Mortgage valuation - how long until they report and does the vendor find out?

kst101

We are in the process of selling our house - have accepted offer and mortgage valuation was being done today. Buyers are very keen to move quickly and so I presume they don't want things to take too long.

So how long does it take for the valuation report to be done and does the vendor find out how much they value it at? Have heard tales of houses being valued for tens of thousands below the offered price and so am naturally a little worried about it.

Not sure what category of valuation it was - obviously more than a "drive by" type as he was here for about 20 minutes or so.

Any thoughts from more experienced people welcome

G_M

The mortgage valuation (20 mins sounds like a valuation) is for the lender, not the vendor. You will only hear the figure if the buyer tells you - which would probobly mean it came in lower than the purchase price and he wanted to re-negotiate.

It takes.... as long as it takes. Days or weeks. There are other parallel activities going on so unless you speed them all up, speeding up the valuation will make little difference. Be patient. Conveyancing takes time.

kst101

Thank you

I presumed I wouldn't hear directly; only if they wanted to reduce their offer. The offer we have is fine and we have a little room for negociation in terms of the amount compared with our mortgage but would obviously prefer it not to go down.

The buyers want to complete in six weeks which our EA thinks is a little optimistic but there is no chain as they are renting and we are going to be renting so I suppose possible. I presume they will be chasing solicitors and mortgage provider etc. We would be happy to move a bit later, but want to keep the buyers happy.