Downvaluation

[Buildingworks]

Hi there, has anyone had a property they’ve been selling down valued? If so what would you do? Ours was downvalued following a desktop evaluation by £50,000. The property isn’t overpriced and is in great condition. We are not in a desperate situation but would like to sell. However, there is no way we can sell it at this undervalued price. It is a 4 bedroom house and 3 bedroom houses, with smaller footprint, on much less desirable roads are being sold for exactly the downvalued price. Makes no sense and we wondered if it’s because the valuation was done without actually viewing the property and understanding it’s on a very desirable road.

Why don’t you just get a couple of in person valuations done!

And who did the original valuation that was “down valued” ?

Push back. You may need to pay for an in person value, or put together a case for why it's wrong (examples of sold prices, etc)

We had similar on a house we were buying. The mortgage company admitted that the desktop valuation had been difficult because 'there was so little to compare our house to'.

In the end the revaluation still came in at lower than what we were paying, but by enough for us to pay the difference with a bigger deposit.

4 different estate agents and we did not go for the highest.

So it was an estate agent that valued it and not a rics surveyor?

Sorry! I read your post wrong, ignore me.

Do you mean that your buyers bank have down valued it? Ask then to push back and request that a surveyor conducts an in person valuation.

Banks downvalue a property as part of a mortgage application.

In your case it sounds like an estate agent has given you a price lower than you were hoping for?

Sorry. I clearly haven’t articulated my question very well 😀.

My buyer’s bank downvalued the property. They only requested a desk-based valuation. The estate agents all valued the property in the same region and we went for the estate agent we felt we got on best with and their valuation wasn’t the highest. So it wasn’t a case of us being greedy or any one estate agent overvaluing the property.

The buyer’s bank downvalued the property by £50,000. It is so odd. I’m sorry that our current buyer will miss out but I wonder what others have done when they’ve faced a similar situation.

The buyers need to talk to their bank, that's what we did.

Or you can offer to meet them in the middle.

All depends on the level of interest you had when it was on the market. And if you're willing to take the risk that the next buyers might also hit the same issue with their banks valuation.

As your estate agent to send a list of at least three “comparables” to your buyers’ solicitor. They will then forward it on to the mortgage underwriters.

I don’t suppose it was NatWest was it? Our estate agent said they are causing them huge issues with downvaluing properties! We had the same issue and managed to sort it (private surveyor valued at 50k more than NatWest!)