Down Valuation

[DaddysGirl36]

Had a RICS Homebuyer Report which has come back with no issues including valuation being okay

However the lender valuation has returned at 38K under

We are shocked & are currently waiting to hear back from mortgage broker who was speaking to lender with the Homebuyer Report. Houses on estate range from 120K to 300K & so we don't feel the lender valuation is accurate (but we are not experts obvs)

How can they be so different? Anyone had experience of this & if so, what happened? Read lots of down valuation from lender but not about having 2 surveyors with 2 different values (assuming they follow the same RICS code?)

We had two mortgage valuations on our house six months apart and there was a £300,000 difference (first at £1.5m, second at 1.8m). The market had not increased by that much!
Ask for what comps they are using to justify the valuation.

Thanks for reply. Just waiting to see what our broker comes back with. We are debating whether to try for another lender in the hope that their survey comes back the same or near to our homebuyer report & then we can proceed. And obvs if it's the same lower value as current lender, we know we have to walk away as negotiations for that amount are just not possible with the vendor