It's suddenly dawned on me!!!

Mr_Matey

The buyer and seller may be willing to exchange at that price, but the valuation is also helping the bank assess the risk of the loan. There are 3 parties involved in this transaction.

A lower valuation is a warning to the buyer and lender that their investment may be more risky than they originally thought.

Considering the public outrage over bank lending recently, I'd have thought most would welcome this prudent idea.

adr0ck

RICS members are told by certain mortgage companies to down value certain types of property

its quite common for a RICS surveyor to value two exactly the same houses on the same day at upto 10% difference

This is because they are valueing the properties for two different mortgage companies

Jewel_2

adr0ck wrote: »

RICS members are told by certain mortgage companies to down value certain types of property

its quite common for a RICS surveyor to value two exactly the same houses on the same day at upto 10% difference

This is because they are valueing the properties for two different mortgage companies

Thank you, that's what I've been trying to say, but in a rubbishy way! :rotfl:

Jewel_2

PasturesNew wrote: »

RICS have always been the only people "qualified" to value a house. Not an EA, not a seller, not a buyer... only a RICS person.

Yet you are deluded enough to question them. You are part of the problem, you still believe the hype.

Why shouldn't I question someone who is RICS qualified? As a professional in another field, I would expect to be questioned and my research would be based on much more than one person's findings. FRICS, ARICS, RICS, MRICS, I don't really care! What hype is that? If my house is REALLY only worth that much, that's fine. I don't believe the research has been done properly, and that's a big problem when you are part of a professional body.

mewbie_2

Jewel wrote: »

Why shouldn't I question someone who is RICS qualified? As a professional in another field, I would expect to be questioned and my research would be based on much more than one person's findings. FRICS, ARICS, RICS, MRICS, I don't really care! What hype is that? If my house is REALLY only worth that much, that's fine. I don't believe the research has been done properly, and that's a big problem when you are part of a professional body.

!!!!!! are you talking about?

Jewel_2

mewbie wrote: »

!!!!!! are you talking about?

Please expand.

mewbie_2

Jewel wrote: »

Please expand.

I don't know what your point is. House not worth as much? Or worth too much? What is it worth anyway? What someone is prepared to pay for it I guess.

StevieJ

mewbie wrote: »

I don't know what your point is. House not worth as much? Or worth too much? What is it worth anyway? What someone is prepared to pay for it I guess.

I think that was their very point

the_ash_and_the_oak

mewbie wrote: »

I don't know what your point is. House not worth as much? Or worth too much? What is it worth anyway? What someone is prepared to pay for it I guess.

what someone is able to persuade the bank to lend them to pay for it imo

mewbie_2

I think the term "valuers playing God" over states the importance of some bloke valuing a house when compared to the creation of the Heavens and Earth.