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Valuation come back lower HSBC

jurgen19
Posts: 80 Forumite

Hi, we had an offer accepted on a property and had our mortgage application agreed subject to valuation. HSBC have come back to me today with a valuation £10000 lower than our offer. I’m absolutely gutted as I cannot see the vendor dropping the price by £10000 as we already got it £5000 lower than the asking price. Has anyone had the same experience? Is there anything we can do to change the decision?
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Either renegotiate the price or makeup the shortfall.2
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You either need to get the vendor to accept a lower offer or add the extra funds yourself or a combination of the two.1
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I’ve cRelievedSheff said:You either need to get the vendor to accept a lower offer or add the extra funds yourself or a combination of the two.0
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RelievedSheff said:You either need to get the vendor to accept a lower offer or add the extra funds yourself or a combination of the two.0
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Remember that the estate agent works for the vendor. Not you. So, dont give them any impression you can afford to pay the difference and make them think you will pull out if the purchase price is not reduced.
Estate agents generally value around 10-15% higher than the price they expect to accept. So, how does your offer compare with the asking price?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2 -
dunstonh said:Remember that the estate agent works for the vendor. Not you. So, dont give them any impression you can afford to pay the difference and make them think you will pull out if the purchase price is not reduced.
Estate agents generally value around 10-15% higher than the price they expect to accept. So, how does your offer compare with the asking price?0 -
Your vendor maybe renegotiating the price of their onward purchase.1
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Thrugelmir said:Your vendor maybe renegotiating the price of their onward purchase.0
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I can also join this club.
Our valuation has come up £30k short of asking price from HSBC today and HSBC want us to amend LTV accordingly. I nearly fell over when my broker told me. Personally, I think this drop reflects a 10% drop in house prices.
Waiting for EA to get back to us as we've asked if the vendor is willing to meet in the middle. Probably, not... but we're certainly not going to pay what we originally offered now.1 -
Oh no! Hope you get a new price agreed with the seller. Seemingly lots of downvaluation going on at the moment 😕1
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