Valuation advice please

DON79

Hi, have paid for a valuation to be done by an RICS chartered surveyor but I am not happy with the value he has given.

We know our house is not in great condition - no central heating, 70's kitchen & bathroom in need of replacing, needs total redecoration and he was advised at the time of the valuation also that the roof needs replaced. He came back with a valuation of £100,000 - its a 3 bed terraced house.

But two streets away, there are two houses which are for sale, also 3 bed terraces, for £99,995. The big difference is that these houses both have gas central heating, newer modern kitchens and bathrooms, nicely decorated etc and one has a driveway & the other has an extra w.c.

I have challenged the valuation he has given and he stated he has used comparable evidence and is sticking by his valuation. I don't see how he can claim comparable evidence in view of the two properties currently for sale which are like ours only much better!

Advice please? I have emailed back saying I would like to see this "comparable evidence" and I have also emailed the RICS to see what I would do about complaining.

Am I right to be annoyed that having paid for a survey, he has not bothered to do it properly and give an accurate valuation?

Thank you for any constructive advice

theartfullodger

You bought the most expensive valuation you could find or the cheapest??


You are surprised that "professionals" try to get away with doing as little as possible as quickly as possible.. (A "professional" does for money what a Gentleman does for love...).

The correct valuation for the property if £92.3k.

Cheers!


Artful

DON79

theartfullodger wrote: »

You bought the most expensive valuation you could find or the cheapest??


You are surprised that "professionals" try to get away with doing as little as possible as quickly as possible.. (A "professional" does for money what a Gentleman does for love...).

The correct valuation for the property if £92.3k.

Cheers!


Artful

Stupidly I listened to hubby and went for the cheaper one

The figure you quoted I would assume takes into account the work we would need done?

I am going to try an estate agent again and see what they recommend....

thanks Artful Dodger

theartfullodger

DON79 wrote: »

The figure you quoted I would assume takes into account the work we would need done?

...

thanks Artful Dodger

a) My quoted figure is a complete guess, as was your RICS chaps' estimate... The only other difference is that mine is "free"....

b) Lodger, not Dodger.... (Hint: Always read the small print..)

ILW

Why do you want a lower valuation for your house?

DON79

ILW wrote: »

Why do you want a lower valuation for your house?

I want an accurate valuation, not lower... either way, its not going to give negative equity. I have to submit a valuation as part of a previous bankruptcy order and the OR would not accept the previous estate agent's estimate which is why I asked for a professional opinion. I have paid for it and it's likely the OR is not going to accept it again.

I expect I will get bashed now for being previously bankrupt. :cool:

theartfullodger

DON79 wrote: »

I expect I will get bashed now for being previously bankrupt. :cool:

Should have thought you were bashed quite enough becoming bankrupt... We are all entitled to expect decent treatment, here or anywhere else

Best wishes


Artful

G_M

DON79 wrote: »

He came back with a valuation of £100,000 - its a 3 bed terraced house.

But two streets away, there are two houses which are for sale, also 3 bed terraces, for £99,995. The big difference is that these houses both have gas central heating, newer modern kitchens and bathrooms, nicely decorated etc and one has a driveway & the other has an extra w.c.

Doesn't mean the two houses will sell for 99,995. They might sell for more, or less.
The difference in street might also alter the price (and hence value), as might other factors.

mart.vader

BTW, don't bother going to the RICS expecting them to assist you in a complaint about one of their fee-paying members. they protect their own !

Meatballs

They are advertised for £100k, but no-one pays asking price nowadays?

silvercar

Valuing property is an art not a science. A house is only worth what someone is prepared to pay and without actually selling it you won't find that out. In your shoes I would have chosen a RICS surveyor and had a chat beforehand about what you were looking for, when he did his inspection I would have had the comparables ready to show him. Forewarned is forearmed.

You now have two options, accept this valuation or arrange another one at your own expense.