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Fed up with my EA and buyers - mortgage valuation
Full_of_angst
Posts: 116 Forumite
Not a happy person today.
2 weeks ago my buyers had a building survey done (independent surveyor). When the EA rang me to tell me they were coming I asked him specifically if it was a mortgage valuation or commissioned by the buyers, he said 'Both'. I assumed what he meant was that via their mortgage company they had commissioned a building survey who would value the property at the same time.
WRONG. My EA rang today to tell me that someone from the dreaded esurv was coming out to do a basic mortgage valuation tomorrow morning! I found this out mid afternoon today.
I asked the EA why this was being done so late (over 8 weeks after the offer was accepted - and this when my buyers were pushing to complete by 1/8). He said that he thought the building survey had encompassed the valuation but was wrong
I just don't understand. Why so late? And why less than 24 hours notice???
Not a happy lady I can tell you. And now I have to go through the stress all over again wondering if the property will be down valued from the sale price.
Anyone else known it to happen this way round? And take so long? ie, building survey done BEFORE mortgage valuation (I would have thought the building survey would have been after the mortgage valuation).
Also, please can anyone tell me what a mortgage valuation entails? Having spent about 5 hours with a building surveyor poking around and interrogating me a couple of weeks ago I am dreading going through something like that again.
2 weeks ago my buyers had a building survey done (independent surveyor). When the EA rang me to tell me they were coming I asked him specifically if it was a mortgage valuation or commissioned by the buyers, he said 'Both'. I assumed what he meant was that via their mortgage company they had commissioned a building survey who would value the property at the same time.
WRONG. My EA rang today to tell me that someone from the dreaded esurv was coming out to do a basic mortgage valuation tomorrow morning! I found this out mid afternoon today.
I asked the EA why this was being done so late (over 8 weeks after the offer was accepted - and this when my buyers were pushing to complete by 1/8). He said that he thought the building survey had encompassed the valuation but was wrong
I just don't understand. Why so late? And why less than 24 hours notice???
Not a happy lady I can tell you. And now I have to go through the stress all over again wondering if the property will be down valued from the sale price.
Anyone else known it to happen this way round? And take so long? ie, building survey done BEFORE mortgage valuation (I would have thought the building survey would have been after the mortgage valuation).
Also, please can anyone tell me what a mortgage valuation entails? Having spent about 5 hours with a building surveyor poking around and interrogating me a couple of weeks ago I am dreading going through something like that again.
Experience is simply the name we give our mistakes (Oscar Wilde)
If you tell the truth, you don't have to remember anything (Mark Twain)
If you tell the truth, you don't have to remember anything (Mark Twain)
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Comments
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Your EA can only tell you what the buyer tells him. I doubt he deliberately misled you.
A Valuation will be much quicker, and less in-depth, than the previous survey.0 -
Your EA can only tell you what the buyer tells him. I doubt he deliberately misled you.
A Valuation will be much quicker, and less in-depth, than the previous survey.
I understand that it's not really the EA fault but there certainly does seem to have been a problem with communication. To be honest I think the EA is quite exasperated with my buyers as they've been slow to respond all the way through. When they asked for early completion (they asked for completion for 1/8 at the beginning of June) they then buzzed off overseas the next day without leaving their solicitor's details.
The thing that puzzles me greatly is why it's taken so long for the mortage valuation to be arranged; and also why I got less than 24 hours notice.
This process is, by it's very nature, highly stressful and anxiety inducing, but then made worse by lack of consideration. Even if they can't control when the survey was carried out, why not communicate that to all involved? Then none of us would be living under misplaced assumptions and living on tenterhooks
Experience is simply the name we give our mistakes (Oscar Wilde)
If you tell the truth, you don't have to remember anything (Mark Twain)0 -
Full_of_angst wrote: »Not a happy person today.
2 weeks ago my buyers had a building survey done (independent surveyor). When the EA rang me to tell me they were coming I asked him specifically if it was a mortgage valuation or commissioned by the buyers, he said 'Both'. I assumed what he meant was that via their mortgage company they had commissioned a building survey who would value the property at the same time.
WRONG. My EA rang today to tell me that someone from the dreaded esurv was coming out to do a basic mortgage valuation tomorrow morning! I found this out mid afternoon today.
I asked the EA why this was being done so late (over 8 weeks after the offer was accepted - and this when my buyers were pushing to complete by 1/8). He said that he thought the building survey had encompassed the valuation but was wrong
I just don't understand. Why so late? And why less than 24 hours notice???
Not a happy lady I can tell you. And now I have to go through the stress all over again wondering if the property will be down valued from the sale price.
Anyone else known it to happen this way round? And take so long? ie, building survey done BEFORE mortgage valuation (I would have thought the building survey would have been after the mortgage valuation).
Also, please can anyone tell me what a mortgage valuation entails? Having spent about 5 hours with a building surveyor poking around and interrogating me a couple of weeks ago I am dreading going through something like that again.
do these dates make sense?
the buyer wants to complete 1/8 yet still hasn't got the mortgage sorted?0 -
do these dates make sense?
the buyer wants to complete 1/8 yet still hasn't got the mortgage sorted?
This is exactly my point! They asked for the early date 2 weeks after making the offer (We were originally aiming for September!) yet it's them that are causing the delays. It makes no sense at all.Experience is simply the name we give our mistakes (Oscar Wilde)
If you tell the truth, you don't have to remember anything (Mark Twain)0 -
They could be having mortgage problems and took a few weeks to get the full application going?0
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There's loads of threads on here at the moment talking about how all the surveyors have a huge backlog, so 8 weeks isn't that ridiculous, if it's a mortgage lender that does the underwriting first (so the survey is the last step of the process) and particularly if the buyer's a bit flaky and didn't send off all the paperwork before they went on hols.
Probably best, though, to accept that you'll never know exactly what's going on and just try not to worry. (Sorry - I moved house recently enough to remember just how annoying that advice is.)0 -
Ivana_Tinkle wrote: »There's loads of threads on here at the moment talking about how all the surveyors have a huge backlog, so 8 weeks isn't that ridiculous, if it's a mortgage lender that does the underwriting first (so the survey is the last step of the process) and particularly if the buyer's a bit flaky and didn't send off all the paperwork before they went on hols.
Probably best, though, to accept that you'll never know exactly what's going on and just try not to worry. (Sorry - I moved house recently enough to remember just how annoying that advice is.)
That last sentence made me chuckle... Hopefully in a few weeks time I will be giving similar advice. Experience is simply the name we give our mistakes (Oscar Wilde)
If you tell the truth, you don't have to remember anything (Mark Twain)0 -
They could be having mortgage problems and took a few weeks to get the full application going?
We've just had the valuation instructed today on our purchase 8 weeks after first applying. Lost paperwork, non-existent voice mail and letters gone AWOL - I now understand the point of using a broker (although none of the brokers we spoke to were able to help us in our circumstances).
Our agent / vendors must think we're idiots...0 -
are you buying the op houseWellKnownSid wrote: »We've just had the valuation instructed today on our purchase 8 weeks after first applying. Lost paperwork, non-existent voice mail and letters gone AWOL - I now understand the point of using a broker (although none of the brokers we spoke to were able to help us in our circumstances).
Our agent / vendors must think we're idiots...
"Do not regret growing older, it's a privilege denied to many"0 -
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