Valuer Cannot Divulge Valuation

billybear1

I just called the company that conducted my valuation to ask how it had come back - they then told me they cannot divulge this information and it has been sent electronically to the mortgage provider. Is this standard practice beings as I have paid (through the mortgage company) for the survey?

Thanks for looking.

stator

I imagine so, they are probably working for the mortgage company and you are paying the mortgage company. The mortgage company will probably send you a copy of the report. Phone them up and ask if it's all okay

Okydoky25

Give the estate agent a call if they were holding the keys. Mine called me after the valuation and said it had gone fine.

Thrugelmir

billybear1 wrote: »

Is this standard practice beings as I have paid (through the mortgage company) for the survey?

Thanks for looking.

You are reimbursing the lenders costs that's all. The survey is for the lenders benefit. Though you will receive a copy yourself for reference.

mr_average_2

Have bought and sold a lot of property over the years, and never has a valuer told me their valuation, even when asked. Have always had to get it from the lender, when they received the report. I think they don't want you arguing with them if you don't agree with their findings!

Yorkie1

The valuation is done for the benefit of the lender - you are not the client and therefore not entitled to the information (you have simply paid for it so that the lender is not out of pocket).

I got a Homebuyers survey at the same time, which included a valuation for my purposes.

Westminster

I was surprised to receive quite a bit of detail from my compulsory lender valuation (it was 5 pages long although 3 of those were standard advice).

Still booked my own building survey though.

billybear1

Thanks for all the responses - we can take up to a 5k undervaluation... (or under what we and estate agents have valued it as in terms of REAL price not on the market price) but are still anxious... Time will tell hey.

Thrugelmir

A property is only worth what someone will pay for it.

billybear1

Thrugelmir wrote: »

A property is only worth what someone will pay for it.

If that was purely the case - then there would be no need for a valuation, because someone is always willing to pay the amount that a house is SSTC for - because, well it has been SSTC for that amount.

Also, in this case, no-one is buying it, we are renting it.. So surely a property is only worth what the general market believes it is worth

amnblog

A property is 'worth' what the valuer appointed by the lender decides it is worth.


Anything else is just opinion.