Surveyor undervaluations

Wolfgang

Thanks. I bank with Santander and was considering trying through them as a fall back. I believe esurv outsource?

phoebe1989seb

Wolfgang wrote: »

Thanks. I bank with Santander and was considering trying through them as a fall back. I believe esurv outsource?

Not sure, all I know is that esurv did the Homebuyers Report for our buyers in 2011 and they made a whole raft of errors to the extent that the report sounded as though it was written about a different house. Fortunately our buyers were sensible and could see that the issues referred to didn't exist! I would avoid them personally

Wolfgang

Did their valuation match with the accepted price though?

We're in a quandary as to what to do next. We've thought the worst and started calling agents again, as we dont want to lose our buyer, and in the conversations with them they've said that it's probably a bad idea to go with another lender as all you're trying to do is trying to pull the wool over their eyes.

Everyone is saying that the selling EA is probably not managing their vendors expectations.

poppysarah

You want to pay more than a professional has valued it at?

Wolfgang

No, we don't. The selling agent is saying why don't we pay the 35k difference as the vendor is apparently unwilling to negotiate. We have asked for a review and are awaiting the result.

We love the house, but don't want to be ripped off if. Likewise, if we lose it, the homes in the area we're looking in go in a day and the wife returns to work after maternity leave in January and wont have as much time to look/move when that happens.

We just want an upwards movement from the surveyor and a downwards movement from the vendor.

phoebe1989seb

Wolfgang wrote: »

Did their valuation match with the accepted price though?

We're in a quandary as to what to do next. We've thought the worst and started calling agents again, as we dont want to lose our buyer, and in the conversations with them they've said that it's probably a bad idea to go with another lender as all you're trying to do is trying to pull the wool over their eyes.

Everyone is saying that the selling EA is probably not managing their vendors expectations.

In our case, yes it did.

In the period house we were selling, despite spending more than three hours surveying Esurv found a 'woodworm infestation' that didn't exist, numerous issues with (newly re-pointed) brickwork and managed to date the primarily Tudor property as 1930s

RoxieW

This has happened to us previously. House undervalued by roughly 20% by one surveyor. Surveyor wouldn't budge. Not sure which surveyor but the lender was Halifax I think. Valued at asking price by another surveyor (Abbey), no problem.

Wolfgang

Which lends me to think that the standards in the surveying industry needs to be improved/looked at if you're getting such disparities as the norm and not the exception?

martinsurrey

poppysarah wrote: »

You want to pay more than a professional has valued it at?

So if you went to a doctor with a cold and he said "I need to remove both your legs, now"

You wouldn’t ask for a second opinion first?

Professional does NOT equal infallible.

You can almost hear the groans around the country when certain surveyors turn up at new build sites, as they have reputations of disliking certain types of flat, so down value them, the sales teams almost book a new valuation as they walk on site.

Wolfgang

The appeal process certainly needs to be more transparent.