Huge drop in buyer mortgage valuation

slasfra

chanz4 said:

our rics help to buy was 8k over what we sold our house actually for

And did you have to pay 20% of the valuation price? 

ReadySteadyPop

slasfra said:

Hoenir said:

slasfra said:

And it’s hard to know how much interest there would have been (a good indication of if it was good value) because this was the first viewing (viewing booked the day it went onto market), they offered straight away and we accepted. 

And now they are backtracking on the price. Why not remarket the property? 

I just worry another other mortgage providers are going to value it the same, and in the meantime we’re spending thousands on legal fees, estate agent fees, surveys. Happy to hear any advice or be told what to do 😂

Go to your other offers, if their valuations are similar just accept that that is the value.

ReadySteadyPop

Hoenir said:

slasfra said:

And it’s hard to know how much interest there would have been (a good indication of if it was good value) because this was the first viewing (viewing booked the day it went onto market), they offered straight away and we accepted. 

And now they are backtracking on the price. Why not remarket the property? 

Their lender told them that the property was over-valued, that is different to backtracking on a previous agreement I think. HTB wasn`t designed so people could make a profit or trade up, in fact losses were expected, the purpose of HTB was to give people access to borrowing so they could live somewhere for a long time.