House down valued how to prove

Liam116

Hello all,

How can a down valuation be shown to the vendor and estate agent.

Both estate agent and vendor are very difficult to work with and have asked for proof from survey to saying it’s a false survey and being awkward.

so what detail can I show the property is down valued by 15%

davidmcn

Well, how do you know what the valuation is? 

Soot2006

Surely you can forward them the survey and valuation report?

Liam116

Soot2006 said:

Surely you can forward them the survey and valuation report?

I informed the estate agent of the survey and they said it’s incorrect and that is just a template and the surveyor is incorrect.

AdrianC

Such is their opinion. Clearly, it's one you share, given that you thought it was worth offering that much.

So how to move forward? Well, you've got a choice - if you have enough equity that you can still borrow at the lower LtV, then you can still buy. If not, then it's time to walk away.

BTW, it's not the EA making the decisions. It's the vendor.

Crashy_Time

Liam116 said:

Hello all,

How can a down valuation be shown to the vendor and estate agent.

Both estate agent and vendor are very difficult to work with and have asked for proof from survey to saying it’s a false survey and being awkward.

so what detail can I show the property is down valued by 15%

How much does their  survey say it is worth?

Rambosmum

I'm assuming that the survey highlighted issues you couldn't reasonably expect to have noticed on viewing and therefore you want to renegotiate your offer more in line with the valuation?

Is it a bank valuation or your own survey? 

I would forward the survey to the estate agent and advise them of the revised offer. The vendor can then decide whether or not to accept your revised offer and you can decide whether to take the short fall or walk away. 

Exodi

The survey shows the estimated value and often a justification for it.

If the survey came back 15% lower, then did it give some justification for doing so? Was it that the house price was inflated, or that the roof is mere weeks from collapsing in on itself and will immediately need replacing?

If it's a 'work needed' type issue then pass it on.

Obviously if this is a valuation from the lender then disregard to the above.

FinallyStoppedLurking

To be clear do you mean a valuation by your mortgage company or an independent survey you have commissioned? 

Liam116

FinallyStoppedLurking said:

To be clear do you mean a valuation by your mortgage company or an independent survey you have commissioned? 

Both my survey dropped the value by 8% saying inflated and then mentioned additional work to further negotiate so came to total lower value as it stands by 17%

The mortgage advisor has said the banks valued it 15% lower then offer after physical survey saying inflated price.

They aren’t miles apart but the estate agent/vendor are not having any of it saying survey is opinion and not accurate 

And for valuation just not believing it is true.

davidmcn

Liam116 said:

FinallyStoppedLurking said:

To be clear do you mean a valuation by your mortgage company or an independent survey you have commissioned? 

the estate agent/vendor are not having any of it saying survey is opinion and not accurate

And they think their opinion of the value isn't an opinion?