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Mortgage/House Valuation
terry.h
Posts: 66 Forumite
We've just had an offer accepted on a house and the mortgage application has now been approved subject to valuation.
We've asked for a homebuyers report along with the valuation, but I wanted to ask whether it's likely the house will be valued under our offer?
The house was up for £125,000 and we agreed on £118,000. Who values the property when it goes on the market, and do they add a bit extra for negotiation?
We've asked for a homebuyers report along with the valuation, but I wanted to ask whether it's likely the house will be valued under our offer?
The house was up for £125,000 and we agreed on £118,000. Who values the property when it goes on the market, and do they add a bit extra for negotiation?
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Comments
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Bump! Anyone?0
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Probably priced for the market by Estate Agent(s).
Depends on whether the seller was trying to be greedy by going for the highest estimate, speedy by going for the lowest estimate, or average...
Also, depends partly on how cautious the Lender's surveyor and the Lender themselves need to be.0 -
we had a mortgage surveyor value ours 8 grand below what we paid for it, that was in 2008 when things started to turn bad. I think mortgage surveyors mainly use land registry, so check what things have sold for recently near the property.0
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Our surveyor valued the house at £15k under the price we had offered. That was around 10 months ago and the same surveyor under valued all the other houses in the chain by a similar amount.:jProud mummy to a beautiful baby girl born 22/12/11 :j0
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Remember that surveyors when valuing property usually visit local estate agents to gather comparables! They don't conjure figures out of the air.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Well there's plenty of 3 bedroom houses for sale around the 125k - 130k mark in the town we're buying in. We have the advantage of a very big garden and off road parking (not allocated space elsewhere) so we think we've got quite a good deal at £118k.
Have spoken to EA, he has said valuation is book for tomorrow so we should find out some point next week.0
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