How to complain

Jewel_2

lincroft1710 wrote: »

What would you do if you were buying and survey came back at 10% less than price you had agreed to buy at?

There can be no "loophole" as no law/regulations in place. The only possible comeback you would have is if you had found surveyor had been bribed by his client to artificially lower valuation. Then you could complain to RICS, and they would probably take some disciplinary action.

I would like to listen to some of the conversations between the lender and the valuer.

Does the mortgage valuer know what has been offered, for example? And if so why?

StevieJ

Jewel wrote: »

I would like to listen to some of the conversations between the lender and the valuer.

Does the mortgage valuer know what has been offered, for example? And if so why?

Perhaps this is why a few house prices have been relisted at a higher price lately, just a thought.

chickmug

This is one where the EA will need to prove their worth by proving the higher price to the valuer. I assume the higher price was within the EA's valuation range and so they need to dig out the comprables and go through them carefully with the surveyor.

Surveyors can be human but important to try and catch them before they have actually submitted their formal figure to the lender. I have persauded valuers to 'up' their figure but not after their report has left their desk.

MissMotivation

Jewel wrote: »

I would like to listen to some of the conversations between the lender and the valuer.

Does the mortgage valuer know what has been offered, for example? And if so why?

The Surveyor has to know the agreed purchase price so that they can confirm the property is worth the amount the Buyer is borrowing from the Lender.

Your best bet would be to get the Purchaser to complain about the Valuation.

Your Estate Agent may be able to help the Purchaser with comparable evidence of what the property is worth, how they do this is by providing the Surveyor with comparable properties within a half a mile radius that are either SSTC or have completed recently. If the EA can find at least 3 similar properties then they have a chance of getting the Valuation over-turned.

I have sucessfully done this recently for a buyer where the Valuation was £37,500 less than the agreed purchase price.......it took 2 weeks but we got there eventually!

1echidna

Our property was sold subject to survey and contract for 295k. Valuation (Birmingham Midshires surveyor) came in at 280k. This really incensed me as I saw it as a way for the lender (and his client) to rip us off. Our EA too was very shocked, but did a very good of producing evidence of similar properties in the locality (and fortunately their are many in the terraced streets where we live) selling at 295k+. The Surveyor changed his valuation to 290k which we felt was evidence of our EA really earning his money. Our EA felt that it was only a matter of pride that the surveyor had not increased his valuation to 295k, however as what the buyer could offer was dependent on the valuation we accepted 290k.

This business of surveyors downvaluing property is another despicable wrinkle in the house selling business and I for one would certainly welcome some way of bringing them to book.

Blacksheep1979

Jewel wrote: »

I suppose I see it as remarking an academic paper - the results do affect us, as we are the sellers, and to all intents and purposes, one valuer has knocked down our valuation by £30,000 thus we have lost £30,000.

People need to get this idea of 'we've lost £xxk' - unless you've paid more for you property than you sell it for (and the deal is done) then you haven't lost anything - the money in your house at the moment is unrealised, get over it house prices are dropping.

1echidna

Blacksheep1979 wrote: »

People need to get this idea of 'we've lost £xxk' - unless you've paid more for you property than you sell it for (and the deal is done) then you haven't lost anything - the money in your house at the moment is unrealised, get over it house prices are dropping.

Don't know what you are talking about! If you agree a sale at 300k and a low valuation comes in forcing you to sell at 270k (assuming you have to sell) you have lost 30k . No two ways about it!

Blacksheep1979

Until you have the money in your hand you've never had it, you've never sold the property therefore never realised the money - you haven't lost anything.

1echidna

Blacksheep1979 wrote: »

Until you have the money in your hand you've never had it, you've never sold the property therefore never realised the money - you haven't lost anything.

Again you are talking nonsense. When the sale goes through with the forced lower price one has indeed lost, and lost considerably.

Jewel_2

Blacksheep1979 wrote: »

People need to get this idea of 'we've lost £xxk' - unless you've paid more for you property than you sell it for (and the deal is done) then you haven't lost anything - the money in your house at the moment is unrealised, get over it house prices are dropping.

:rolleyes: