Surveyor asking for value of the property?

Thrugelmir

tallac said:

Fair enough, I understand.

But how far away must their own valuation be from the agreed offer price before they give their true opinion?

If they are £1k away then rounding to the offer sounds fine. If they are £100k away then rounding is not acceptable. What about £5k away or £10k, must be some threshold, right?

Are you obtaining a mortgage? 

Mahsroh

tallac said:

Fair enough, I understand.

But how far away must their own valuation be from the agreed offer price before they give their true opinion?

If they are £1k away then rounding to the offer sounds fine. If they are £100k away then rounding is not acceptable. What about £5k away or £10k, must be some threshold, right?

When I did mine:
My own "estimate" based on other sold prices / asking prices in the street was £110k - £115k
I put £115k on my Application.
I needed it to be £112k for the product
I told the surveyor I thought it was worth £115k. 
I suspect the Surveyor then came to a similar range as me (£110k - £115k) but put the higher figure (£115k) as the valuation they sent to the lender. 
Had they concluded that actually it was only worth £90k - £100k they wouldn't have done so.
Property valuations are subjective and ever changing, so there is always a degree of flexibility for the surveyor before it's considered negligent. 

tallac

Thrugelmir said:

tallac said:

Fair enough, I understand.

But how far away must their own valuation be from the agreed offer price before they give their true opinion?

If they are £1k away then rounding to the offer sounds fine. If they are £100k away then rounding is not acceptable. What about £5k away or £10k, must be some threshold, right?

Are you obtaining a mortgage? 

Yes. Mortgage lenders were doing their own valuation though. But I wanted to get my own valuation done. Seemed cheaper to get it done at the same time as the full building survey. The upgrade fee to go via the mortgage lender is a lot more than me arranging my own.

MovingForwards

My mortgage valuation came in at the offer I made. The valuers noted said it was difficult to value due to the last sale being years before and similar properties were around the same price, some were a lot higher.

The homebuyers report provided by the seller was a few grand more.

No one can say exactly how much something is worth as something is only worth as much as someone will pay for it.

tallac

All good comments, thank you all for the info.

Thrugelmir

If the surveyor is working for you. Then yes they need to know the financial details. In essence you asking them to reaffirm the price that you are paying. 

The surveyor working for the lender however is partly taking a different tack. In that the property offers suitable security for the mortgage advance. The lender will wish to know that the property can be disposed of quickly should the circumstances arise.