Mortgage Valuation

DavidAC

Does a mortgage valuation give the actual price that they think a property is worth? Would it just give the sale price if they thought it was worth at least that or say it was worth less if they did not think it was worth the price?

opinions4u

It gives the price the valuer thinks the lender will be able to sell it for with vacant possession.

Meeper

If the valuer thinks it is worth less, he will give the lower value. If the valuer thinks it is worth more, he will state the purchase price.

DavidAC

Thank you for the replies. There seems to be different opinions. Maybe if a few people could reply saying if they had a valuation at the same as the agreed price or above it.

opinions4u

It's possible for a valuer to give a figure higher than the asking price and I have seen it happen.

It will be particularly rare in the current market though. Why would they want to take the risk of being sued by the lender?

Thrugelmir

DavidAC wrote: »

Maybe if a few people could reply saying if they had a valuation at the same as the agreed price or above it.

The valuation is performed on behalf of the lender not the purchaser. The lender may give the surveyor instructions regarding the way the valuation should be performed.