid for it.

davidmcn

What makes you think the property is worth £75k?