Quick House Sale Stockton
Sell My House Quickly Stockton found another interesting news article on the ramifications on a quick house sale due to the impact of the pandemic.
Full article by Mortgage Strategy
The so-called ‘down-valuing’ of properties is becoming an increasing issue in the mortgage industry, several brokers have testified, with calls for improved transparency in appeals and a review of the entire process.
The Covid-19 pandemic is said to have caused a surge in properties being valued at less than they are worth, while some say the problem is being exacerbated by a projected drop in house prices following the end of the government’s stamp duty holiday on 31 March.
In November a survey by Bankrate UK found that 46 per cent of buyers had seen their prospective new home down-valued by mortgage lenders in the preceding six months.
Down-valuations are a constant headache. When they are appealed, they are never reviewed with a view to finding a way to make them work. Instead, lenders and surveyors use their niche and antiquated criteria to provide further reasons as to why it does not work. But when we see down-valuations as low as £1,000, is it worth it?
The most common scenario is that the estate agent has not got the comparables needed for similar sold properties in the area, or perhaps they are lazy and have not put the best case forward.
Perhaps the surveyor has not been told a property does not have a share of the freehold, or not been told about an extra bit of land or parking space. This goes back to the broker and the estate agent being organised and clear about the property. Sometimes it may be due to the applicant’s situation, whether they are self-employed or in a higher-risk profession where the risks for the lender do not weigh up and they down-value as a result.
If you have been let down by a down-valuation on a Stockton house sale, then Sell My House Quickly Stockton can offer you a fast cash house sale as well as an alternative finance solution that will meet your immediate needs. Call us today on 07495 367039 or click here and fill out the form.