Valuation come back £50k less

sz1517

Anyone experienced the valuation coming back so much less than what we’ve had our offer accepted for? I have asked the estate agent to find comparable properties so I can prove to the mortgage broker it is worth what I’m paying but looking into it I’m not sure I can. I would have guessed maybe £10k less but not £50k. Could go either way I guess but wondering other people’s experiences please? Thanks.

[Deleted User]

Valuation appeals dont work unless the valuer went to the wrong property.  Or was given the wrong purchase price.  

If they went to the right place, and knew how much you offered then there is zero chance of a valuation appeal working. 
 

dunstonh

Anyone experienced the valuation coming back so much less than what we’ve had our offer accepted for?

£50k a  lot on a £200k property buts its not on a £500,000 property.    

What was the property up for sale for?

What was the amount of the offer was accepted?

What is the valuer figure?

Estate agents tend to price properties around 10-15% higher than they expect to sell them for.    So, if you had a property that was being marketed at £500k  and you didnt haggle it down and offered £500k then that could explain the £50k difference as you are basically overpaying.

[Deleted User]

Is this HSBC ? 

ElizabethRose

I think more information is required. £50k down Valuation on a £200k property is 25% but on a £500k property only 10%. Also is there reasons for this highlighted in the survey?

Like others have said you're unlikely to get this changed so you need to look at your options regards a higher ltv or renegotiating the price with the vendor. 

davidmcn

Didn't you look at the prices of comparable properties before offering?

sz1517

Thanks all. Property purchase price £477,750 and it’s been valued at £430,000. No other properties have sold in the road for a long time. One last year for £465k which has been extended and in better condition.

Think we will have to start looking again 🤦🏻‍♀️

Yes it’s HSBC. 

Thrugelmir

Surveyors take into an account a far wider area than just the road itsel also recent agreed selling prices. Land Registry data has a considerable time lag. 

mortgagetakingages

You could just go to the seller and offer less... i would actually relish the chance to save money on a mortgage like this! What's more compelling than an independent evaluation saying the price is too high. 

MWT

Other potential buyers needing a mortgage are going to hit the same problem, so worth a try ...

cii4ps

I’d love for my lender to come back with a lower valuation. In fact I’ve been hoping for it.