Re-mortgage valuation swindle?

dimbo61

Welcome to the strange world of house values.
I had my house valued in september for £270K by surveyor.
Same House across the road up for £290K with single garage and driveway ( we have a double garage and double driveway for 5 cars)
Our Building society have the valuation as £227K and if we pay £70 we can have a new valuation ( decktop)

StuC75

Doesn't matter what the house over the road is 'up for'.. its what they actually sell for in the local area that matters..

The lenders guide value, is exactly that.. If it works for you as value then go with that.. If not, have good think of why that might be the case and pay out for a valuation and see what that comes in at..

dimbo61 wrote: »

Welcome to the strange world of house values.
I had my house valued in september for £270K by surveyor.
Same House across the road up for £290K with single garage and driveway ( we have a double garage and double driveway for 5 cars)
Our Building society have the valuation as £227K and if we pay £70 we can have a new valuation ( decktop)

RobertoMoir

bowlingo wrote: »

I know an estate agent would put this at about £165,000

And because their numbers are closer to what you need, they must therefore be correct and therefore the others must be operating some kind of swindle?

There might well be something missing in the valuation of your property, don't get me wrong, but assuming that its wrong simply because an estate agent would value it higher is the road to disappointment.

opinions4u

In the good old days lenders didn't use desktop valuations at all.

They simply sent a valuer out and charged you.

There is no swindle. There is no scam. It is not a rip-off.

The best way to establish value is to pay for a valuation.

bowlingo

RobertoMoir wrote: »

And because their numbers are closer to what you need, they must therefore be correct and therefore the others must be operating some kind of swindle?

There might well be something missing in the valuation of your property, don't get me wrong, but assuming that its wrong simply because an estate agent would value it higher is the road to disappointment.

I understand that an estate agents valuation will be higher than the lenders valuations in nearly all cases.....

bowlingo

Anyone who is familiar with Bournemouth will be able to clearly see you cannot buy any kind of 2 bed house for 139K even if it is a wreck...this is why this postcode search is very wrong..

Anyway pointless grumbling about it its just the way it is. I will have to stick with the product im currently on and give Natwest more money each month

candyfliss

mrginge wrote: »

Fixed for you.

The value shown for us on Zoopla is actually very close to the value used by our mortgage company.

It might not be accurate for everyone, but it does seem to give a good estimation in a lot of cases.

RobertoMoir

bowlingo wrote: »

I understand that an estate agents valuation will be higher than the lenders valuations in nearly all cases.....

Yes. But there's no guarantee that the EA's valuation is going to be more accurate.

They're motivated by getting sellers to sign up with them, and generally do that by being optimistic with the prices they suggest people list their houses for.

Of course, if they sell at that price to a happy buyer then everyone's happy and that's a good thing (providing of course the buyer can get a mortgage at that valuation...), don't misunderstand me.

A surveyor can be wrong just as much as an EA can be, there's no magic there of course, but a surveyor is not motivated to 'drive' the price in one direction or another in the same way that an EA might be.

AndyGuil

Sold prices on Zoopla etc. can give you a good idea of what it is worth.

chambta

The 'valuation' they did was a computerised model which applies the % change in house prices within that postcode area to the previous actual valuation. It's nothing to do with average prices in the area.