House down valued how to prove

FinallyStoppedLurking

If the mortgage company have down valued the property then, unless you can make up the difference in cash you will need to walk away or get a lower price agreed.

Only you can decide whether you are willing to potentially over pay. I would in certain circumstances (eg. perfect house that you plan on living in for 15+ years). On other I would not. 

To an extent there is an opinion element to a survey however whether you can get a mortgage or not is a fact!

Scotbot

You don't  need to prove it just reduce your offer and see what they say.  

lookstraightahead

The valuation is a document you can work with. Instead of even asking for the opinion of an estate agent and a vendor, come to your own conclusion as to whether you can afford the difference (ltv etc), whether you want to offer lower, or whether you've just had enough and walk away. They only have to say yes or no to what you are offering. The ball is in your court. If I understand right you have two valuations there .... 

eidand

that valuation you have is just another opinion. The only one that matters is the bank's, who provides the funds. If the bank is ok with what you're paying, you're good

numbercruncher8

The bank valuation was 15% below the offer price?
TBH if you cannot make up the funds, then you don't have much choice.

Gotta laugh at the EA though, of course they and the vendor is trying it on. Behind it there are reasons why people can be obstinate to reduce a price: they might need it to move on elsewhere. I do suspect you have a dynamic where they think these tactics could work.... to another person, calling their survey fake news could be quite insulting and result in the deal collapsing.
Here they might think the reaction would be to take them at their word and believe that what they have is superior.

But valuation is a game of opinions, if your bank and your house survey are saying c.15% off, personally I think you'd be caving in to games to keep on at the original price.

Crashy_Time

eidand said:

that valuation you have is just another opinion. The only one that matters is the bank's, who provides the funds. If the bank is ok with what you're paying, you're good

The bank are OK with paying the seller 15% less than they want it to be worth.

steampowered

It doesn't matter what the EA's opinion is, or what the seller's opinion.

How much do you think this property is worth? You are the one that would be buying it.

You must have done market research before you made your offer, so you should have a good idea of what the property is worth.

If you think the property is worth your original offer, proceed. If you think the property is worth less, offer less. Don't take the mickey - after all, valuation is a matter of opinion so you could get another surveyor who thinks the value is higher - but 15% sounds like a really big difference to me.

Crashy_Time

Most houses need a lot more than 15% knocked off.

Liam116

The estate agent has been awful during this period saying it is unfair that their client is unhappy and been taking it out on them.

am not 100% sure what proof they want from the mortgage lender I think they think we are making it up.

the house offer we put was over but that because it was offers in excess of and the price was the average for the area.
But we are in very different times.

I think it’s too point of walking away. Given the problems and accusations the vendor with the support of the estate agent has made our way we now think it’s not worth proceeding even if they agreed.

Crashy_Time

Yes, they sound difficult, just walk away IMO.