surveyor problem 30 March 2005 at 1:27PM edited 30 November -1 at 1:00AM in House Buying, Renting & Selling 5 replies 893 views

Dimity

We are currently selling our house and have a problem with the surveyor, the last buyer we had fell through because he valued the property at slightly less than the offer price (the couple were trying to get a 100% mortgage and wanted us to sell at the price he valued it). The house has no structural problems, however it is at the top end of the market in the area.

We have found another buyer but since found out that it's likely to be the same surveyor...is there anything we can do about this? We don't want this to be a problem again!

dougk_2

The only sure thing you can do is reduce the price of the house!
The surveyor will only give his valuation of the property and this may vary. It's a personal opinion. How do you know it will be the same surveyor?

Dimity

The agent says the same surveyor (so not 100% sure).

We have had 3 offers of the asking price so we're reluctant to reduce the price because of this one guy...

frugal_dougal_3

Valuing a house is not an exact science by any means and surveyors often get it wrong.

If you have had several offers for the full asking price, the best offer to accept is the one who is best placed to proceed (ie FTB, cash buyer, nothing to sell etc). They may still have the same surveyor of course, but they may also still want the house badly enough to go ahead anyway.

I'm afraid there are no guarantees when it comes to house buying and selling, and you only ever know whether you got it right or not in the long term.

dougk_2

You could always contest the valuers decision and ask for another surveyor to value.

If you can provide evidence of the "value" of your home - other surveyors (not estate agents), selling prices of similar properties in the area etc.

Maybe the Surveyor if the same one, will think that prices have changed now and give a different valuation.... all you can do is wait and see - at least its not your money being spent but the buyers!

Dimity

He refused to budge with the last valuation (despite a similar property being sold for more recently). Unfortunately, it's difficult to compare with property in the area as it does not fit in the "average" catergory...