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Original poster

Anyone had their property down-valued by mortgage valuation surveyor?

19 replies

whatsthatnow74 · 08/08/2020 18:21

We’re about to have a valuation survey done by our buyer’s lender. It’s a basic survey as far as I know (not homebuyer or full buildings). The company that are coming to do it have the most awful reviews mainly for down-valuing.
I was wondering what the situation is like with lenders right now and if people are experiencing down-valuations?

OP posts:

Redcups64 · 08/08/2020 18:26

Yes. We sold our flat and their guy down valued it by 8k. We was not prepared to drop the price by that much as we knew it was worth more than that so I’d to find another buyer. 4 months later we sold the property for more than the offer from the original couple!!

Redcups64 · 08/08/2020 18:27

Also it doesn’t mean your property is worth less, it means that’s what the lender is prepared to lend the buyer for that property. If it falls to short suggest they find another lender

toooldtocare · 08/08/2020 18:51

Yes. We've just had a survey done on a property with known issues (we're planning on renovating) but the mortgage company's valuer has given the property a value of £0..

We're getting further reports done with a view to asking them to reconsider, or applying elsewhere..

Original poster

whatsthatnow74 · 08/08/2020 19:21

Thanks.

There shouldn’t be any reason to down-value ours, but as I said the company have terrible reviews for doing this.

Our sale has taken nearly ten weeks to get to this point (buyer faffing about) so it’d be a real pain to have to find another buyer.

I just wondered if down-valuing is more prevalent in the current situation (e.g banks being wary).

OP posts:

GooodMythicalMorning · 08/08/2020 19:27

yes, we had to swap mortgsge lenders who sent out their own people to do another valuation but it was the first guy who did the valuation who valued it at 20 grand more than he did the first time!!! I never understood how that worked!

Original poster

whatsthatnow74 · 08/08/2020 21:52

@goodmythicalmorning that’s crazy!

OP posts:

Allnamesaregone · 08/08/2020 21:56

Yes as purchasers years ago. It affected our mortgage offer so we went back and renegotiated the price with the vendor.

Isit2021yetplease · 08/08/2020 22:06

Yes our buyers mortgage valued down valued our flat by £50k! they base it on last sales in last few months and this was back in Jan and there had been very few sales for comparison. In the end those buyers pulled out anyway and we ended up selling for the same higher value anyway so we didn’t lose out because of it.

Chattercino · 08/08/2020 22:17

Yes! We've just remortgaged and NatWest did a desktop valuation.
It came in at £35k less than was it valued at 2 years ago (and since then we've done a major refurb!). There are 18 houses on our road which are all practically identical, some of which have recently sold (so in our head we used those sale prices to come up with a value of our own house) and were shocked when it was valued so much lower. It meant we had to have a slightly higher interest rate. Annoying.

diyprincess · 08/08/2020 23:53

Happened to us as purchasers. We had a large deposit so made no difference to us but if we hadn't of had the large deposit we would of had to renegotiate. Your buyers situation and love for the house will determine what happens if you're undervalued.

Whenwillthisbeover · 09/08/2020 08:14

DS had his downvalued due to the flat room on the extension needing replacement, which was odd because the estate agent had told the surveyor that the sellers (a house builder who took the house as a trade in) were replacing the roof as part of the sale. He had to Agree to up his deposit by 2k to secure the house. Once he had done that and the builders Replaced the roof and provided A ten year guarantee the bank agreed to lend the original request.

wowfudge · 09/08/2020 08:18

Don't forget that those reviews have been posted by people pissed off they downvalued places. People are much more likely to use a review to make a complaint than they are to give praise.

Original poster

whatsthatnow74 · 10/08/2020 15:21

Thanks for all of your responses.

The surveyor has been and was in and out within 15 mins. I said how quick it was (nervous small talk!) and he said 'yes, a nice, easy one'. He also said his report would be filed with our buyer's lender today. I'm really hoping that this is all positive for the valuation!

OP posts:

OmicronPersei7 · 05/04/2021 16:33

@whatsthatnow74

Thanks for all of your responses.

Hey! What was the outcome of this? Our buyers lender has Countrywide Surveyors coming out for valuation tomorrow. Feeing anxious of a down value!

Gettingonabitnow · 25/05/2021 21:28

I’ve just seen this thread as we have countrywide coming out on behalf of our buyers lenders, the reviews online are awful!!! Did they undervalue your house?

WestIsBest21 · 07/06/2021 12:29

@Gettingonabitnow

I’ve just seen this thread as we have countrywide coming out on behalf of our buyers lenders, the reviews online are awful!!! Did they undervalue your house?

Hiya, sorry for not responding sooner. I’ve been ignoring Mumsnet lately!

Have you had CW out yet? They didn’t undervalue our house and our sale is going through smoothly!

WestIsBest21 · 07/06/2021 12:30

I’m Omicron. Name changed.

Nat6999 · 07/06/2021 12:47

I made an offer on a house & the lender valued it at £4k less than I had offered, might not seem a lot but I had only offered £44k, I ended up having to drop out as the owner refused to accept a lower offer.

flashbac · 19/06/2021 22:23

Bumping this.

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