Connells valuation and offer WITHOUT valuation??

JustMe18

Hello. Are Connells that bad and down valuing properties a lot?  I am a seller, our property was valued at certain amount 3 months ago by a different company ( RICS valuation) done by me) and our buyer has got a mortgage offer. ( as per estate agent's words) Now he wants probably a better rate and re-applying ( not sure if it's the same lender, but at his first offer there was no valuation from his lender at all - IS THIS EVEN POSSIBLE to get offer without a valuation?). I am now panicking a bit after reading all reviews, as I have already paid around £10k on new property ( choosing options) and the whole sale will depend on it, as I am using equity as a deposit. How it could affect me as a seller?  Or is it just the case that my buyer won't get this mortgage?  

mebu60

A potential buyer can drop out for any reason at any point until contracts are exchanged.

In that sense nothing has changed. No benefit to panicking but you should always have a fallback plan in mind in case a prospective buyer withdraws their offer. 

JustMe18

mebu60 said:

A potential buyer can drop out for any reason at any point until contracts are exchanged.

In that sense nothing has changed. No benefit to panicking but you should always have a fallback plan in mind in case a prospective buyer withdraws their offer. 

Buyer still wants to buy it, it's not an issue. 

Hoenir

Is the buyer angling to reduce the price though? How far into the legal process are you. 

kingstreet

Some lenders don't issue a copy of the valuation report to the borrower. It could be a physical inspection or an automated valuation. They use it for their purposes alone and by not issuing it, the borrower can't place any reliance on it concerning the condition of the property.

JustMe18

Hoenir said:

Is the buyer angling to reduce the price though? How far into the legal process are you. 

No, he never said anything about the price, it was already reduced by £5k when I did RICS. It's shared ownership, he already had his offer, was accepted by housing association. my searches all done, it's been now 8 weeks since solicitors started to work, there are few enquirers still to answer, but pretty much getting ready to exchange. He only got his mortgage offer 10 days ago, therefore for was surprised today just got a text that valuation will be booked.

JustMe18

kingstreet said:

Some lenders don't issue a copy of the valuation report to the borrower. It could be a physical inspection or an automated valuation. They use it for their purposes alone and by not issuing it, the borrower can't place any reliance on it concerning the condition of the property.

kingstreet said:

Some lenders don't issue a copy of the valuation report to the borrower. It could be a physical inspection or an automated valuation. They use it for their purposes alone and by not issuing it, the borrower can't place any reliance on it concerning the condition of the property.

Yes,  I understand they dont issue the copy , but when he got his first mortgage offer, nobody came to value the property. Is it possible?  Today I've got a text from Connells, they are valuing it and when I called our estate agent,was told that buyer is re-applying for a better rate...does it sound like a real scenario ?  he is still wanting to buy, but I am slightly worried , that price somehow changed, as my RICS was done in December ( was extended though), house is 7 years old with a new kitchen etc. So nothing changed from the house perspective and it doesn't need any investment, it's in good condition, still under warranty.

BarelySentientAI

JustMe18 said:

Yes,  I understand they dont issue the copy , but when he got his first mortgage offer, nobody came to value the property. Is it possible?  

Yes.  Just as kingstreet said.  Valuation could be done by an automatic computer system (think how Zoopla estimate value) or by someone looking at documents/photographs at their desk.

JustMe18

BarelySentientAI said:

JustMe18 said:

Yes,  I understand they dont issue the copy , but when he got his first mortgage offer, nobody came to value the property. Is it possible?  

Yes.  Just as kingstreet said.  Valuation could be done by an automatic computer system (think how Zoopla estimate value) or by someone looking at documents/photographs at their desk.

Ok I understand, so i guess it was done without anyone looking at it first.It's just weird to me that buyer did get his offer finally couple of days ago and now re-applying for a better rate ( was told by estate agent that broker has changed and had to do this, they are using Just Mortgages),does it sound realistic or am I over-thinking everything? We had a long journey with our mortgage offer and other difficulties, so don't want to loose everything now. Buyer was otherwise waiting for this house since November 23, as our new one wasn't built yet, so he was fully aware of the timescales and was waiting, as he really wants particularly our house.

RelievedSheff

You are over thinking this. Calm down.

Jemma01

I'm a buyer and HSBC refused to do a valuation because I'm paying 70% of the price. They're comfortable they can make my life hell for their 30% if the price of the house drops or turns out it was overvaluated. Now because I'm not taking risks on such high price, I instructed a home survey + valuation, so I know what I'm paying is the right price; it meant that I also had to pay the cost of the searches before I know for sure what the value is for the house (I believe the seller also had to do the same as well, despite knowing that my offer was subject to a home survey). The survey is booked for the 26th, but my solicitors have been instructed on the 11th of April.