sellers estate agent requesting our banks valuation report

indieman

Hi,

My 1st post in the forums! although been using the main content for years now.

I am in the process of buying a house. We are first time buyers, and the mortgage in principle came through fine. We then supplied all the info for mortgage but the bank wanted some additional paperwork for one of our previous places where we rented as we weren't on the electoral roll (pure laziness). We found out about the additional paperwork on Monday, I went in to the bank in the afternoon and was told they'd process it asap. The sellers Estate agent rang yesterday and we explained the bank wanted additional info and it was causing the delay but should find out today. We found out this morning it was all fine from the bank and they then requested their own valuation - which happened this afternoon! quickest they'd heard of apparently! anyway we contacted the sellers estate agent and told them that our bank were happy with our application and that the valuation had been carried out. the estate agent then asked for a copy of our banks valuation letter/report.

we haven't got it yet but we are wondering if this is normal? why would they want it? they've confirmed with the sellers the valuation took place today so just a little confused. the sellers want to sell within 6 weeks, not sure if that has any effect? they know we have had a full structural report done last week and results coming in in the next couple of days so they know we are serious buyers.

any ideas welcome! sorry if its a silly question, but being first time buyers we aren't very experienced in these matters

ACG

No its not common.

If they want a valuation on their own property tell the to pay for their own.

Just tell the estate agents that the lender have done a basic valuation fo rlending purposes only. As it was a free valuation theyre not providing you with a copy - which does happen with some lenders.

Alternatively tell them to do one.

And having a val carried on the same day it is booked (especially in the current climate is very unusual).

indieman

thanks ACG. we and the person at the bank were amazed at the speed on the valuation, we came to the conclusion they must have been doing a house round the corner or something.

we'll tell them the bank aren't sending a copy out at leave it at that. if they push ill ask why they actually want it. a £200 or so it wasn't cheap.

cheers

chanz4

ACG wrote: »

No its not common.

If they want a valuation on their own property tell the to pay for their own.

Just tell the estate agents that the lender have done a basic valuation fo rlending purposes only. As it was a free valuation theyre not providing you with a copy - which does happen with some lenders.

Alternatively tell them to do one.

And having a val carried on the same day it is booked (especially in the current climate is very unusual).

My was done sameday

kingstreet

I did a Halifax submission yesterday and the valuation was done this morning.

magpiecottage

What - an estate agent who doesn't know what the property they are selling is worth?

I think your vendor is being ripped off!

Yorkie1

The only reason to even consider disclosing (part of or all of) the valuation report is if you're seeking to renegotiate a lower price on the basis of it.

Otherwise just tell the EA to take a running jump. You'll probably find there's a confidentiality clause in the report from the surveyor / valuer anyway...