Have you been downvalued? If so, which Bank

Move2B

Has your home or the house you are buying been downvalued? If so, which bank? Also how quickly did you find out? 

What did you do? Or are you stuck like me too? 

Vestraun

How are you stuck?

RapidMoney1

Santander, offered 330k, valued at 320k. Didn’t bother challenging and instead went 50/50 with vendor and met at 325k.

Wales2020

Nationwide, sale price £185,000 valued at £170,000. I believe they use E-surv.

We managed to renegotiate the price to £173,000 and put in the extra £3K.

our valuation took place on 09/09 and we found out 21/9 that it had been down valued. 

Mortgage broker said they were ready to offer so i assumed would hear that day but we are still waiting :-(  don’t know whats happening now...

Thrugelmir

Move2B said:

Has your home or the house you are buying been downvalued? If so, which bank? Also how quickly did you find out? 

What did you do? Or are you stuck like me too? 

Third party surveyors perform valuations on behalf of lenders. They'll have a very detailed knowledge of recent selling prices in your locality and trends in the market. You'll find out soon enough. 

MaryNB

Halifax used an a surveyor from E-surv.
Valued it at the purchase price.  Survey done on a Friday, I found out the following Tuesday (Monday was a BH). 

For various reasons I was worried he'd downvalue it so was pleasantly surprised to see that he didn't. I had offered slightly below asking (after the asking price had already been reduced).

wazza07

E-surv carried out ours on behalf of Santander.
Offered £425k, valued at £400k. Renogiatied to £415k. 
The valuation stated a lack of comparable sales to support the £425k. 

Strum88

MaryNB said:

Halifax used an a surveyor from E-surv.
Valued it at the purchase price.  Survey done on a Friday, I found out the following Tuesday (Monday was a BH). 

For various reasons I was worried he'd downvalue it so was pleasantly surprised to see that he didn't. I had offered slightly below asking (after the asking price had already been reduced).

Out of interest, how soon was the survey done after you made your mortgage application and paid for the survey? We did this on Monday this week with Halifax so wondering how soon it will be completed.

MaryNB

Strum88 said:

MaryNB said:

Halifax used an a surveyor from E-surv.
Valued it at the purchase price.  Survey done on a Friday, I found out the following Tuesday (Monday was a BH). 

For various reasons I was worried he'd downvalue it so was pleasantly surprised to see that he didn't. I had offered slightly below asking (after the asking price had already been reduced).

Out of interest, how soon was the survey done after you made your mortgage application and paid for the survey? We did this on Monday this week with Halifax so wondering how soon it will be completed.

Halifax were quick to instruct the surveyor but there was a delay on the surveyor's end in making contact with the EA. 

12/08 Application submitted. I requested Halifax's surveyors do the Homebuyers survey as well as the valuation
13/08 Halifax instructed surveyor. Said surveyor would be in contact with the EA to schedule the survey within 3-5 days
18/08 I paid the fee
20/08 No contact from surveyor. Halifax gave me the number for the surveying company, I passed it to the EA
21/08 Survey booked for 28/08
28/08 Survey carried out, offer issued by Halifax
01/09 Survey report received by email
07/09 Mortgage offer received by post.

Strum88

Great thanks for that. Think ill give Halifax a ring on Monday if ive not heard of the valuation being booked in by then

Move2B

Strum88 said:

Great thanks for that. Think ill give Halifax a ring on Monday if ive not heard of the valuation being booked in by then

Our halifax survey took two weeks to book from application submission. We are buying in a busy area though.