Bank verses Estate Agent valuation?

bclark

kingstreet wrote: »

Desktop valuations aren't used for purchase cases.

Desktops are used for product transfers, or customer retention products where existing borrowers are going back to their current lender for a new deal.

They may also be used for low loan to value remortgage cases, but this would more typically be a drive-by, by a surveyor.

Purchases and higher LTV purchase cases are normally done by a surveyor internally inspecting the property and backing his opinion with the recent sales figures for three comparable properties.

Thanks.

How regular is it that there is a problem with valuation in your experience? It sometimes feels on here like it happens all the time.

Thrugelmir

bclark wrote: »

How regular is it that there is a problem with valuation in your experience? It sometimes feels on here like it happens all the time.

People with issues are those that make a noise. Otherwise no need to visit a board such as this.

kingstreet

bclark wrote: »

Thanks.

How regular is it that there is a problem with valuation in your experience? It sometimes feels on here like it happens all the time.

I agree with Thrug. The people who post such issues on here are the ones who have an issue. The ones who have no problems ask about other things, or don;t post on here at all.

Dealing with mostly newbuild and social housing, we tend not to have valuation problems.