We've been down-valued by more than anyone expected. What can we do?

HotPantsCruiser

GDB2222 said:

So, to summarise:

Buyers offered £196k, but you eventually settled for £175k. 

You'd never have accepted an offer of £175k originally, so the buyers definitely did really, really well. An absolute blinder for them.

That is still 5k over the valuation so not bad?

HotPantsCruiser

lookstraightahead said:

Noneforit999 said:

We have just accepted an offer which was £30k above the 'offers over' price.

They have a 15% deposit and are remortgaging their current home with a BTL mortgage and taking £80k of equity out of it for the deposit and other fees etc.

EA made it clear it could be down valued but he said looking at other recent sales around us, he could dispute the valuation for us if it went down more than £15k below what the buyers offered. 

Now the 10000 solicitor forms and the waiting game, 

Good luck with that. The EA can dispute what they want but the lender can do what they like, you can't make a lender lend money. And with such a high LTV the buyer will struggle to make up the shortfall even if they are potentially willing to pay more than what it's worth.

Personally I would be deciding my next step (buying onwards etc) on the original valuation, so that you can reduce if necessary.

How would an EA go about disputing a valuation with the lender?

lookstraightahead

HotPantsCruiser said:

lookstraightahead said:

Noneforit999 said:

We have just accepted an offer which was £30k above the 'offers over' price.

They have a 15% deposit and are remortgaging their current home with a BTL mortgage and taking £80k of equity out of it for the deposit and other fees etc.

EA made it clear it could be down valued but he said looking at other recent sales around us, he could dispute the valuation for us if it went down more than £15k below what the buyers offered. 

Now the 10000 solicitor forms and the waiting game, 

Good luck with that. The EA can dispute what they want but the lender can do what they like, you can't make a lender lend money. And with such a high LTV the buyer will struggle to make up the shortfall even if they are potentially willing to pay more than what it's worth.

Personally I would be deciding my next step (buying onwards etc) on the original valuation, so that you can reduce if necessary.

How would an EA go about disputing a valuation with the lender?

That's what I mean - they won't get anywhere 

HotPantsCruiser

lookstraightahead said:

HotPantsCruiser said:

lookstraightahead said:

Noneforit999 said:

We have just accepted an offer which was £30k above the 'offers over' price.

They have a 15% deposit and are remortgaging their current home with a BTL mortgage and taking £80k of equity out of it for the deposit and other fees etc.

EA made it clear it could be down valued but he said looking at other recent sales around us, he could dispute the valuation for us if it went down more than £15k below what the buyers offered. 

Now the 10000 solicitor forms and the waiting game, 

Good luck with that. The EA can dispute what they want but the lender can do what they like, you can't make a lender lend money. And with such a high LTV the buyer will struggle to make up the shortfall even if they are potentially willing to pay more than what it's worth.

Personally I would be deciding my next step (buying onwards etc) on the original valuation, so that you can reduce if necessary.

How would an EA go about disputing a valuation with the lender?

That's what I mean - they won't get anywhere 

So the EA saying things like -  "EA made it clear it could be down valued but he said looking at other recent sales around us, he could dispute the valuation for us if it went down more than £15k below what the buyers offered." is slightly shifty?