Down Valuation Scotland

robbiebgc

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 ?

Thrugelmir

Little point in worrying about something until it actually happens. 

Vestraun

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.

davidmcn

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.

robbiebgc

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.

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.

comeandgo

robbiebgc said:

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.

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.

Have you bought in scotland before?

robbiebgc

comeandgo said:

robbiebgc said:

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.

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.

Have you bought in scotland before?

No

comeandgo

As already said, the home report gives a valuation.  This is usually used by the mortgage company as a true valuation.

davidmcn

robbiebgc said:

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.

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.

Are you expecting the bank to do their own valuation rather than use the Home Report?