mORTGAGE VALUATION

worrywart_3

has been done on the house that I am selling, he liked the properpty but kept going on about how the roof needed work, I am aware of this!
Is it likely that the property may be downvalued because of this.
Roof is not leaking or anything and could be fine for a number of years, but from the way he was talking............. he wasnt even a proper surveyor only a valuer........... and was here 5 minutes cost to my buyer £400!

I did mention to my buyer roof may need attention, but now I am starting to worry.........

silvercar

If you made the buyer aware that the roof may soon need attention then he should expect this to be mentioned in the report and that it is already allowed for in the agreed price.

worrywart_3

but my question was is it likely to be downvalued? Just wondering as the surveyor kept mentioning it, said it was better to be done sooner rather than later........

Will.Power_2

The valuer may put something along the lines of "nearing the end of its useful life", or suggest a specialist report be obtained by the purchaser.
It's unlikely the property would be down-valued unless the valuer thought it was a serious problem that would affect the lender's security. (Valuers generally have a 5% leaway either way on their valuation for mortgage purposes.)
If the valuation only confirms what the purchaser already knew, he's only trying it on if he wants to re-negotiate...

silvercar

worrywart wrote:

but my question was is it likely to be downvalued? Just wondering as the surveyor kept mentioning it, said it was better to be done sooner rather than later........

If your price allowed for the roof being redone then it shouldn't be downvalued. But valuing houses is an art rather than a science, get a cautious valuer and it could have an effect. You know the condition of similar houses in your area and the prices they have sold for, so you can make a judgement.

If it helps I just sold a house that had nasty double glazing in need of repalcing and rendering that had cracks in it. The house was priced to reflect this and the valuer valued it at the agreed price.

worrywart_3

Its a difficult property to value as its a one off period home. But I put it on for less than valuations for a quick sale and went with the most sensible buyer, I had higher offers, so I hope not. Although it is selling for a reasonably good price even so.
The buyer is only getting about a 60% mortgage so I am hoping that that will have an impact, although whether the valuer will know that Im not sure. Its just that he kept going on about the roof that concerned me. Yikes how long till I know?
Thanks for all your help and replies.