Nationwide down valued

housebuyer143

Seanj123 said:

We are gonna attempt to appeal the down valuation, if this were to be unsuccessful and we try another lender and they come back with the same valuation and the vendor refuses again to lower the price.

Can we find another house and edit one of the previous applications or would we have to start all over again? Just because of multiple hard search’s, or won’t it make any difference?

You don't really have much chance of successfully appealling a valuation. What grounds do you hope to do this on?
I worked in a surveyors department for years and the best you could get was maybe 10% but mostly the surveyors stick to their guns unless you can provide really concrete comparables that they missed. If you do go somewhere else, make sure the company doesn't use the same panel of surveyors.

If you need to change the property, most lenders will allow this without a further credit check assuming you are borrowing within the affordability. You will probably need to pay for a valuation though on the new place. 

lookstraightahead

Just move on op, seriously I wouldn't start trying to get the valuation changed. What incentive is there for the lender to take a bigger risk?

the seller will struggle to sell to anyone who can't / won't make the shortfall and the house will probably eventually come down in price.

shortsighted sellers imo.

Seanj123

I totally understand what you’re saying, the problem we have is we can’t find another house atm that we really like, we could potentially try another lender, and end up with the same result. And maybe that would persuade the vendor to drop otherwise we will be walking away from it 

RelievedSheff

Seanj123 said:

I totally understand what you’re saying, the problem we have is we can’t find another house atm that we really like, we could potentially try another lender, and end up with the same result. And maybe that would persuade the vendor to drop otherwise we will be walking away from it 

The thing is it isn't up to the vendor to make up the shortfall. 

You were happy with the price you offered for the property. Now you can't fund that price.

Not the vendors problem at all.

If you can't fund the purchase. Withdraw your offer and let them find another buyer who can.

lookstraightahead

RelievedSheff said:

Seanj123 said:

I totally understand what you’re saying, the problem we have is we can’t find another house atm that we really like, we could potentially try another lender, and end up with the same result. And maybe that would persuade the vendor to drop otherwise we will be walking away from it 

The thing is it isn't up to the vendor to make up the shortfall. 

You were happy with the price you offered for the property. Now you can't fund that price.

Not the vendors problem at all.

If you can't fund the purchase. Withdraw your offer and let them find another buyer who can.

Not everyone is happy with their original decision following extra valid info. 

I agree let them find another buyer if the vendor wants to stick with their random overprice.

MultiFuelBurner

It's been a week since you started this thread what if anything have you passed on through the estate agents?

If you haven't mentioned a potential issue with the valuation time to get the gravitas to ask.

mi-key

lookstraightahead said:

RelievedSheff said:

Seanj123 said:

I totally understand what you’re saying, the problem we have is we can’t find another house atm that we really like, we could potentially try another lender, and end up with the same result. And maybe that would persuade the vendor to drop otherwise we will be walking away from it 

The thing is it isn't up to the vendor to make up the shortfall. 

You were happy with the price you offered for the property. Now you can't fund that price.

Not the vendors problem at all.

If you can't fund the purchase. Withdraw your offer and let them find another buyer who can.

Not everyone is happy with their original decision following extra valid info. 

I agree let them find another buyer if the vendor wants to stick with their random overprice.

Who says the house is overpriced for another buyer? The OP felt it was worth £220K, they were just stretching too much to make up the shortfall. If their lender had valued it at £220K they would be buying it now. 

Another lender may value it at £220K. Or they may value it at £200K but the buyer only needs a £100K mortgage so doesn't care about that anyway. 

lookstraightahead

mi-key said:

lookstraightahead said:

RelievedSheff said:

Seanj123 said:

I totally understand what you’re saying, the problem we have is we can’t find another house atm that we really like, we could potentially try another lender, and end up with the same result. And maybe that would persuade the vendor to drop otherwise we will be walking away from it 

The thing is it isn't up to the vendor to make up the shortfall. 

You were happy with the price you offered for the property. Now you can't fund that price.

Not the vendors problem at all.

If you can't fund the purchase. Withdraw your offer and let them find another buyer who can.

Not everyone is happy with their original decision following extra valid info. 

I agree let them find another buyer if the vendor wants to stick with their random overprice.

Who says the house is overpriced for another buyer? The OP felt it was worth £220K, they were just stretching too much to make up the shortfall. If their lender had valued it at £220K they would be buying it now. 

Another lender may value it at £220K. Or they may value it at £200K but the buyer only needs a £100K mortgage so doesn't care about that anyway. 

Yes they might find another buyer. It's their call. But it's already been valued by a lender at less than what the vendor thinks it's worth.

there are fewer fish than a while ago. The longer it's on the market the more buyers will question. Some wont question at all and are happy with random. Being happy to pay more than a valuation sits ok with some people, I understand that. 

lookstraightahead

MultiFuelBurner said:

It's been a week since you started this thread what if anything have you passed on through the estate agents?

If you haven't mentioned a potential issue with the valuation time to get the gravitas to ask.

This is a good point. 

Seanj123

RelievedSheff said:

Seanj123 said:

I totally understand what you’re saying, the problem we have is we can’t find another house atm that we really like, we could potentially try another lender, and end up with the same result. And maybe that would persuade the vendor to drop otherwise we will be walking away from it 

The thing is it isn't up to the vendor to make up the shortfall. 

You were happy with the price you offered for the property. Now you can't fund that price.

Not the vendors problem at all.

If you can't fund the purchase. Withdraw your offer and let them find another buyer who can.

It’s easy to sit and say that, but the vendor is one who has requested I find another lender to value it, iv not been under any pressure from anyone. And then just maybe if if comes back lower then agreed price they may potentially negotiate a new price. The market is a lot slower now, the house has been up for sale for 2 months already so waiting another 2 weeks for maybe a new lender to accept the price ain’t gonna make a huge difference