Asked by: Abdesslem Hualdeasked in category: General Last Updated: 1st March, 2020
Can you contest a house valuation?
In this manner, can you contest a mortgage valuation?
But while homeowners may feel their bank or building society has them over a barrel, it is possible to challenge valuations and get a better mortgage deal. This is Money's home valuation calculator uses Halifax's price data and allows you to judge how much your property is worth using regional averages.
Subsequently, question is, what happens if house valuation is less than purchase price? If the mortgage valuation is lower than your offer price then it can affect your finance. This is because the amount you can borrow is usually based on a percentage of the property value. If your lender will still agree the mortgage you are likely to pay a higher interest rate, making the loan more expensive.
Hereof, can you challenge a bank valuation?
The benefits of challenging a bank valuation You'll be more sure of how much the bank is willing to lend. The valuer may come back with a higher valuation once they study all the documents and evidence that you have shared with them. If the challenge isn't accepted, you can always try to re-negotiate with the seller.
How long is a property valuation report valid for?
Basically valuation report does not carries any expiry date. But ideally, the house valuation report is valid after the six months of valuation or maximum one year. If any sudden change in the market condition and country economy arises or changes, then you can't afford to go with your previous house valuation report.