Mortgage Surveyor undervalue, what now?

balcas

Hi all

Just want to know the options for our next step.
We have accepted an offer on our property for £400k which ties in with the valuations given by four local EA.
The buyers lender has sent out a surveyor that has valued the property at £300k. This means the buyer can't borrow enough.

Is there anything we can do to contest the surveyors valuation?

davidmcn

Not really, it's up to your buyers to sort out. Your agents might be able to help. After you've discussed with them why there's such a large discrepancy in value.

Cakeguts

What did any houses near you sell for? Agents sometimes over value to get instructions. It is possible that they all over valued your house and it is only going to sell for around what it has been valued at by the surveyor but you will be able to research this by looking at sold prices for houses nearby.

ACG

That is a big difference.
Your buyers could try a new lender with a different surveyor but someone has it wrong and it could be your agent.

lookstraightahead

Do you know deep down it was overpriced?

lookstraightahead

Or think, sorry.

balcas

Thank you for your replies.

Zoopla (not accurate, I know) has a list value of £565k

A 3 bed semi sold in Sept 18 for £332K within 3 miles. Another 3 bed semi (ex-social housing) sold for £275K in Sept 18 approx 2.5miles away. Unfortunately there are no Red Book comparisons closer but the last house sold down the same road as ours went for £320K back in 2013 and it has slightly less land.
As far as we can gather the surveyor downvalued due to the road noise from the M5 motorway but it is more of a hum than thundering traffic 24/7
The property is 4 dbl bed, 4 bathroom, 3 receptions on just over 1 acre.

Is there any point in us paying for another survey to contest this first value as it is now registered against the property?

balcas

We had the usual experience with EA at valuation stage.
1 couldn't be bothered. Stayed 15 minutes, didn't walk round the house. - £300K
1 was trawling for business and valued way over - £500K
4 were realistic - £400k-£425K (expect around £400k)

So in our minds the EA valuation and the offer tie-in

ACG

I have never had an appeal overturned.
I would not bother trying to get a surveyor to up their valuation by £100k. Your buyers need to find a new lender assuming they are still happy to pay £400k.