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Countrywide surveying services-under valuing

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kath_d_2
kath_d_2 Posts: 4 Newbie
in House buying, renting & selling
We are selling our house for £235k, had loads of interest, 4 bidders n offers ranging £225k-£233k, we accepted £233k
Countrywide has de valued our house at £217,500 which is same as next door house sold for in 2015 however our house is a larger more private plot, large detached garage and conservatory (next door hasn't got either.
Our buyer has pulled out as can't fund the £15,500 difference, we put our house back on the market yesterday for £235k and have 6 viewings booked already, my worry is will we come up with the same problem with any new buyer ? can we challenge the valuation ?
Is countrywide known for devaluing properties ?
We feel really helpless, any advice please ?
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  • G_M
    G_M Posts: 51,977 Forumite
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    I don't think you can challenge.

    You could try to influence the next Valuer by leaving the details of next door around or giving it to him, with hights showing the sold price, AND the differences in property.
  • kingstreet
    kingstreet Posts: 38,770 Forumite
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    Have three similar properties in the vicinity (within 0.5 miles) sold for the same/close in the last four months?

    These are the comparables surveyors use.

    Look at the Land Registry sold stats and research. If there are no recent comparables, surveyors will err on the side of caution.

    BTW as a vendor you have no contract with the surveyor carrying out a valuation for your buyer, so no, you have no right of challenge/appeal.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • eddddy
    eddddy Posts: 16,448 Forumite
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    As G_M says, discuss it with the next valuer when they visit.

    If you can still find the EA's floor plan for the neighbour's vs your EA's floor plans - that might be even better.

    The valuer will know why you're doing it - which is fine. And they may or may not be persuaded by your argument.

    If you get another bunch of offers, perhaps favour those buyers with a bigger deposit/lower LTV, as they might have more room to manoeuvre.
  • MrJB
    MrJB Posts: 292 Forumite
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    The valuer will of course be persuaded by the evidence of a neighbouring property, providing that was the actual price sold and not the price marketed.

    If I were you I'd tell the surveyor about the neighbouring transaction, although worth adding the caveat that one swallow doesn't make a summer and if this is an unusual anomaly in line with a lot of other evidence to the contrary then you still may not get the price you're after. That said, the amount of demand you've had does seem indicative of the market trends.
  • Ms_Sophia
    Ms_Sophia Posts: 182 Forumite
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    kath_d wrote: »
    We are selling our house for £235k, had loads of interest, 4 bidders n offers ranging £225k-£233k, we accepted £233k
    Countrywide has de valued our house at £217,500 which is same as next door house sold for in 2015 however our house is a larger more private plot, large detached garage and conservatory (next door hasn't got either.
    Our buyer has pulled out as can't fund the £15,500 difference, we put our house back on the market yesterday for £235k and have 6 viewings booked already, my worry is will we come up with the same problem with any new buyer ? can we challenge the valuation ?
    Is countrywide known for devaluing properties ?
    We feel really helpless, any advice please ?

    Different banks use different surveying companies, so the next valuation can be different. Moreover, the same bank can use different surveying companies fo valuing the same property! And these 2 surveyors can come up with completely different valuations of the same property! True story...
  • eddddy
    eddddy Posts: 16,448 Forumite
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    MrJB wrote: »
    The valuer will of course be persuaded by the evidence of a neighbouring property, providing that was the actual price sold and not the price marketed.

    If I were you I'd tell the surveyor about the neighbouring transaction, although worth adding the caveat that one swallow doesn't make a summer and if this is an unusual anomaly in line with a lot of other evidence to the contrary then you still may not get the price you're after. That said, the amount of demand you've had does seem indicative of the market trends.

    I think you've misread.

    The neighbour's property sold for £217.5k - and the valuer valued the OP's property at £217,5k (The OP thinks it's because the valuer has seen what the neighbour's house had just sold for.)

    But the OP is saying that the OP's house is bigger and better. Hence, the OP needs to convince the valuer it is bigger and better.
  • kath_d_2
    kath_d_2 Posts: 4 Newbie
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    Thanks for all the comments, it just seems really unfair that one persons opinion can basically halt a sale, without any fear of challenge by any of the parties involved.
  • danslenoir
    danslenoir Posts: 220 Forumite
    edited 26 February 2016 at 6:45PM
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    kath_d wrote: »
    Thanks for all the comments, it just seems really unfair that one persons opinion can basically halt a sale, without any fear of challenge by any of the parties involved.

    Look at it from the lender's point of view. If it all goes wrong and they need to repossess your house, they want to be consident that they would be able to recuperate monies owned to them from the sale.

    How else do they do that other than by someone valuing the house?

    I agree though, that there should be an option to challenge it. For example, by allowing the purchaser to fund another valuation from a different lender-appointed surveyor if purchaser disagrees with first valuation.
  • kath_d_2
    kath_d_2 Posts: 4 Newbie
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    danslenoir wrote: »
    Look at it from the lender's point of view. If it all goes wrong and they need to repossess your house, they want to be consident that they would be able to recuperate monies owned to them from the sale.

    How else do they do that other than by someone valuing the house?

    I agree though, that there should be an option to challenge it. For example, by allowing the purchaser to fund another valuation from a different lender-appointed surveyor if purchaser disagrees with first valuation.

    I totally understand the need for the lender to have the property valued however the valuation is an opinion of one professional who should be prepared to justify how he has come to that valuation and if additional information is put forward that could alter that valuation then surely that should be allowed, maybe when there is a large difference a call to the estate agent who originally advised that asking price to give their reasons and justifications especially as they have the local knowledge may be helpful.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    kath_d wrote: »
    I totally understand the need for the lender to have the property valued however the valuation is an opinion of one professional who should be prepared to justify how he has come to that valuation and if additional information is put forward that could alter that valuation then surely that should be allowed, maybe when there is a large difference a call to the estate agent who originally advised that asking price to give their reasons and justifications especially as they have the local knowledge may be helpful.

    They can justify it to their client. And often there will be discussion, particularly if there is a lack of comparables. But understandably, surveyors would rather just issue their report and move on, rather than get embroiled in a probably fruitless debate about what the value ought to be.
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