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Surveyor has valued the house lower than what it has sold at!!!
Comments
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mr.broderick wrote: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...
no no no
I agree the buyer sets the market for what he wants to pay, but his price is set via the lender (ie how much he can afford).0 -
Oh i see what you mean, you mean lending multiples etc.
These have crept up recently aswell havent they..0 -
mr.broderick wrote: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.
The estate agent doesn't *value* anything - they suggest an asking price which is based on what other houses have sold for + a bit to allow for negotiation + a bit to keep pushing house prices up + a bit just to chance things and see if someone will be it.
IMO most EA *valuations* are probably about 10% above what the house is actually worth in the open market and shouldn't be taken as a guide for remortgaging. A lender is only interested in protecting their asset and it doesn't matter what an EA tells you.0 -
dips wrote:The estate agent doesn't *value* anything - they suggest an asking price which is based on what other houses have sold for + a bit to allow for negotiation + a bit to keep pushing house prices up + a bit just to chance things and see if someone will be it.
IMO most EA *valuations* are probably about 10% above what the house is actually worth in the open market and shouldn't be taken as a guide for remortgaging. A lender is only interested in protecting their asset and it doesn't matter what an EA tells you.
Asking price, value whatever, i just think on this low end of the market at 100k appx.. 20k difference of opinion is massive.0 -
dips wrote:The estate agent doesn't *value* anything - they suggest an asking price which is based on what other houses have sold for + a bit to allow for negotiation + a bit to keep pushing house prices up + a bit just to chance things and see if someone will be it.
IMO most EA *valuations* are probably about 10% above what the house is actually worth in the open market and shouldn't be taken as a guide for remortgaging. A lender is only interested in protecting their asset and it doesn't matter what an EA tells you.
Ok then you tell me where this surveyor got his value from....
ps we just sold our house at asking price which is what the estate agents valued it at, strangely enough ive got his card here and it says valuer on it..lol..also the whopper of a surveyor who surveyed our house in 5 mins valued it surprisingly enough at exactly the same price...amazing..0 -
Don't start me off on surveyors........:mad:
They are down valuing right round the board. Everywhere!
Having said that some people over valuate their properties. Just because your neighbors sold for £xyz does not mean your is valued exactly the same. It depends also on the state of the property. Have modernisations been done to it, like new kitchen, flooring, heating, windows, bathrooms........
Also I don't like estate agents much either but I myself have seen how clients turned their backs and went with the EA how offered them the highest price for their property (only to later find out it is not selling due to being overpriced).
Also the UK population is over indebted. So we have reached our affordability level. Just look on the websites how the labels are multiplying stating "new instruction", "Best Offer" or really desperate ones its going to "Auction". Offers of 50/50 split for stamp duty etc.
I had a client a few months back who got gazumped by the Surveyor. We have written a complaint to the RICS, lender etc. and hope she will lose her licence. This is just not on. She is buying the property from the vendor. She valued it up so it no longer is available to my client. How about that! :mad:
Some lenders will not discuss surveys and will stick with what the surveyor says, no matter what.
A tip: BEFORE you go around trying a new lender know this:
Lenders have a panel of surveyors. Surveyors cover a certain area. So you might end up with the same surveyor again. BEST is to find a broker who can confirm for you which surveyor works for which lender and so will reduce the risk of losing money for the same surveyor and a same report. Alternatively you can do your own survey, get written compatibles from EA's and work at the lender to raise the value.
If you try too many lenders you always have to get a credit check. Too many checks and your credit rating will drop.
HTH0 -
mr.broderick wrote:Ok then you tell me where this surveyor got his value from....
.
From previoulsy selling prices - which do not always match asking price.
On example does not mean anything.
Anyone looking at the asking price of nearby properties for guidance about the value of their house is asking for touble. You should look at selling price.
BUT if we are using examples here are some I know about
Asking price £190K selling price £160K
Asking Price £180K selling price £135K
What is the *value* of those houses?
P.S In a rising market it isn't a problem but in a stagnant or falling market survyors and lenders will tighten their belfts - looks like there is trouble ahead in the housing market to me.0 -
Isnt this where the estate agent got their value from also?0
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mr.broderick wrote:Isnt this where the estate agent got their value from also?
You would like to think so woudn't you? However, there does seem to de some disparity between selling prices and what an EA tells a vendor their house is worth.
Other examples (as you seem to like these)
Asking price £225K - highest price ever on the road £175K
Asking price £225 - highest price ever on the road £175 (average £170K)
Asking price £215 & 194K the last 6 houses on the same road all sold for £160K
I don;t know what area you are in but where I am EA's prices are comical and have no relation to selling prices. It seems to be 'pluck a figure out of thin air and hope for the best' type of valuation.0 -
mr.broderick wrote: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.0
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