Mortgage Valuation

scaredycat1

Hi
I am due to have the mortgage valuation done on the property I am selling next week.

This is just a basic valuation purely for mortgage purporses, can I take it that the buyer has decided not to commissions a homebuyers survey or structural survey, as would this be done at the same time?

Also what can I expect from the valuation. My house is only small so I doubt they will be here long?

Thank you, and advice greatly received.

SG27

I had a valuation on my house a few weeks ago. Its only a small 2 bed but the guy was there about 45 minutes. He checked for damp, looked in the loft, measured room sizes, look around the garden, checked over the outside. And asked my wife loads of questions about what work had been down and when.

It doesnt look like my buyers are get another survey. Yours may still pay for an their own independent one though.

scaredycat1

Thanks - did he use a damp meter?

TamsinC

scaredycat1 wrote: »

Hi
I am due to have the mortgage valuation done on the property I am selling next week.

This is just a basic valuation purely for mortgage purporses, can I take it that the buyer has decided not to commissions a homebuyers survey or structural survey, as would this be done at the same time?
Thank you, and advice greatly received.

Not necessarily - it would only happen at the same time if the buyers used the same company as the mortgage lenders did.

We are having a full specialist historic buildings structural survey on our purchase (don't trust RICS surveyors anymore) - this will happen at a completely different time to the mortgage valuation survey as completely different companies.

hazyjo

My buyers had a separate survey.


One valuer may do a 'drive by' valuation and compare against others that have sold, another may enter and look round and ask lots of questions, another may test for damp... Impossible to compare like for like really re valuations.

eddddy

scaredycat1 wrote: »

This is just a basic valuation purely for mortgage purporses, can I take it that the buyer has decided not to commissions a homebuyers survey or structural survey, as would this be done at the same time?

They're not necessarily done at the same time.

If your EA is good, they should be progressing the sale, and should have asked the seller what surveys they are having, whether they've lined up surveyors yet etc. So it might be worth asking the EA.