Valuation Worry

Nickuk84

Hi

We are getting house valued (hopefully) by mortgage provider and worried they are going to say different on price.

Basically my partners brother had 55% share, we had 45%. In October we had it valued as if for sale by four estate agents for us to uby from her brother (he wanted to buy it but we had first refusal as we have the baby)

First one came in and said I could see this for £245,000, we dont do contracts if i dont sell it in three weeks u can go elsewhere etc... and we dont need to get rid of partition, kitchen upstairs (we shared the house but didnt have a locked door etc so shared utilities)

next one came in and said £285,000... we starting have cold sweats!

third one came in and said £275,000 again we thought hang on this seems a bit much.

fourth one came in and said £270,000 but if selling between eachother they think £260,000 is a fair price

Zoopla said £250,000 at time but hadnt been updated with info about property.


Since then we agreed £260,000 as we looked at £250,00 houses and they were sooo much smaller but better area , I updated zoopla and its varies from £265,000 to £270,000 depending when I look at it.

We've removed the partition, and kitchen is going slowly (oven has gone downstairs now, and we've got rid of fridge, and started removing units), its being turned into bedroom once we have the house.

My worries are a, valuation will come in under £260,000 cos although its a huge house, we have some decorating to do with removal of partition in hall, and its single glazed at front (moment we get house we are buying double glazing), plus kitchen room will at best be a shell of a room.

secondly if it passes valuation we are also worried kitchen will fail the survey as we are struggling to take it out in time and thta will cause an issue, we dont use the room (its 4/5 bedrooms, and only 3 in family) so been taking our time but now need to speed up ubt need gas hob taken out and plumbing removed. units are mostly gone.


How often does valuation fail? What sort of things fail a survey?

Thanks

Nick

AnotherJoe

What do you mean by valuation "fail" ??? Or "fail" a survey ? It's not a test. Things they don't like will decrease the value.

Having the place in a big mess will inevitably decrease the value because prospective purchasers will see either trouble and expense, or a reason to bargain down on price.