How can it be so different!!!!!

office_2

Looking to purchase a new build and part ex my property. Obviously the builder has had 2 local estate agents value the property and they have made an offer based on these valuations. The px price was 10k less that the valuation however we were happy with the value.

Now here comes the good news :mad: , homebuyers survey and valuation has come back £15k LESS than the PX price

How can they be so different?? The PX price was really the price we could afford to move on but £15k LESS is such a blow!! The report only shows 1/2 minor faults and this has even confused the px co-ordinator.

Can I ask for another valuation to be performed? Not tarring all valuers with the same brush, but my wife (who was present at the time) did get the impression that the valuer was a bit off with her.

Gutted is not the word and I would really appreciate some advice, I would even go as far to invite the sales manager of the building firm to have a look. I cant understand this..

mummytofour

I would find out about another valuation, by any chance do you know if the valuer was local was used to working in the local area? what did he use to compare the price with? were the other homes he used to compare the house with in the same area? same size ect?
Another thing worth thinking about is that valuers do not value the same as EA I have learnt this to my cost also.

I hope that you cna get this soreted.
Vxx

exil

Who appointed the valuer? The builder? And for what purpose (they surely weren't trying to get a mortgage)

office_2

Unfortuntaley I know nothing about the valuer. Agreed the builder does not need a mortgage, do you think the valuer would take that into account?

I hope that you cna get this soreted.

Thanks for the support, I hope I can as it would be the end of the purchase for definate.

Apart from asking for another survey or even inviting the sales manager around I am at a loss to know what to do. The funny thing is that the valuation now values my 2 up 2 down LESS than some flats in the area.

david29dpo

this is common. basically the builder is taking a risk with your house and will need to sell it on. same as part exing a car. you will not get the going rate for your car, if you do, you will pay to much for the new car!