Home Report Valuation Problem (Scotland)

Chimera_Six

I recently paid a surveryor in Glasgow to value my property prior to putting it on the market. His valuation was distinctly lower than three estate agents market valuations so I had no choice but to fork out another £600 for a 2nd home report.
The 2nd valuation was £15k higher and in line with the estate agents valuations.

I want a refund for the first home report, because I don't believe he has done his market research properly. I had to accept their terms and conditions and pay in full before they came out to the property, and he says he only has to give me a 20% refund as I have accepted the terms and conditions.

I'm aghast at this. I don't mind paying something to cover his time, but paying the best part of £400 for a home report that is of no use to me at all and that undervalued my property seems very unfair.

Does anyone know if there is a way I can appeal this or even take further action? I feel like I've been robbed, and he is not prepared to negotiate.

_Andy_

You asked him for a valuation, he has given you one.
Not sure where the problem lies.

Chimera_Six

I could understand a £5k difference in valuations, but £15k?
My property is under £200k in value so something is clearly wrong with the first valuation.

TrickyDicky101

Have you sold the property yet? if not then how do you know it's wrong? Value is subjective until someone actually commits to the purchase.

ChasingButterflies

Hi,

Just spent ages looking for this article,

http://www.scotsman.com/business/home-reports-inflate-prices-by-20-1-1367715

I did lots of research when a property we were interested in buying seemed to have an extremely high valuation (and I had noticed a trend with home reports by particular surveyors being higher than others... that doesn't mean that the houses sold for more, in fact it was the difference in marketed/sold prices that made me look)

We sold in 2011 house valued in home report @ 305k it sold for 287k. Purchase in 2012 had an initial 575k valued which dropped to 500k when refreshed (however we bought for 450k)

As others have stated value is subjective no matter if it is done by a surveyor or buyer... An example house we sold had a coloured bathroom suite (installed 94) on our HR it was a 2 it functioned but would likely need to be replaced at some point... House we purchased coloured bathroom suite (installed 75) which had leaked and made the carpet rot was a 1... Never mind the fact the surveyor didn't spot a rotten beam in the roof space (easily visible although it is possible the vendor masked it)

IMHO home reports should be scrapped as a buyer how can you trust something that is commissioned by someone who has a vested interest?

Good luck with your house sale.

googler

ChasingButterflies wrote: »

IMHO home reports should be scrapped as a buyer how can you trust something that is commissioned by someone who has a vested interest?

How can you suggest that the entire surveying industry can't be trusted?

rpc

ChasingButterflies wrote: »

IMHO home reports should be scrapped as a buyer how can you trust something that is commissioned by someone who has a vested interest?

The same way you trust the vendors solicitor? It's called professional liability.

Surveyors are professionals and, while there is a degree of opinion in their work, they are certainly not going to leave the doors open for massive liability claims just to help a vendor with a £500 home report.

This system is far far better than the old one because you know the value for mortgage purposes before making your offer. Having a Scheme 2 by default is also very informative (almost everyone had a Scheme 1 before Home Reports came in). I have never seen anything in a home report to suggest that problems are being skipped over. They have always been very detailed.

ILW

Valuation is an art rather than a science. You can get as many as you like, but until someone comes up and buys the place they are only educated guesses.

DaftyDuck

To get a refund you would have to substantially prove his valuation was wrong...

If the Estate Agents are valuing it 7% higher, sounds like he's pretty much on the mark...

martinsurrey

Chimera_Six wrote: »

I could understand a £5k difference in valuations, but £15k?
My property is under £200k in value so something is clearly wrong with the first valuation.

TrickyDicky101 wrote: »

Have you sold the property yet? if not then how do you know it's wrong? Value is subjective until someone actually commits to the purchase.

If you're so sure he's wrong ask him to give you your money back , but if you dont sell the house for the full new valuation you'll give him 500% of his fee?

I dobt you'd agree to that, as you dont yet know if he's wrong!