Nationwide down valued

lookstraightahead

mi-key said:

More specifically here the lender has down valued. So we actually do have info that it's worth less. Personally I'm saying don't ignore the evidence given. It helps make a decision. Rather than just paying a random amount, based on nothing. Thankfully the op isn't doing that. But many people do. 

Or they pay an amount based on what they can afford and what they feel the house is worth to them. Not everyone needs to try and chip off as much money as possible to think they are getting a deal 

I actually don't disagree with you. But what it's worth to them changes with more research. 

If they have to make up the shortfall themselves, it might mean, for example, they don't have the cash for maintenance, which puts the house in a state of disrepair. 

Or perhaps interest rates are low now and they want to keep the 'shortfall' in another investment rather than risking it in a falling house price.  Or perhaps after getting the lender valuation it just doesn't rest easy.
its not about getting a deal, it's about getting as much info as possible.
at this moment in time the current lender has down valued.

[Deleted User]

lookstraightahead said:

[Deleted User] said:

Sarah1Mitty2 said:

[Deleted User] said:

Seanj123 said:

Im still looking yea but the market is quite and mostly void run down properties in my price range, so struggling tbh, I hoping another valuation comes back good otherwise I think the deal is off if no negotiations can take place. Il find out very soon. 

I am not really sure how you can conclude that the property is worth less, in the absence of a better value alternative...? 

And dont say the valuation. We had different lender valuations on the same property weeks apart.

Just remember you dont have to look hard on these forums to find the same characters advising people to offer less, with no specific knowledge of even basic facts such as location of the property. They just say the same thing in every topic, not tailored to the situation.

Are you saying that the people advising to offer more have specific knowledge of the property that others don`t have? Surely a lender saying it is worth 20k less (they will have specific knowledge?) trumps someone on a forum?

Everyone has the same information, but when you disregard the specifics, and simply give the same viewpoint and advice everytime, its noticeable.

More specifically here the lender has down valued. So we actually do have info that it's worth less. Personally I'm saying don't ignore the evidence given. It helps make a decision. Rather than just paying a random amount, based on nothing. Thankfully the op isn't doing that. But many people do. 

I have already commented on valuations. Your point adds nothing only to repeat yourself with no new information. 

Sarah1Mitty2

lookstraightahead said:

[Deleted User] said:

Sarah1Mitty2 said:

[Deleted User] said:

Seanj123 said:

Im still looking yea but the market is quite and mostly void run down properties in my price range, so struggling tbh, I hoping another valuation comes back good otherwise I think the deal is off if no negotiations can take place. Il find out very soon. 

I am not really sure how you can conclude that the property is worth less, in the absence of a better value alternative...? 

And dont say the valuation. We had different lender valuations on the same property weeks apart.

Just remember you dont have to look hard on these forums to find the same characters advising people to offer less, with no specific knowledge of even basic facts such as location of the property. They just say the same thing in every topic, not tailored to the situation.

Are you saying that the people advising to offer more have specific knowledge of the property that others don`t have? Surely a lender saying it is worth 20k less (they will have specific knowledge?) trumps someone on a forum?

Everyone has the same information, but when you disregard the specifics, and simply give the same viewpoint and advice everytime, its noticeable.

More specifically here the lender has down valued. So we actually do have info that it's worth less. Personally I'm saying don't ignore the evidence given. It helps make a decision. Rather than just paying a random amount, based on nothing. Thankfully the op isn't doing that. But many people do. 

Many people used to, but thankfully it is happening a lot less now.

[Deleted User]

Sellers just seem to be hoping someone who doesn't care will come along, or a different lender will miss the potential damp or whatever it is that it's down valuing their home. If they are one of those then all you can do is wait for them to get desperate, and keep looking elsewhere in the meantime.

Sarah1Mitty2

[Deleted User] said:

Sellers just seem to be hoping someone who doesn't care will come along, or a different lender will miss the potential damp or whatever it is that it's down valuing their home. If they are one of those then all you can do is wait for them to get desperate, and keep looking elsewhere in the meantime.

Good advice.

Sarah1Mitty2

lookstraightahead said:

mi-key said:

More specifically here the lender has down valued. So we actually do have info that it's worth less. Personally I'm saying don't ignore the evidence given. It helps make a decision. Rather than just paying a random amount, based on nothing. Thankfully the op isn't doing that. But many people do. 

Or they pay an amount based on what they can afford and what they feel the house is worth to them. Not everyone needs to try and chip off as much money as possible to think they are getting a deal 

I actually don't disagree with you. But what it's worth to them changes with more research. 

