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Considering the bank valuation when making a sealed bid
Comments
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Like Zoopla?! Forget that. Not to be even vaguely relied upon.
(Undervalued a house I sold by around £100k, and overvalued another by somewhere in the region of £150k more). Loads of similar stories on here.
There are others (PropertData/HM Land Registry). Nothing is an exact science, but many services try mimick the same statistical analysis of that of banks. These days, banks seldom actually survey properties and base it all on what a software spits out (+- bank adjustments for risk).
Zoopla does indicate it's confidence level in the valuation but it can't account for many things such as work done to house - but you need to remember that a bank can easily under or over value a house too as it similarly may not factor these in if no actual survey was done, which is the case in many areas.
There is a common misbelief that a banks valuation is more accurate - we have seen examples of £50k+ differences between different bank valuations.0 -
Thrugelmir wrote: »Location, location, location.
One buyer will be prepared to pay a premium.
Offer what you can afford to spend.
If your offer is accepted and the valuation is lower. Walk away. At least you tried. Better to do that than eternally have regrets.
Maybe, maybe not, most buyers follow the herd regarding what they should pay and for where IMO. The banks call a lot of the shots as well, and they are being very cautious now.0 -
rococomaiden wrote: »If the bank we go with comes back with a low valuation, how easy/time consuming is it to go to another bank to see if their valuation is higher?
If there are no cash buyers surely everyone else trying to buy the place would have the same issue?
They may nt, because not everyone will be at the limit of their affordability or deposit, so they could inject some cash of their own to make up the difference which perhaps you cant.0 -
AnotherJoe wrote: »They may nt, because not everyone will be at the limit of their affordability or deposit, so they could inject some cash of their own to make up the difference which perhaps you cant.
Why would you want to though?0
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