Nationwide Valuation Appeal.

Niklas33

Hi all.

I had a valuation done on a property i'm looking to buy 3 weeks ago, since then i have spoken to Nationwide who have advised me no appeal has been put in.
However my mortgage broker has said he has done it and is waiting on a response, i have used an estate agents in house broker.
He has advised me Nationwide are not doing valuations due to Coronavirus, and he will be in touch if and when he has an update.'
One party is telling me one thing and another is telling me something entirely different.
I have spoken to Nationwide multiple times they have said they don't always see the appeals...as it goes to the Appeals team? But is this the case? 

Please Help?! Any advice would be fantastic.

Thrugelmir

The Nationwide is a large organisation that'll be running at well under staff capacity. Likewise given the economic situation lenders will be extremely conservative at the moment in valuations put on property. Historic data may well mean very little. 

[Deleted User]

I agree ( again ) with Thrug. This would not be the time at all for me to be trying to persuade a building society to overvalue a property to match the price. If you really want it despite these uncertain times, Id be using my energy trying to persuade the seller to reduce the price 

Niklas33

Is it best for me to contact the Estate Agents and try to get the seller to move on the price? I feel i am stuck as the Broker has already appealed but heard nothing, and the estate agents are closed.

[Deleted User]

I defo would 
the property was already down valued 3 weeks ago and its got worse since then. 

At least you have the valuation price to waive around suggesting a reduction in price, rather than sort of guzundering. Seller can only say no but its worth a try ? 

Thrugelmir

Niklas33 said:

Is it best for me to contact the Estate Agents and try to get the seller to move on the price? I feel i am stuck as the Broker has already appealed but heard nothing, and the estate agents are closed.

How far adrift is the valuation to the offer you made? Did the surveyor provide any reason behind the value placed on the property? 

[Deleted User]

Niklas33 said:

There's a £15,000 difference and unfortunately Nationwide provided no information as to why it is only worth £60,000 and not the £75,000 asking price.

Wow thats a lot ! I mean £15,000 down here in London is negligible but for you thats 25% of the lower price - so a significant under value ! As Thrug said - any reasons for such a drop that you can think of ? High rise flat ? Short lease ? Over commercial premises ? Lots of work needed ? 

Niklas33

Nothing at all it's a 2 bed terrace house.

It needs updating but nothing else.

MovingForwards

https://forums.moneysavingexpert.com/discussion/6113157/nationwide-undervalued-property#latest

The the back story.

[Deleted User]

Niklas33 said:

Nothing at all it's a 2 bed terrace house.

It needs updating but nothing else.

Then my start point would definitely be the seller. 3 weeks ago is the start of the lockdown, and the surveyor may have already decided to factor that in ? Without seeing a copy of his valuation sheet its hard to second guess why the down valuation was made 

Niklas33

Having just spoken to Nationwide they've confirmed they have not received any Valuation Appeal from my broker at all.

What will be my next steps?