Surveyor Undervalue Property

markin

Unless you have asked them the other house could have accepted 15K below the asking, every house locally could have, you won't know until its published in the next 3/4/5 months.


You could post the right move or post code for us to have a look.

[Deleted User]

Yeah it would be good to see an update after it all goes through.

Id be surprised if you got a copy of the report though. Its quite rare for the buyer to even get a copy of the mortgage report

G_Day

Will definitely post an update as I was hoping someone had also experienced this

I also get mouseprice updates for my area. Yes it takes a few months but the pattern has been the same. I truly believe there is something odd here.

Anyhow will keep you posted.

Crashy_Time

Deleted_User wrote: »

The surveyor hasnt undervalued the property.
They have given a figure to the lender that they feel more accurately represents the value of your property.

If I was the buyer I dont know why i would be listening to your estate agent (who is effectively a salesperson) try to correct a qualified surveyor.
I would either be asking for 15k off the asking price or walking away and buying something that isnt 15k overpriced

There is a difference between the surveyor undervaluing your house, and you selling it for more than it is valued at

Good advice.

MoneySavingMole

I've had a friend who has experienced this recently, too.

House 'valued' by their Estate Agent at 20k more than the Surveyor valued it to be. Their situation was slightly different from yours, in that there was no extension - it was purely the EA has a bit of a monopoly on the area for buying/selling properties and took this as authority to say what it would fetch.

Unfortunately, after attempting to challenge the surveyors valuation, they ended up losing out on the sale. The only option to get the extra 20k was for the buyer to raise the funds themselves, as the mortgage company would not release it.

I doubt you'll get anywhere by challenging the valuation. Mortgage lenders use Valuers who are registered with the Royal Institution of Chartered Surveyors (RICS). They tend to ignore the headline marketing price and will seek to establish the Market Value of the property based upon comparable evidence and their experience in the local market.

I'd seek more information on why the extension isn't acknowledged and perhaps rectify it, or lower the asking price in order to move.

Owain_Moneysaver

G_Day wrote: »

Same size but they do not have the extension and in a slightly less better condition than mine.

But the cost of putting on a timber-framed single storey ground floor extension, from new, may be less than the cost of repairing or rebuilding your existing brick extension.

Also, you may have a larger kitchen but presumably one or both bedrooms is smaller to accommodate the upstairs bathroom?

Crashy_Time

MoneySavingMole wrote: »

I've had a friend who has experienced this recently, too.

House 'valued' by their Estate Agent at 20k more than the Surveyor valued it to be. Their situation was slightly different from yours, in that there was no extension - it was purely the EA has a bit of a monopoly on the area for buying/selling properties and took this as authority to say what it would fetch.

Unfortunately, after attempting to challenge the surveyors valuation, they ended up losing out on the sale. The only option to get the extra 20k was for the buyer to raise the funds themselves, as the mortgage company would not release it.

I doubt you'll get anywhere by challenging the valuation. Mortgage lenders use Valuers who are registered with the Royal Institution of Chartered Surveyors (RICS). They tend to ignore the headline marketing price and will seek to establish the Market Value of the property based upon comparable evidence and their experience in the local market.

I'd seek more information on why the extension isn't acknowledged and perhaps rectify it, or lower the asking price in order to move.

Good advice.

sharewithsunny

Any update?