What determines a valuer undervaluing...

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FIRSTTIMER
FIRSTTIMER Posts: 637 Forumite
in Mortgages & endowments
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...

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  • Mr.Generous
    Mr.Generous Posts: 3,379 Forumite
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    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
    davidmcn Posts: 23,596 Forumite
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    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
    Keezing Posts: 322 Forumite
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    FIRSTTIMER wrote: »
    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...

    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
    Thrugelmir Posts: 89,546 Forumite
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    FIRSTTIMER wrote: »

    I am concerned my valuation will come back lower than the offer price....by a 1 to 5 thousand...

    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.
  • minimike2
    minimike2 Posts: 2,210 Forumite
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    davidmcn wrote: »
    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"?

    Not every time, no.
    Desktop valuations for purchases are now a "thing".
  • suzikettles
    suzikettles Posts: 32 Forumite
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    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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