Property undervalued by Bank

[user1471474782]

Hi,
I'm just after some advice as this has not happened before in 3 previous house purchases.
We're in the early stages of buying our forever/dream home and the bank has undervalued the property by 100k!
Is there any chance the bank has got the property mixed up with another because this does not seem right at all! There are no similar properties in the local vicinity of that value..
What do we do now? Panicking and stressing!

Do you mean your survey gave a lower value than expected?

Downvalued by £100k on an asking price of £1.5m or on say £250k? Hard to guess what might have happened from what you've shared.

Try another lender? Did they give any reason for a lower than expected valuation? I assume you don't think the house is over priced?

The bank will only lend on what surveyors have valued the house at. Could it be a typo as 1 digit? Ring surveyors to check.

Happened to us. Try another lender who uses a different surveyor.

Extremely unlikely they got the wrong house...
Our first purchase was down valued by 10k but as skint first time buyers we didn't have 10k so told the developer (new build) either accept 10k.less or we will need to walk away.
10k is a hell of a jump to 100k I get that... you'll need to ask your provider why they have devalued the house and go from there. You either re negotiate with seller or pull out...

i think the agreed price is relevant here like PP said, different when looking at £1.5m house v a £350k house.

it must have been substantiated for that much of a drop?

or double check with surveyor, it might be a typo

When there are no local properties of a similar type that have sold recently valuation can be tricky.