Valuations

ajfy2k

Hello,

I'm trying to buy a house and with a bit of luck the Valuation should be happening this week.

I'm not worried about the valuation as I think I got the house for a good price & I have a large deposit so there should be no issues.

Anyway I'm just wondering how people who have recently bought a house have found the valuation amounts, are they coming in below below the asking prices (as I would expect). Must be a nice feeling if its come in above the price your paying?

Also I presume if it does come in above the price offered the vendor has no way of knowing?

Not a very scientific survey I know but hopefully other people will also find it interesting,

Think this info would be useful:

Date | Asking Price | Offer Price | Valuation Amount

mine is

Aug-2011 | £135,000 | £130,000 | TBC

Thanks,

Ash

kmmr

I don't think bank valuations will ever come in higher than the price you have offered. I have had surveyors say 'wow, this is a great deal', but still come back with the same price. And as you can see I bought at the height and the bottom of the market!

First property: Oct 2006, offered £182k, valuation at same
Second property: May 2009, offered £325, valuation at same.

ajfy2k

Interesting, I presume the mortgage company must pass on the offered amount then?

kiki*_2

Valuations no longer really give you a 'Market value'
My mortgage lady told me it's purely to see if they will lend that amount of money for that house so it will either be identical to your offer or less. Never more.

GAH

The valuation will never come in more than the agreed price. If the surveyor thinks the agreed price is correct, they will value at that price, if they don't agree with the agreed price then they will put down what they think that property is worth.

779

I have been viewing properties in my local area for months, and as such feel that I have a good idea about property prices here. With some negotiation, I agreed a price which was around 20% under the initial asking price, however, the survey come back and down-valued it by a further 6% !

Was touch and go, but it worked out in my favor in the end.

ajfy2k

776:
Ouch that must of hurt, glad it work out for you though, did you manage it get the price lowered the extra 6% or did you just take the hit?

Ash