Valuation for buyback of house - help/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

debtinfo

well he is a proffesional and that is his proffessional opinion, that is the risk you take when you get a proper survey done

DON79

debtinfo wrote: »

well he is a proffesional and that is his proffessional opinion, that is the risk you take when you get a proper survey done

Well I did have an estate agent do the valuation and they came back with £94,995 however, when they wrote to confirm, they put a range value of £95 to £105,000.... which the OR claimed they had to average out at £100,000. So I thought that a professional would do his job properly, and I don't feel he has done it properly given the points I raised above about the property condition. I don't think he can justify the valuation he has given...

somethingcorporate

His justification will be is that he is a professional and it is his professional opinion.

If the EA valued it at the same are you suggesting they are both wrong?

DON79

somethingcorporate wrote: »

His justification will be is that he is a professional and it is his professional opinion.

If the EA valued it at the same are you suggesting they are both wrong?

No, I am suggesting only that the Surveyor has valued it at too much, the estate agent said £95k but because of the way they worded the confirmation letter, the OR will not accept the estate agent's valuation.

Surely it cannot be worth the same as houses two streets away which have much better facilities/improvements etc, that is just not common sense.

BB&B

RICS valuations are now being more and more accepted as industrial standards as to the true value of property, as a LOT of estate agents are 'undervaluing' property at the moment to try and get sales through (thus giving them commission), so it is very possible that the RICS valuation is correct, and the one down the road are priced to sell - this is certainly true in the town I live in!

The proof of the pudding here is the written response the EA sent you, valued BETWEEN 95K and 105K and oddly enough the verbal valuation was even lower.

I am also aware that a growing number of ORs offices are now routinely rejecting EAs estimates, and either getting their own or insisting on RICS.

Not what you particularly want to here, but I think you may find this is how the OR will view it.

Tim

So_Sad_Angel

Hi Don,

Hope you are well Hun...nice to see you on here.

The valuers often don`t like their professional opinion being challenged. I have dealt with many valuers over the years & it is rare that they will change their initial report....unless there is some extra information that they were not aware of at the time of the valuation....but they are usually well researched....it may be that your street is a better part of the area.

Probably best to see if you can negotiate with the ORs office on this one.

Take care x

DON79

Thank you SSA and BB&B - will be negotiating then it looks like.

am doing ok SSA - how about you? hope you are well too and things going ok.

debtinfo

The only other option is to get another survey, but of course there is no guarantee that it will be lower