If they have to make up the shortfall themselves, it might mean, for example, they don't have the cash for maintenance, which puts the house in a state of disrepair. 

Or perhaps interest rates are low now and they want to keep the 'shortfall' in another investment rather than risking it in a falling house price.  Or perhaps after getting the lender valuation it just doesn't rest easy.
its not about getting a deal, it's about getting as much info as possible.
at this moment in time the current lender has down valued.

And as other lenders will very likely do similar that is all the information we really need.

mi-key

Sarah1Mitty2 said:

lookstraightahead said:

mi-key said:

More specifically here the lender has down valued. So we actually do have info that it's worth less. Personally I'm saying don't ignore the evidence given. It helps make a decision. Rather than just paying a random amount, based on nothing. Thankfully the op isn't doing that. But many people do. 

Or they pay an amount based on what they can afford and what they feel the house is worth to them. Not everyone needs to try and chip off as much money as possible to think they are getting a deal 

I actually don't disagree with you. But what it's worth to them changes with more research. 

If they have to make up the shortfall themselves, it might mean, for example, they don't have the cash for maintenance, which puts the house in a state of disrepair. 

Or perhaps interest rates are low now and they want to keep the 'shortfall' in another investment rather than risking it in a falling house price.  Or perhaps after getting the lender valuation it just doesn't rest easy.
its not about getting a deal, it's about getting as much info as possible.
at this moment in time the current lender has down valued.

And as other lenders will very likely do similar that is all the information we really need.

It's not 'likely' - all lenders have different criteria and use different surveyors or valuation methods

Sarah1Mitty2

mi-key said:

Sarah1Mitty2 said:

lookstraightahead said:

mi-key said:

More specifically here the lender has down valued. So we actually do have info that it's worth less. Personally I'm saying don't ignore the evidence given. It helps make a decision. Rather than just paying a random amount, based on nothing. Thankfully the op isn't doing that. But many people do. 

Or they pay an amount based on what they can afford and what they feel the house is worth to them. Not everyone needs to try and chip off as much money as possible to think they are getting a deal 

I actually don't disagree with you. But what it's worth to them changes with more research. 

If they have to make up the shortfall themselves, it might mean, for example, they don't have the cash for maintenance, which puts the house in a state of disrepair. 

Or perhaps interest rates are low now and they want to keep the 'shortfall' in another investment rather than risking it in a falling house price.  Or perhaps after getting the lender valuation it just doesn't rest easy.
its not about getting a deal, it's about getting as much info as possible.
at this moment in time the current lender has down valued.

And as other lenders will very likely do similar that is all the information we really need.

It's not 'likely' - all lenders have different criteria and use different surveyors or valuation methods

Most lenders know which way the wind is blowing and will act accordingly IMO.

Sarah1Mitty2

[Deleted User] said:

lookstraightahead said:

[Deleted User] said:

Sarah1Mitty2 said:

[Deleted User] said:

Seanj123 said:

Im still looking yea but the market is quite and mostly void run down properties in my price range, so struggling tbh, I hoping another valuation comes back good otherwise I think the deal is off if no negotiations can take place. Il find out very soon. 

I am not really sure how you can conclude that the property is worth less, in the absence of a better value alternative...? 

And dont say the valuation. We had different lender valuations on the same property weeks apart.

Just remember you dont have to look hard on these forums to find the same characters advising people to offer less, with no specific knowledge of even basic facts such as location of the property. They just say the same thing in every topic, not tailored to the situation.

Are you saying that the people advising to offer more have specific knowledge of the property that others don`t have? Surely a lender saying it is worth 20k less (they will have specific knowledge?) trumps someone on a forum?

Everyone has the same information, but when you disregard the specifics, and simply give the same viewpoint and advice everytime, its noticeable.

More specifically here the lender has down valued. So we actually do have info that it's worth less. Personally I'm saying don't ignore the evidence given. It helps make a decision. Rather than just paying a random amount, based on nothing. Thankfully the op isn't doing that. But many people do. 

I have already commented on valuations. Your point adds nothing only to repeat yourself with no new information. 

Looks like Nationwide are increasing their mortgage rates?

Sarah1Mitty2

Seanj123 said:

Im still looking yea but the market is quite and mostly void run down properties in my price range, so struggling tbh, I hoping another valuation comes back good otherwise I think the deal is off if no negotiations can take place. Il find out very soon. 

As sellers get used to the new market conditions they will be more inclined to negotiate, you have time on your side.