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Down Valuation Scotland
robbiebgc
Posts: 13 Forumite
Had an offer accepted after missing out on a few properties. Offer was 5k over the value which we were happy paying, we are now worried the bank may down value it after reading a few articles online. Are down valuations more common in England ?
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Little point in worrying about something until it actually happens.0
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That's not how it works in Scotland, if the home report is up to date they will use the home report value. If you have offered £5k over that will come out your own pocket.1
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What do you mean by "down value" here? You can (normally) expect the bank to use the HR value, that's not going to be increased to what you've offered.0
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If the bank came back and valued at say 10k under home report value then we would have to cough up another 10k or renegotiate.davidmcn said:What do you mean by "down value" here? You can (normally) expect the bank to use the HR value, that's not going to be increased to what you've offered.0 -
Have you bought in scotland before?robbiebgc said:
If the bank came back and valued at say 10k under home report value then we would have to cough up another 10k or renegotiate.davidmcn said:What do you mean by "down value" here? You can (normally) expect the bank to use the HR value, that's not going to be increased to what you've offered.2 -
Nocomeandgo said:
Have you bought in scotland before?robbiebgc said:
If the bank came back and valued at say 10k under home report value then we would have to cough up another 10k or renegotiate.davidmcn said:What do you mean by "down value" here? You can (normally) expect the bank to use the HR value, that's not going to be increased to what you've offered.0 -
As already said, the home report gives a valuation. This is usually used by the mortgage company as a true valuation.2
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Are you expecting the bank to do their own valuation rather than use the Home Report?robbiebgc said:
If the bank came back and valued at say 10k under home report value then we would have to cough up another 10k or renegotiate.davidmcn said:What do you mean by "down value" here? You can (normally) expect the bank to use the HR value, that's not going to be increased to what you've offered.
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