Property downvalued by 35-40K

ReadySteadyPop

gm786 said:

Hi 
Our buyers bank valuers Halifax via E Serve have down valued our property by 35-40K. Was offered 475K but they valued at 435-440K
We were going to use the proceeds from this sale to buy another property and also the valuation seems very low as we had 5 estate agents all value between 475-500K
435-440K seems low even as per our estate agent

We have asked the buyer to see if they want to try a different lender but afraid that the new lender may use the same valuer and we end up with similar or may be even less valuation

I couldn't find a thread on this topic recently but it seems from the various estate agents we spoke that this is a very low valuation and we shouldn't accept. What is not in our favour is that there are many properties of our size for sale and market doesn't seem good for them where we are 
Also recently any property our size has not sold in our area so there seem to be no comparables. Properties sold nearby were either smaller than ours or pretty old.

What are people's views? Anyone been through something like this recently that they can share their experience please?

Thank you 

Any updates?

ReadySteadyPop

BikingBud said:

gm786 said:

Hi 
Our buyers bank valuers Halifax via E Serve have down valued our property by 35-40K. Was offered 475K but they valued at 435-440K
We were going to use the proceeds from this sale to buy another property and also the valuation seems very low as we had 5 estate agents all value between 475-500K
435-440K seems low even as per our estate agent

We have asked the buyer to see if they want to try a different lender but afraid that the new lender may use the same valuer and we end up with similar or may be even less valuation

I couldn't find a thread on this topic recently but it seems from the various estate agents we spoke that this is a very low valuation and we shouldn't accept. What is not in our favour is that there are many properties of our size for sale and market doesn't seem good for them where we are 
Also recently any property our size has not sold in our area so there seem to be no comparables. Properties sold nearby were either smaller than ours or pretty old.

What are people's views? Anyone been through something like this recently that they can share their experience please?

Thank you 

That's likely your answer then. 

Have you explored the options for a follow on purchase as it is price difference that is key not absolute price.

Bear in mind also lower prices save you SDLT, so you win on that front as well 🥳

We can offer opinion on here all of it will have some bias and prejudice but you need to do what you feel is right for you.

Good advice.