Mortgage valuation disclosed

pagrate

I am buying my first home and had a mortgage valuation done today and got an email from the estate agent saying..

"The surveyor has carried out the survey. We know him very well. He said the valuation for £580k is all ok and well worth it.Especially as I told him we had another offer of £590k !"

This concerns me for a number of reasons.

Me as the buyer paid for this valuation so I would have thought he wasn't meant to disclose this figure to the estate agent who may tell the seller.

In this case its done no harm as the valuation matches the price offered but what if the valuation had come back at 600k?
The seller with that information may not then not accepted our offer and wait for higher offers which would have backfired on us badly.

Also the estate agent told the valuer they had a higher offer too.
I can't be certain whether this was before or after but sounds like they may have tried to sway their opinion on the valuer.

Is this normal for the valuer to tell the estate agent the valuation or should they have been kept confidential?

ACG

It wouldnt.
The valuation only ever comes back as the amount on the application or lower.

getmore4less

pagrate wrote: »

He said the valuation for £580k is all ok and well worth it..
.......
In this case its done no harm as the valuation matches the price offered but what if the valuation had come back at 600k?

if that is really what he said then he was indicating that if needed a higher valuatiuon would have been OK as well(if needed eg.offer was higher)

amnblog

It's a bit of a non issue.

The valuer would not quote a figure over the purchase price. If the figure had been lower than the purchase price you would discuss it with the Estate Agent and vendor anyway.

Jhoney_2

Non-issue to who?

If I paid for an independent(?) valuation and the surveyor passed these details on I would be fuming irrespective of content of disclosed information.

Was this the Estate Agents recommended valuer/surveyor per chance?

EDIT: I also wonder why (knowing the surveyor v.well), he felt the need - if true - to advise that there was another offer for 590?Probably trying to make you feel you have gotten a bargain attheprice the valuation has come in at.... If they have one higher, let them take it!

I would even go so far as to suggest you have another survey done - but by someone from a completley different surveyors obviously.

MortgageMamma

There is nothing to suggest that it was an independent valuation, its most likely the standard one that's done with the mortgage. There are different types of surveys that can be done some cost more than others, some are basic some are in depth... Its common for a surveyor to know and speak with the estate agents it happens all the time - occupational hazard. It hasn't caused an issue - its unlikely to be the person who valued the property initially, they are just usually estate agents with no formal surveying qualifications.