Lenders valuation

[catlass]

Our buyers lender are doing their valuation soon. It's just a basic valuation. Just wondering what they typically look at/ask? I have a fear that they'll say it's not worth the agreed price. It is mind but I'm just feeling paranoid!

if you are just having a basic mortgage valuation they will be looking at the structure of the house and condition to make sure that the company could recover their money if you were to default on the mortgage. Even if they value it lower than the amount you are paying this shouldn't cause a problem unless they value it at less than they are lending you. Sounds as if you think the house is a bit over-priced? If they do come back and say this you might be able to re-negotiate the purchase price. Wait and see what they say.

sorry - mis-read your post. worst case is that they do under value it a bit you might have to drop on price. Why are you worrying - have you covered up things that might come up in the survey?

No she won't have to drop her price if they undervalue it! The buyers will have to increase their deposit.

Nope haven't covered anything up, just so far in the selling/buying process there seems to have been an issue at every hurdle. All little things that have been sorted though. This is the last thing to be done before exchange so just worrying now as the end is in sight and just want everything to go smoothly.

That's interesting that the buyers would have to up their deposit! No idea how any of this works as its our first time selling.

the buyers could up their deposit and be happy to pay more but don't foget they might not be able to? In which case a little negotiation might have to take place? Either way - try not to worry until you know the situation - might not be a problem at all.

All the lender is concerned about is that they will recoup their money should they ever need to. The bigger the deposit, the less the mortgage company are lending, so unless your buyers are looking to borrow the maximum, the valuation should be ok, unless you were overpriced to begin with. Just remember that a basic valuation often means a drive by outside without even entering the property though not guaranteed!