Mortgage : Lender down valued a huge amount, advice.
Discussion
You can also check this, I think similar issue happened last year same time 
https://www.pistonheads.com/gassing/topic.asp?h=0&...
If you guys really love this property, and longer term plans, you might just ask the buyer to divide the difference? 80k difference; you offer 40k more, they drop 40k less problem solved?
At the end of the day, yes the valuations might not be super-correct but essential the bank is actually looking after you and themselves on longer run.
https://www.pistonheads.com/gassing/topic.asp?h=0&...
If you guys really love this property, and longer term plans, you might just ask the buyer to divide the difference? 80k difference; you offer 40k more, they drop 40k less problem solved?
At the end of the day, yes the valuations might not be super-correct but essential the bank is actually looking after you and themselves on longer run.
We are proceeding, while I talk about it, because it is interesting.
As you say, the valuer doesn't work for me, and probably isnt paid to do anything more than he does, at which point fair play. If to be honest a shame. The vendors seem as unimpressed with estate agents as anyone else and I think they are mad to have gone with a more modern cost effective agent given the house. But them I have an aunt who is an estate agent, and she says sometimes you just get a vendor who doesn't really want to sell. Very little you can do with that.
I read that thread, and if the valuation was 15k under I could almost take it more seriously, but the difference between 465 and 380 is 85k which is not variation on a theme, its a totally different way of looking at it. With their own reasons its could well be both valuations are right, but they certainly don't agree with each other!
From all my googling and reading I don't think I have come across a single first hand account of a valuation being overturned, and a lot of professionals who cant think of a time they know of either. They can't always get it right. Who knows.
We like the house. It ticks all the boxes we laid out before looking for houses. We think the price is fair for the area and can not find anything else for the money that does what we want.
Daniel
As you say, the valuer doesn't work for me, and probably isnt paid to do anything more than he does, at which point fair play. If to be honest a shame. The vendors seem as unimpressed with estate agents as anyone else and I think they are mad to have gone with a more modern cost effective agent given the house. But them I have an aunt who is an estate agent, and she says sometimes you just get a vendor who doesn't really want to sell. Very little you can do with that.
I read that thread, and if the valuation was 15k under I could almost take it more seriously, but the difference between 465 and 380 is 85k which is not variation on a theme, its a totally different way of looking at it. With their own reasons its could well be both valuations are right, but they certainly don't agree with each other!
From all my googling and reading I don't think I have come across a single first hand account of a valuation being overturned, and a lot of professionals who cant think of a time they know of either. They can't always get it right. Who knows.
We like the house. It ticks all the boxes we laid out before looking for houses. We think the price is fair for the area and can not find anything else for the money that does what we want.
Daniel
Time for an update.
Today we exchanged on the property, at the previously offered and agreed value of £465,000.
I will not post the link publicly at it rather gives away exactly where we are about to live which seems foolish, however anyone who wishes can pm if they wish.
We complete on the 14th and will move outselves in the following weekend.
Thank you to anyone who helped and took part in this thread.
Daniel
Today we exchanged on the property, at the previously offered and agreed value of £465,000.
I will not post the link publicly at it rather gives away exactly where we are about to live which seems foolish, however anyone who wishes can pm if they wish.
We complete on the 14th and will move outselves in the following weekend.
Thank you to anyone who helped and took part in this thread.
Daniel
Thanks, and a public thanks for your advice during the purchase.
Couldn't find it last night, but this is the floorplan with dimensions and garage added. The right hand bedroom shapes are a bit distorted from their really shaoe, but are one room that's been divided. Other rooms all about as shown.
Daniel
Couldn't find it last night, but this is the floorplan with dimensions and garage added. The right hand bedroom shapes are a bit distorted from their really shaoe, but are one room that's been divided. Other rooms all about as shown.
Daniel
dhutch said:
Time for an update.
Today we exchanged on the property, at the previously offered and agreed value of £465,000.
I will not post the link publicly at it rather gives away exactly where we are about to live which seems foolish, however anyone who wishes can pm if they wish.
We complete on the 14th and will move outselves in the following weekend.
Thank you to anyone who helped and took part in this thread.
Daniel
good for you-I paid £50,000 over valuation to get my dream house with land garage outbuildings and do not regret it as kids love it and I am very happy with it as forever house so worth paying extra for what you really want just a shame so much for you but in a few years with house prices likely worth itToday we exchanged on the property, at the previously offered and agreed value of £465,000.
I will not post the link publicly at it rather gives away exactly where we are about to live which seems foolish, however anyone who wishes can pm if they wish.
We complete on the 14th and will move outselves in the following weekend.
Thank you to anyone who helped and took part in this thread.
Daniel
p1doc said:
good for you-I paid £50,000 over valuation to get my dream house with land garage outbuildings and do not regret it as kids love it and I am very happy with it as forever house so worth paying extra for what you really want just a shame so much for you but in a few years with house prices likely worth it
I still think there is something very wrong with the first mortgage valuation. We may never get to the bottom of it, but having completed I might well go back to NatWest and see what they say.I am an existing and long standing customer with them, they have been my main back since first opening an account as a college student, but to me something has clearly gone very wrong with the mortgage valuation to be so out and to also be incorrect about the road and not even acknowledge it in the appeal.
Heyho. It's done now!
Thanks
skimmed the thread - well done OP.
just to add - nearly 3 years ago I had a surveyor stitch me up in the same way - but to the tune of 40k under the asking and offer price.
He was from a few hundred miles away and didn't understand London.
He also absolutely didn't recognise the value of having a garage in London, and a driveway.
The justification was that it needed modernising.
I fought it, had 2 other independent surveys done and they both came in at the asking price........however, once it was logged on database for the Mortgage company there was nothing that could be done.
So I paid 40k over the perceived value of the house. (I had to do all sorts of trickery to find the 40k)
I have since spent 20k on it modernising it - and today its value at 130k over the price that he valued it at - 3 years later.
He was 100% wrong.
just to add - nearly 3 years ago I had a surveyor stitch me up in the same way - but to the tune of 40k under the asking and offer price.
He was from a few hundred miles away and didn't understand London.
He also absolutely didn't recognise the value of having a garage in London, and a driveway.
The justification was that it needed modernising.
I fought it, had 2 other independent surveys done and they both came in at the asking price........however, once it was logged on database for the Mortgage company there was nothing that could be done.
So I paid 40k over the perceived value of the house. (I had to do all sorts of trickery to find the 40k)
I have since spent 20k on it modernising it - and today its value at 130k over the price that he valued it at - 3 years later.
He was 100% wrong.
The Selfish Gene said:
skimmed the thread - well done OP.
So I paid 40k over the perceived value of the house. (I had to do all sorts of trickery to find the 40k)
I know what you mean I paid £50,000 over to get house but estate agent says pay £2000 for carpets etc in case someone else puts in same £50000 over lol-it worked though so fair play to himSo I paid 40k over the perceived value of the house. (I had to do all sorts of trickery to find the 40k)
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