Has anyone successfully appealed survey report down valuing a house?

Thrugelmir

Walcott wrote: »

The EA has however advised that three other identical houses have in the last 3 weeks had no issues with surveys at £270k agreed prices so I seem to be the one that is stuck in this situation.

Identical is a very generic term. There could be any number of reasons why the other properties achieved better prices.

System

Thrugelmir wrote: »

Identical is a very generic term. There could be any number of reasons why the other properties achieved better prices.

They are all Victorian end of terraces with exactly the same lay out.

Honestly, I see your point in general, but there really isn't a difference between any of them. All part of rows of four terraces and all being end of terrace. All in very good condition.

stator

I do wonder how much work do they actually do?

Do they just get a list of house prices sold in that post code?

Do they look on RM/Zoopla at the houses that sold and see what condition they were in?

If say on a street two houses sold for £100k but were in need of complete renovation, would you have trouble selling a house that had been completely renovated for £120k ?

Hoploz

Oh dear that is difficult, I feel for you. I wonder whether there might be a chance of the shortfall being shared among the chain, ie you all reduce by a little to make up the 10k? Big nuisance that the peron at the bottom gets the bargain, but if it could keep the chain together ....?

alexanderalexander

I successfully appealed a valuation for a re-mortgage, and had it raised by £40k. I had some very good comparators however, and some other specific explanations re why I thought the original valuation was wrong. So if you think you can argue your case I'd recommend that you go for it -- you have nothing to lose. Evidence from the estate agent that 14 people offered over £250k for your property might very well help!

stator wrote: »

I do wonder how much work do they actually do?

Do they just get a list of house prices sold in that post code?

Do they look on RM/Zoopla at the houses that sold and see what condition they were in?

If say on a street two houses sold for £100k but were in need of complete renovation, would you have trouble selling a house that had been completely renovated for £120k ?

I think you've got to the nub of the issue. Contrary to what some people seem to believe, surveyors don't have any magic way of ascertaining the perfect value of the house. Quite often when they look at recently sold comparators they will have no idea what the internal condition was like, and for a lot of houses there won't be any suitable comparators sold within a reasonable time period anyway. Also, in a rapidly rising or falling market comparators will be out of date even before the Land Registry data is released. Their main advantage which I can think of over an ordinary person is that if they do a lot of valuations in the same area they will get a good sense of what sort of offers sellers are accepting and in what direction the market's going a long time before the Land Registry data is released.

Argghhh

its the same with estate agents valuing houses - my house is similiar to about 12 others on a long main road, ours being bigger, wider, cellars garages etc whereas all the rest are small mid terraces. Because none of the 13 bigger houses hardly ever go up for sale they have nothing to compare against and have to try and use the small mid terraces as guidelines which is of course a pointless task

Thrugelmir

Walcott wrote: »

They are all Victorian end of terraces with exactly the same lay out.

That misses my point. The interiors for example could be totally different. State of heating system, carpets, double glazing, kitchen bathroom etc. Will all be differentiating factors when comparing properties.

When I've looked for property over the years. I benchmark one against the other as I've viewed them.

System

Thrugelmir wrote: »

That misses my point. The interiors for example could be totally different. State of heating system, carpets, double glazing, kitchen bathroom etc. Will all be differentiating factors when comparing properties.

When I've looked for property over the years. I benchmark one against the other as I've viewed them.

No it doesn't miss the point. They are not of different quality.

I know some if the replies in this thread have been along the lines of 'oh look at that guy, he's in cuckoo land and thinks his property is worth more than it is' but that isn't what is hapoe ing here.

Like I already stated, 14 offers came in above £250k (in fact the lowest offer was £255k) and 3 of those (with the current accepted bid being the 4th) offered £260k. This one was chosen because the person selling to me needed me to be chain free. Since yesterday, the property was offered to people that registered interest in it and I have had 3 futher offers with 2 now going to £265k.

My problem isn't what my house is worth- the local market has already told me that. My problem is that I was working to a deadline and the new offers mean nothing to me as my purchase still looks likely to fall through because one surveyor has down valued my property when I have people offering over that.

System

We had a further 16 viewings that weekend and there were offers up to £272k. But most of the offers over asking price were investors and I just didn't want to deal with them. We accepted an offer of asking price from a local couple currently renting a flat. EA recommended them as they had got to a couple of days before exchange but the seller pulled out so they were keen. We also liked them at viewings.

The survey is today so not long before we find out our fate

Socksey

I'll admit I lost out on a lovely wee flat... it was on at £70k as it needed some modernisation... I offered and was accepted £63k. Surveyor went in and said £50k and with the renovations needed £55k.... another in the same building (only 4 in block) had sold within the last 6months for £80 with more modern but still dated d!cor.... he wouldn't budge on it and of course the vendor wouldn't accept £55k... so it all fell through...