valuation survey for mortgage

chillbill

Hi all
We are currently in process of buying and selling and are awaiting survey from mortgage companies on our current property and the house we are buying. Our estate agent informed us that there have been some very low valuations recently, lower than the agreed offer.
I had assumed that this would be by £5000 max but I was talking to a friend today and they had recently had a survey on their house and it came back at £70000 even though an identical property is on sale for £140000 in the same street. The £140000 seems to be more in line with all house prices in the wider area.

Does anyonelse have experience/knowledge of this? Any help or info would be great - thanks

We have found a house that we really love and need to have close on to the agreed offer price to buy - the thought of losing it because of a big discrepancy between estate agent and survey valuation would be horrible and really frustrating:mad:

By the way whoever said a house move is the most stressful thing in life was right - this wait for the official mortgage yes is killing me!:eek:

Fire_Fox

For sale prices are the price the vendor hopes to get, to find the true value of a property you need to look at land registry sold prices for the street and area.

chillbill

Hi Fire fox the sale price on our house is in fitting with the sold prices - but then so is the £140000 price right yet the survey was half that! Were they just unlucky with the survey in that it was grossly inaccurate or are house being under valued (or over valued by the estate agents depending on how you look at it)

Am hoping for reassurance that the 70000 is a one off and not typical of current valuations but coupled with the estate agents comment I am starting to panic:(