Under valued survey

JA1000

And if he isn't then good luck to him - it's your call. Why they would make it up after a survey anyway.

Surveyors are a law unto themselves, we have seen a few overturned on here, so if your buyer really wants it and they think it's worth they should be doing the donkey work, to speed that process up get it back on the market then you'll see their worth.

RX-78

Thanks JA1000,

I think he may be making it up to force the sale at cheaper price; e.g. "I know we agreed at 150 but my surveyors says its only forth 140k. Can you drop the price to 145k or I wont be buying it....."

May be I'm a bit too sinical

Milliewilly

PayDay wrote: »

= No sale (It's a buyers market now, not a sellers)

In this case, a glimpse of the relevant part of the survey wouldn't help the seller because the OP seems to be saying that the flat doesn' have faults, but is simply overvalued compared to the other flats that have sold (repos).

Depends on where in the UK you are as to whether its a buyers market - I have been trying to (cash) buy since September 09 and been outbid on 5 properties so far (Sheffield).

brit1234

confusedroast wrote: »

We had this last year when we were going to sell - surveyor for ROyal Bank Of Scotland undervalued our property by £25k!!!!! Apparently RBOS were undervaluing all properties in london to save their !!! - we took our property off the market I wasnt losing that on it!!

This makes me angry. For a decade we have had overvalueing properties with double didgit inflation. Cheap credit and fraud caused a huge housing buble which led to the credit crunch.

Now people are claiming their properties are being undervalued at the top of the bubble. All this house price inflation they got for doing nothing and are upset when surveyors say the true value is less. A maintained house goes up with inflation, not above it. This is all imaginery money in your properties and banks are trying to get people to buy them at more reasonable levels. Why should they risk their money becuae you want people to overpay for your house.:mad:

Understand as the stimulas ends prices are going to be dropping fast to normal levels. You can chouse to ignore it but it is happening and you will get less the longer you wait.

Milliewilly

brit1234 wrote: »

This makes me angry. For a decade we have had overvalueing properties with double didgit inflation. Cheap credit and fraud caused a huge housing buble which led to the credit crunch.

Now people are claiming their properties are being undervalued at the top of the bubble. All this house price inflation they got for doing nothing and are upset when surveyors say the true value is less. A maintained house goes up with inflation, not above it. This is all imaginery money in your properties and banks are trying to get people to buy them at more reasonable levels. Why should they risk their money becuae you want people to overpay for your house.:mad:

Understand as the stimulas ends prices are going to be dropping fast to normal levels. You can chouse to ignore it but it is happening and you will get less the longer you wait.

Remember though these are the same Surveyors who were valuing at overinflated asking prices during the boom. A property I bought in 2003 was advertised at £125K - I paid £155K - valuation came in at £155K (this is the one that was actually structurally unsafe and I sued the surveyor for). Why didn't they flex some of their muscle then and only value at inflation then the banks wouldn't have lent and the bubble would never have been created?

Surveyors are pawns for the banks nothing more.

brit1234

Milliewilly wrote: »

Remember though these are the same Surveyors who were valuing at overinflated asking prices during the boom.

Yes that was through the land registry fraud period. Remember gift deposits, developers use to overvalue properties in area and buyer would declare full wack to mortgage provider/ They would buy the property but get a large gift deposit back which the banks were unaware of. Suddenly in a area you have properties at far higher values and the surveyors take the value from those, bumping all prices up.

Schemes been phased out now but they still try it through homebuy

RX-78

But I'm not comparing the valuation to pre-2007.

I really dont mind if the surrounding sold prices are below/similar to mine, or if the (sold price) trend is showing a down slope. But if anything it seems to have hit rock bottom 12-18 months ago and the price around here are now slowly starting to go back up.

I also know the ground floor that just had a valuation has been valued higher than mine to the tune of more than 12k - exactly same spec (even kitchen is same as it was standard build) except mine is on higher floor. I wouldn't even complain if the difference is 2-3k but12k difference as a matter of opinion is just taking the mick.

Isn't it unfair for me to be loosing several thousands just because the surveyor decided to be extra cautious? Surely there must be some form of standard.....

motherof6

RX 78 who the hell are you to say the surveyor has made a mistake just because you dont agree with it??? To talk about complaining to the RICS well I am sorry they will see you for what you are!! Your property is not worth what you thought it was, the market is down at the moment, deal with it~!!! The surveyor is a professional who is dealing with properties and valuations for a living if you dont want to accept a lower offer then dont accept it, but dont slag off the surveyor! At the end of the day if your buyer was reposessed and he is found to have agreed with a valuation that was too high he would have to explain himself to a very unhappy mortgage company! He is working for the buyer and the mortgage company.....not you!! And you have no right at all to ask to see the survey, what are you going to do, pick up on every little point he has made and gruel him over it..... get a bloody life!

RX-78

For starters, could you stop being agressive? There is no need for "who the hell" or "get a bloody life". Its not very nice.

Just because they are professional or have a job title, it doesn't stop them from being wrong. I myself is a professional and have seen many professionals with questionable practice. Some of them get caught and have their license stripped, some get away and continue to exploit their clients. Does Dr.Shipman ring any bells?

Ofcourse I have every right to ask for a proof of valuation. I do not have the right to see it without the buyer's consent. Perhaps you do not understand the difference? It is my decision to adjust the price accordingly on the information available. It is the right of the buyer to refuse to show the valuation, but by doing so he will risk loosing the purchase. That is his choice.

If you read my post, I have not raised my disagreement with the valuation without a reason. Now this may not stand up to the scrutiny of a professional regulator, but that is not for a lay person to judge. You seems to suggest just because I am not an expert, I have no right to question the surveyor. That certainly is not true.

I understand surveyors registered with RICS are governed by their regulation. If the surveyor is confident he has remained within their guideline, he has nothing to fear. If he intentionally undervalued the property to satisfy his referrer (i.e.bank) than he may have a case to answer.

By the way, your understanding of the mortgage is wrong. May I suggest you do a little more reading before you comment, especially in the tone you have done.

p.s. If you dont like what I wrote, please "deal with it" and "get a blood life" *quote taken from motherof6's post #39

motherof6

When I woke up this morning I realised that I may have been a little over the top last night, however I have been in property for over 20 yrs as both a developer and a landlady of over 120 properties, so I think my understanding of the property profession is fairly extensive. I am used to my properties being 'downvalued' over the last 2 yrs.... I have had to get used to it. You are very fortunate that your property is only worth a few thousand less than you thought it was and remember this is in todays market, who knows with a change of government it may start to pick up. I spent the afternoon with somebody yesterday who was looking to remortgage, 2 yrs ago they paid £850000 for their property, they have done a little bit of work and now needed to remortgage. They were convinced their place was now worth 1.4 mil as other places in the area similar to theirs were on at that price. The surveyor turned up, who I know very well and who has practised in the area for over 25 yrs and suggested a valuation closer to what they had paid for it originally. They are devastated as they really needed the extra money, in their eyes in one afternoon they have 'lost' half a million pounds, which of course is ridiculous. So think yourself lucky and if your buyers are still prepared to buy with a small adjustment on price then be grateful!