PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Lender has disregarded RICS valuation

13

Comments

  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 5 May 2020 at 7:39AM
    OP, your buyer is in a strong position to get 10 k knocked off. if you decline, then remarket it and move on

    You won't be able to convince the buyer's lender as you are not the buyer, in fact it is in the buyer's interest to get a lower value to save money
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Ftb2019_3
    Ftb2019_3 Posts: 22 Forumite
    Fourth Anniversary 10 Posts
    We had an offer accepted on a property before lockdown which was just over asking price. We are obviously concerned about prices falling but have a strong 35-40% deposit.  Would we see what the mortgage valuation came out at or would it just be signed off due to our decent sized deposit?
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    Ftb2019_3 said:
    We had an offer accepted on a property before lockdown which was just over asking price. We are obviously concerned about prices falling but have a strong 35-40% deposit.  Would we see what the mortgage valuation came out at or would it just be signed off due to our decent sized deposit?
    You'd see the valuation, but you can just get your own if you want to. 

    Prices havent fallen yet.
  • blue_max_3
    blue_max_3 Posts: 1,194 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Comms69 said:

    You'd see the valuation, but you can just get your own if you want to. 

    Prices havent fallen yet.
    The OP's problem seems to suggest otherwise.
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    blue_max_3 said:
    Comms69 said:

    You'd see the valuation, but you can just get your own if you want to. 

    Prices havent fallen yet.
    The OP's problem seems to suggest otherwise.
    The OPs problem is a difference in valuation, as opposed to a market crash. Which i guess is what i shoudlve said
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    blue_max_3 said:
    Comms69 said:

    You'd see the valuation, but you can just get your own if you want to. 

    Prices havent fallen yet.
    The OP's problem seems to suggest otherwise.
    Without knowing the numbers involved, a difference of £10k could easily be within the normal margin of error.
  • blue_max_3
    blue_max_3 Posts: 1,194 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    This is obviously early days. But the signs of a softening are there. The lenders can have an influence on prices and indeed are by making it harder to borrow. 
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What % is the 10k reduction?  
  • yvmilne
    yvmilne Posts: 30 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    The house was down valued from 320  to 310
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    yvmilne said:
    The house was down valued from 320  to 310
    Ok, so say £315k +/- 1.6%. Usual margin of error is +/- 5%, so it's within the scope of "normal" difference of opinion between surveyors, doesn't necessarily prove the value is falling.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.6K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.9K Spending & Discounts
  • 244.5K Work, Benefits & Business
  • 599.8K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture