Survey - Second Opinion

LB25

Hi!

We finally agreed an offer on our house last week and it was surveyed on Friday. The buyer has called me today to say that it surveyed less than the price offered.

We couldn't sell for the price it surveyed at as it wouldn't leave us enough equity to move on. Is it worthwhile us getting our own survey done for a second opinion or are all surveyors likely to survey the same?

Thanks!

poppysarah

Might say lower.

Wickedkitten

How much lower was the valuation than the accepted offer price?

LB25

5% lower, doesn't sound a lot but the offer was already lower than the fixed price (Property is in Scotland).

Wickedkitten

LB25 wrote: »

5% lower, doesn't sound a lot but the offer was already lower than the fixed price (Property is in Scotland).

How many offers have you had on it before this buyer and how long has it been on the market?

LB25

We were selling privately so it wasn't on the market. However we do know someone else that is interested in buying it but surely their survey would be the same?

princessamy86

Was it a mortgage valuation survey or just one for their reference? Valuation survey I would expect to come back the same whoever the buyer is.

Edit: Also, you can challenge valuations if you can provide comparable evidence but I've never heard of them changing anything tbh

moneysaveguy

I agree with the above poster. Very low change of getting a different valuation if it's a mortgage valuation survey.

princessamy86 wrote: »

Was it a mortgage valuation survey or just one for their reference? Valuation survey I would expect to come back the same whoever the buyer is.

Edit: Also, you can challenge valuations if you can provide comparable evidence but I've never heard of them changing anything tbh

Wickedkitten

LB25 wrote: »

We were selling privately so it wasn't on the market. However we do know someone else that is interested in buying it but surely their survey would be the same?

Depends on the reason they are valuing it lower really. It could be because there is work needing done on the house, the buyer has a high LTV, or because it's just overpriced for the market.

Doozergirl

You can't get your own survey to override one for a lender, not even your buyer could do that. It's for the mortgage company to decide how much security the property provides, it doesn't matter that someone else thinks it's worth 5% more. You can try to convince the surveyor with sold comparables - but I doubt your buyer (it's them that would have to do something like this) would be able to come up with a significant number of recent enough and higher comparables in this market. We've succeeded before but the surveyor used wasn't local and was frankly way off. 5% is subjective.

Your buyer, if they have enough of a deposit, can choose to ignore the valuation.