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What would cause a house to be undervalued by mortgage?

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  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Are you sure it is even worth 240k in the present climate?
  • natasha22
    natasha22 Posts: 54 Forumite
    Second Anniversary 10 Posts Name Dropper
    Thanks all really interesting comments.  The sellers are so insistant on the undervalued aspect, but i agree that its more likely to be somewhere in the middle. 

    I agree that id never want to pay more than what the bank was valuing it as! We'd also discussed the onward challenges of selling it if its chronically got that discrepancy.

    I just wondered if there was possibly something that the banks were picking up eg, based on the land etc.
  • RelievedSheff
    RelievedSheff Posts: 12,691 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    Valuers are being very cautious at the moment for obvious reasons. There will be a lot of down valuations at the moment because no one knows just what is going to happen with the housing market.
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