How do valuers sleep at night????

propertyman

ukcarper wrote: »

The surveyor could well have valued it low as it’s only his opinion and the seller has some evidence to show it is i.e. the recently sold price of another house.

Tosh. It's not an opinion - it is professional judgement after long training and experience based on readily available comparables and experience.

This is particularly relevant here where the OP has compared the property and it appears to be a considerable departure from others by alteration. I have explained, rather than assumed as you broadly imply for the thread, that while it may now by adaptation be a 5 bedroom house , it does not attain the same price as the conventional 5 bedroom home

As such
a; as it is a departure from the norm there are few, likely no direct comparables
b; expertise training and experience has therefore to be applied
c: it attracts a specific buyer which a mortgagee cannot rely on to achieve liquidating it's security.

If the valuer gets it wrong, that's negligence, not a crap "opinion". Hope that clarifies matters

And if I understood her post, a; is the basis on which the OP might appeal.

BitterAndTwisted wrote: »

Still, my own feeling is that some valuers don't actually sleep during the night-time. They'll be kipping in a coffin somewhere dark.....

Posted from my coffin- it has wi fi

Cassandra_W

Fools don't grow on trees they are now in an increasingly short supply when it comes to being duped about paying too much for a house. Just because one paid £290k for the house next-door does not make yours worth a penny more. Your house is only worth the price on the land registry sale form.

ukcarper

propertyman wrote: »

Tosh. It's not an opinion - it is professional judgement after long training and experience based on readily available comparables and experience.

This is particularly relevant here where the OP has compared the property and it appears to be a considerable departure from others by alteration. I have explained, rather than assumed as you broadly imply for the thread, that while it may now by adaptation be a 5 bedroom house , it does not attain the same price as the conventional 5 bedroom home

As such
a; as it is a departure from the norm there are few, likely no direct comparables
b; expertise training and experience has therefore to be applied
c: it attracts a specific buyer which a mortgagee cannot rely on to achieve liquidating it's security.

If the valuer gets it wrong, that's negligence, not a crap "opinion". Hope that clarifies matters

And if I understood her post, a; is the basis on which the OP might appeal.




Posted from my coffin- it has wi fi

This is the point you say it appears but you don't know and I can’t see anywhere where she says her house has been modified.. Are you saying surveyors always get the value right?

propertyman

ukcarper wrote: »

This is the point you say it appears but you don't know and I can’t see anywhere where she says her house has been modified.. Are you saying surveyors always get the value right?

It appears you haven't read either of my posts

- if they get it wrong it's negligence
- Do they get it wrong yes- but with the amount of ready comparables available on databases it is much harder to do so.

is pretty clear on what I am saying.

You have seized on the word " appears" and I would say I also said "seems" if that appeals to your perspective.

I did struggle through the "caps" blizzard, the OP could easily respond, which is a lot more than most or you have done or "appear" to have done.

You have overlooked the issue of comparables a 2 bed house next door that is now a 3 bed and hers a five bed, and it being stone suggesting hers is different, perhaps modified, or not, but suggests lack of uniformity in the location.

That makes it hard to make the simple comparisons of the conventional rows of victorian terraces, 30's semis or estate housing, on which so many arguments are predicated, leading to the prevailing view that the valuer is really just an "opinioner".

All of which makes considering the factors, which are suggested by the post, that it requires judgement and experience, not "opinions" to value them.

At least I have attempted to explain, rather than as alleged, simply jumped on bandwagon.

ILW

Valuing property is an art and not a science, in the end the is no right or wrong valuation.

TypeR

ILW wrote: »

Valuing property is an art and not a science, in the end the is no right or wrong valuation.

Surely you could consider a house that sits on the market 3 years without a sale and a vendor complaining as having 'the wrong valuation' ?

ukcarper

propertyman wrote: »

It appears you haven't read either of my posts
is pretty clear on what I am saying.

You have seized on the word " appears" and I would say I also said "seems" if that appeals to your perspective.

I did struggle through the "caps" blizzard, the OP could easily respond, which is a lot more than most or you have done or "appear" to have done.

You have overlooked the issue of comparables a 2 bed house next door that is now a 3 bed and hers a five bed, and it being stone suggesting hers is different, perhaps modified, or not, but suggests lack of uniformity in the location.

That makes it hard to make the simple comparisons of the conventional rows of victorian terraces, 30's semis or estate housing, on which so many arguments are predicated, leading to the prevailing view that the valuer is really just an "opinioner".

All of which makes considering the factors, which are suggested by the post, that it requires judgement and experience, not "opinions" to value them.

At least I have attempted to explain, rather than as alleged, simply jumped on bandwagon.

But it’s not an exact science so although it is based on his experience and training it is his opinion. As you said we don’t know the value of the house and another surveyor might well value it the same. I did not specifically say you had jumped on the bandwagon but plenty of people have. You may have offered an explanation, which could well be right, but my point is without knowing the property we don’t know. I have no idea what the property is worth and am prepared to admit it. But if that is the only valuation the bank is prepared to accept as I said the seller will either have to sell at it, get the buyer to try another bank or pull out altogether.

ukcarper

TypeR wrote: »

Surely you could consider a house that sits on the market 3 years without a sale and a vendor complaining as having 'the wrong valuation' ?

The £450k valuation does look wrong but that doesn,t mean it's only worth £275k

TypeR

ukcarper wrote: »

The £450k valuation does look wrong but that doesn,t mean it's only worth £275k

In that case then surely the value is determined by the amount of money offered and subsequently accepted?

Of course, the vendor could come down from £450k to something above £275k - but if THAT valuation turns out to be wrong then the vendor is effectively chasing the market down.

ILW

TypeR wrote: »

Surely you could consider a house that sits on the market 3 years without a sale and a vendor complaining as having 'the wrong valuation' ?

Only with hindsight.

If a property went on the market and sold within a week, would you say it had been undervalued?