Valuation nightmare!!!

Toughluck

This is very simple. I am repeating myself on here and to clients. Your house is worth what someone is prepared NOW to pay for it. If the valuation with whatever does not come in then you have to try elsewhere.The valuers at lenders and 3rd parties will only value what they think it. I try and try nad try with valuers now and they will not budge. 12 months ago yes they would have increased it if the evidence was there to support it.

Everyone no matter where you live has to come into line here. my house, your house isn't worth what we think it is worth. work done or not will only inflate the valuation a little if any at all these days.

For what it is worth I am getting £40-$50K down valuations by the abbey on properties worth (or what the client thought) under £200K.

robertg

A brief update for anyone who may have been following this thread.

It IS worthwhile challenging the surveyors vauation.

5 days ago the surveyor valued my home at £165k. I knew that was wrong and challenged it in the strongest terms. I presented my case to the surveyor (through the lender) with a whole raft of evidence to prove my case and the original valuation has now been increased to £200k, the mortgage offer issued and the solicitor instructed.

I am fully aware we are living in hard times and prices have fallen, the official annual figure is crrently 4.6%.

Just over a year ago my house was valued at £230k, all recent proerty sales in the area have been for IRO £200k and an identical house a few doors up is currenly on the market for £220k. (Yes I know that does not mean sold)

Yes, I know a property is only worth what somebody is prepared to pay for it, but the current methods of valuation are simply not right, logical or fair.

A property valuation should be based on the size, character and location of the property in question and what it would be likely to fetch on the open market.

All this nonsense of guessing what the property might be worth in two years time if the market nosedives or what the lender could best get for it as a repo is only going to add to the woes of the property market and keep prices artificially low. A valuation should reflect the current market price not a future price and not as a repo. It should be based upon the current facts.

If I had accepted the word of the valuer who inspected my property, it would have been accepting that my property had lost over 28% of it's value over the past year. That simply is not correct. The official figure based on actual sales is 4.6%.

I'm sorry if I have ranted on and repeated myself, but I just wanted to make a point.

Anyway, I'm off on holiday in a few hours so I won't be able to respond any further.

A happy weekend to everybody