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  • FIRST POST
    • FIRSTTIMER
    • By FIRSTTIMER 14th Mar 17, 6:15 PM
    • 248Posts
    • 50Thanks
    FIRSTTIMER
    What determines a valuer undervaluing...
    • #1
    • 14th Mar 17, 6:15 PM
    What determines a valuer undervaluing... 14th Mar 17 at 6:15 PM
    If I opt for a homebuyers report - will this make the valuation more realistic versus a desktop/drive by valuation....


    I am concerned my valuation will come back lower than the offer price....by a 1 to 5 thousand...
    Savings £17500
Page 1
    • Mr.Generous
    • By Mr.Generous 14th Mar 17, 6:18 PM
    • 1,607 Posts
    • 2,402 Thanks
    Mr.Generous
    • #2
    • 14th Mar 17, 6:18 PM
    • #2
    • 14th Mar 17, 6:18 PM
    I've never seen a valuation report £1k below offer, they would normally just put offer price if it was that close. They go off sold property prices, market conditions and experience. If they value it much lower you have probably overpaid.
    • davidmcn
    • By davidmcn 14th Mar 17, 6:29 PM
    • 5,383 Posts
    • 5,077 Thanks
    davidmcn
    • #3
    • 14th Mar 17, 6:29 PM
    • #3
    • 14th Mar 17, 6:29 PM
    Someone correct me if I'm wrong, but I think for a purchase the surveyor will always actually inspect the property rather than merely do a desktop/drive by valuation.

    Homebuyers report will be more accurate in terms of time spent inspecting the condition (rather than merely guessing about the bits they don't look at), if that's what you mean by "realistic"?
    • Keezing
    • By Keezing 14th Mar 17, 6:33 PM
    • 249 Posts
    • 196 Thanks
    Keezing
    • #4
    • 14th Mar 17, 6:33 PM
    • #4
    • 14th Mar 17, 6:33 PM
    If I opt for a homebuyers report - will this make the valuation more realistic versus a desktop/drive by valuation....


    I am concerned my valuation will come back lower than the offer price....by a 1 to 5 thousand...
    Originally posted by FIRSTTIMER
    Why would you be concerned?

    If the valuer values the property at 1-5k less than you offered you should send them a bottle of champagne to say thank you
    • Thrugelmir
    • By Thrugelmir 14th Mar 17, 6:38 PM
    • 54,261 Posts
    • 47,059 Thanks
    Thrugelmir
    • #5
    • 14th Mar 17, 6:38 PM
    • #5
    • 14th Mar 17, 6:38 PM

    I am concerned my valuation will come back lower than the offer price....by a 1 to 5 thousand...
    Originally posted by FIRSTTIMER
    For that size of sum. Suggests that there's work that should be undertaken. While not critical at the moment. If not addressed could result in far bigger problems. Normally dealt with by means of a retention. Rather than undervaluation.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • minimike2
    • By minimike2 14th Mar 17, 8:34 PM
    • 1,886 Posts
    • 1,391 Thanks
    minimike2
    • #6
    • 14th Mar 17, 8:34 PM
    • #6
    • 14th Mar 17, 8:34 PM
    Someone correct me if I'm wrong, but I think for a purchase the surveyor will always actually inspect the property rather than merely do a desktop/drive by valuation.

    Homebuyers report will be more accurate in terms of time spent inspecting the condition (rather than merely guessing about the bits they don't look at), if that's what you mean by "realistic"?
    Originally posted by davidmcn
    Not every time, no.
    Desktop valuations for purchases are now a "thing".
    I am a mortgage industry professional. 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
    • suzikettles
    • By suzikettles 14th Mar 17, 9:39 PM
    • 20 Posts
    • 1 Thanks
    suzikettles
    • #7
    • 14th Mar 17, 9:39 PM
    • #7
    • 14th Mar 17, 9:39 PM
    its a nightmare! new build came back at 12500 below asking price, surveyor didn't set foot in it and absolutely no comeback a lose lose situation.....
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