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What if the house you are buying is devauled?

Asked on Sep 14 2010, House Prices in Stourbridge | Report content

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    Mark Heneg...

    If the surveyor has down valued the property you have 2 choices, you can either challenge the valuation by providing comparable property which have sold for what you are paying. Or you have no choice but to renegotiate the purchase price with the seller. If it has been down valued once it will probably happen again with another buyer or if you tried a different lender.

    Answered on Sep 15 2010, Report content
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  • Photo of garethb1

    garethb1

    Mark's answer is right, simply the question is what you thinks it is worth to you. A devaluation probably means the mortgage company will advance you less so re-negotiation maybe your only option in order to proceed. However if it is the home of your dreams and you really want it you can still proceed at the original price providing you have additional funds for any difference. It means you could be paying over market value so I would check similar house sales in the area.

    Answered on Sep 15 2010, Report content
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