HSBC undervalued my house!

dtsazza

Thrugelmir wrote: »

dtsazza wrote: »

Now, that is the entire question, no? :-)

Not at all. The OP appears to believe that they know it. £10k is not a significant sum in % terms. Though may be critical to a LTV threshold.

Hmm - I thought that it was being asked in the context of "what is your house actually worth (on the basis of the valuation being different from that)".

Which was meant to be a pseudo-philosophical observation highlighting the problem here. A house is worth exactly what a buyer is prepared to pay for it. One way to know what this figure is, is to actually sell the house and observe what price it sells for - by definition this is the exact house price.

If that's not possible, the only other alternative is, effectively, educated guesses. Saying that one educated guess is wrong because it doesn't compare favourably to an educated guess that one would prefer to be true, is impossible to call one way or another. If you could prove that the valuation was wrong, i.e. because the house was provably worth say £170k, then the valuation wouldn't have been needed in the first place!

Crinz

Corerct me if I am wrong here but presumablyHSBC are using professionally qualified valuers. They have a legal obligation to give an accurate valuation of a property as it stands on a certain day.

I would assume that there is no such thing as undervaluing a property in a valuers eyes. What they deem to be the value is actually the value.

An estate agent can make a price up and isnt legally liable for anything that is decided