Surveyor has valued the house lower than what it has sold at!!!

mr.broderick

michjoe wrote:

We had a survey done on our house last week as we have had an offer on it, the report came back to our estate agent yesterday who rang us to say the surveyor had put a value on it £17000 under the price at what it has sold at. The estate agent stated that he was really shocked at this and he has been trying to get in contact with the surveyor for an explanation but hasn't had any luck. We can't believe it as it is priced lower than some of the smaller houses in the area because we wanted a quick sale. Does this happen alot?? Does anybody know?

This is shocking and isnt doing you or your buyers any favours. People will start listening to me and start agreeing with me on here soon (doozergirl being the exception) when i tell you surveyors are a waste of space.(at least this one anyway:o )

rrwfotr

Maybe this is the correction in the housing market that every one been going on about. I.e. high US interest rates with knock on effect to UK and Europe???

Bet every one with massive loans are not going to be too happy, me included :-((

mr.broderick

rrwfotr wrote:

Maybe this is the correction in the housing market that every one been going on about. I.e. high US interest rates with knock on effect to UK and Europe???

Bet every one with massive loans are not going to be too happy, me included :-((

Oh right so surveyors are now determining the market..rubbish.. The buyer sets the market and this buyer wanted to pay the market value..

abaxas

mr.broderick wrote:

Oh right so surveyors are now determining the market..rubbish.. The buyer sets the market and this buyer wanted to pay the market value..

Load of tripe!

The lender sets the market, a buyer can only buy with what the lender gives him.

mr.broderick

abaxas wrote:

Load of tripe!

The lender sets the market, a buyer can only buy with what the lender gives him.

Laughing my !!!! off.. The last thing a surveyor normally says to you walking out the door is and I'll quote "How much did you sell it for ? !!!!.."Do the maths...And i hate tripe.

devils_advocate

mr.broderick wrote:

Oh right so surveyors are now determining the market..rubbish.. The buyer sets the market and this buyer wanted to pay the market value..

You're quite right that the buyer sets the market. Theres absolutely nothing to stop the buyer paying what they want for it - except that they're trying to do it with someone else's money!

loveandlight

something exactly the same has just happened to OH with remortgage.Five grand under the asking price

I hope our recent experiences will be of use to others.

Six weeks ago I would have given anything to hear that our property had been downvalued by £5000 when we applied for a re-mortgage. Ours was downvalued by £50,000!!:eek: I wouldn't mind but our lenders surveyor was so arrogant and hostile to me in my own home! He only spent 8 minutes in the property and didn't even come in the living room!

We appealed against the surveyor's valuation but it didn't do any good, he still stood by his figure. I complained to the loan company but it didn't do any good either. I sent in comparables etc but the lender just would not budge.:mad:

Then I remembered a crazy situation we'd been in with surveyors earlier on this year when we were in the market to buy. We lost a house we were in the process of buying because it had been downvalued by £40,000. Our vendors refused to accept our surveyor's down valuation and immediately remarketed the property and sold it again 4 weeks later for the same price we were going to buy it at. The house then sailed through the survey to the new buyers at the full asking price!

We were the only ones who lost out then because we lost our survey fee of £400 as well as the house.

I realised then that there is no real rhyme or reason to it so last week I decided to approach another lender and have another survey done and hope we didn't get the same surveyor.

Fast forward to this week. We approached another lender and had another survey done. This time the Surveyor was very friendly, very experienced and a member of RICS etc. Result? Our property was valued at £280,000 - an upvalue of £50,000 from 6 weeks ago!! :T

mr.broderick

Guys the estate agent valued the property at £115000, i guess the reason for this was comparitive recent sales. i have never known a valuation to be £20000 less due to just opinion ie no massive remedial work..Are people getting my point here.. Im not talking about people going over asking price in a bidding war.

mr.broderick

loveandlight wrote:

I hope our recent experiences will be of use to others.

Six weeks ago I would have given anything to hear that our property had been downvalued by £5000 when we applied for a re-mortgage. Ours was downvalued by £50,000!!:eek: I wouldn't mind but our lenders surveyor was so arrogant and hostile to me in my own home! He only spent 8 minutes in the property and didn't even come in the living room!

We appealed against the surveyor's valuation but it didn't do any good, he still stood by his figure. I complained to the loan company but it didn't do any good either. I sent in comparables etc but the lender just would not budge.:mad:

Then I remembered a crazy situation we'd been in with surveyors earlier on this year when we were in the market to buy. We lost a house we were in the process of buying because it had been downvalued by £40,000. Our vendors refused to accept our surveyor's down valuation and immediately remarketed the property and sold it again 4 weeks later for the same price we were going to buy it at. The house then sailed through the survey to the new buyers at the full asking price!

We were the only ones who lost out then because we lost our survey fee of £400 as well as the house.

I realised then that there is no real rhyme or reason to it so last week I decided to approach another lender and have another survey done and hope we didn't get the same surveyor.

Fast forward to this week. We approached another lender and had another survey done. This time the Surveyor was very friendly, very experienced and a member of RICS etc. Result? Our property was valued at £280,000 - an upvalue of £50,000 from 6 weeks ago!! :T

Thank you my dear you just cemented my point..thankyou.

mr.broderick

abaxas wrote:

Load of tripe!

The lender sets the market, a buyer can only buy with what the lender gives him.

NoNoNoNoNoNo

The lender lends the surveyors value for lending purposes this does not set the market..oh someone please help me here im ill trying to explain...