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Discrepancy with surveyor's valuation figures: Head Scratcher!
pinklady21
Posts: 870 Forumite
We are trying to buy a house in Scotland. House needs significant repairs. Originally home report valued house at £340k with a 10k retention for essential repairs.
Surveyor noted that he has made the assumption that essential repairs would not cost more than 10k, but if they did, to revert to him as this may affect the valuation figures.
In the meantime, we had an offer of £330k accepted. We then got estimates for the essential repairs, which came in at £30k. Far bigger than the surveyor's assumption of £10k.
We sent those estimates to the surveyor, who came back to us with an overall valuation of £330k.
The same surveyor then did the refreshed home report a few weeks later, but again valued the property at £340k with a £10k retention for essential repairs.
How can the same surveyor, having seen current estimates for repairs, not take these into account in his revised seller's valuation, when he has already reduced the value of the property to the buyer?
Scratching my head a bit here!
Surveyor noted that he has made the assumption that essential repairs would not cost more than 10k, but if they did, to revert to him as this may affect the valuation figures.
In the meantime, we had an offer of £330k accepted. We then got estimates for the essential repairs, which came in at £30k. Far bigger than the surveyor's assumption of £10k.
We sent those estimates to the surveyor, who came back to us with an overall valuation of £330k.
The same surveyor then did the refreshed home report a few weeks later, but again valued the property at £340k with a £10k retention for essential repairs.
How can the same surveyor, having seen current estimates for repairs, not take these into account in his revised seller's valuation, when he has already reduced the value of the property to the buyer?
Scratching my head a bit here!
0
Comments
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Bump - still scratching......0
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Well I suppose you could just ask him..0
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Lespaul1960 wrote: »Well I suppose you could just ask him..
Yes of course and we are in the process of doing exactly that.
But, I have never come across this before, and wondered if the amazing collective MSE Hive Mind might be able to throw some light on it.0 -
"essential repairs" aren't "stuff you'd like, in a quality of finish you'd choose to pay for" maybe?
Take a kitchen ... some would say that's £5k, while others would choose one at £50k.
So, are they repairs or would like to haves?0 -
Category 3 essential repairs. Principally dampness.
Basically the floors are sloping, probably due to rot in the joist ends. Walls are damp to the touch. Water is clearly getting in and penetrating the walls in a number of places.
As I said, significant repairs, well beyond a simple refurb which is where I would put new kitchen, bathroom etc.0 -
pinklady21 wrote: »Yes of course and we are in the process of doing exactly that.
But, I have never come across this before, and wondered if the amazing collective MSE Hive Mind might be able to throw some light on it.
The might of the MSE hive mind can speculate all it wants, only your surveyor can explain his own reasoning.
However you originally write "he has made the assumption that essential repairs would not cost more than 10k, but if they did, to revert to him as this *MAY* affect the valuation figures"
Assuming he's not being lazy, the obvious assumption is that he doesn't believe the increased cost of the repairs affects the valuation figures.0
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