Re-evaluation after mortgage offer in place?

idana20

Thrugelmir said:

Definitive sales values are obtained from the Land Registry. This information is only ever historic and lags current events. Surveyors will speak to estate agents in the locality and monitor current accepted offer prices. When evaluating whether a price offered is deemed reasonable for the underlying security. 

Thank you. 
I have to say I am really surprised to hear about surveyors consulting estate agents about accepted offers, since they so rarely agree and since EA systematic over pricing. I would think they guard agreed sales prices data rather than sharing it! A real surprise!

How does this consultation process work at present?
There is a real sense online and here on this forum of buyers pushing for the reductions now, so should I wait for a couple of month until these newly agreed sales data trickles down to surveyor's ears?  
Do they use some other data that would show sooner?

idana20

davidmcn said:

Then they'll go further afield if they need to for comparables, and add caveats about the state of the market and the resulting uncertainty about the accuracy of any valuations at the moment (because so many transactions are on hold, so goodness knows if/when they'll actually complete and at what prices).

Thanks.
Are you seeing any caveats added to the valuations of the properties you are dealing with?  Or any effect of current situation? There seems to be a real sense of buyers leading the game at the moment, so wandering if you have had any sales with reductions or with buyers deciding to wait.

davidmcn

idana20 said:

davidmcn said:

Then they'll go further afield if they need to for comparables, and add caveats about the state of the market and the resulting uncertainty about the accuracy of any valuations at the moment (because so many transactions are on hold, so goodness knows if/when they'll actually complete and at what prices).

Are you seeing any caveats added to the valuations of the properties you are dealing with?  Or any effect of current situation? There seems to be a real sense of buyers leading the game at the moment, so wandering if you have had any sales with reductions or with buyers deciding to wait.

Not really the field I'm currently working in, but I think other people here (or on the house buying board) have mentioned such comments on surveys and plenty of other threads with people discussing lowering prices or just holding off.

idana20

davidmcn said:

idana20 said:

davidmcn said:

Then they'll go further afield if they need to for comparables, and add caveats about the state of the market and the resulting uncertainty about the accuracy of any valuations at the moment (because so many transactions are on hold, so goodness knows if/when they'll actually complete and at what prices).

Are you seeing any caveats added to the valuations of the properties you are dealing with?  Or any effect of current situation? There seems to be a real sense of buyers leading the game at the moment, so wandering if you have had any sales with reductions or with buyers deciding to wait.

Not really the field I'm currently working in, but I think other people here (or on the house buying board) have mentioned such comments on surveys and plenty of other threads with people discussing lowering prices or just holding off.

I'm still to hear from my lender so I am considering contacting the surveyor who did the first valuation for my mortgage, but I see in some posts that other people have been refused any info from surveyors.

 Seeing how you are in legal business would you be able to tell me what is surveyor's obligation in this case.
Is surveyor allowed to speak to me about the valuation if it was a free valuation included in my mortgage application? 

Thanks

[Deleted User]

Ive read on here that lenders are asking for new valuations after offer. Being a property buyer and seller for 35 years, I have never heard of this before and is rather worrying tbh. Its clearly indicative that they all feel house prices are falling. 

My son a FTB has now moved into rented and is waiting a year and watching the market before he proceeds 

davidmcn

idana20 said:

davidmcn said:

idana20 said:

davidmcn said:

Then they'll go further afield if they need to for comparables, and add caveats about the state of the market and the resulting uncertainty about the accuracy of any valuations at the moment (because so many transactions are on hold, so goodness knows if/when they'll actually complete and at what prices).

Are you seeing any caveats added to the valuations of the properties you are dealing with?  Or any effect of current situation? There seems to be a real sense of buyers leading the game at the moment, so wandering if you have had any sales with reductions or with buyers deciding to wait.

Not really the field I'm currently working in, but I think other people here (or on the house buying board) have mentioned such comments on surveys and plenty of other threads with people discussing lowering prices or just holding off.

Is surveyor allowed to speak to me about the valuation if it was a free valuation included in my mortgage application? 

They'll have provided a cheap and cheerful valuation at a bargain basement price to the lender - that's not going to include spending time having a chat with the borrower. If you want professional advice about the value you'll need to pay for it.

zen2012

davidmcn said:

idana20 said:

davidmcn said:

idana20 said:

davidmcn said:

Then they'll go further afield if they need to for comparables, and add caveats about the state of the market and the resulting uncertainty about the accuracy of any valuations at the moment (because so many transactions are on hold, so goodness knows if/when they'll actually complete and at what prices).

Are you seeing any caveats added to the valuations of the properties you are dealing with?  Or any effect of current situation? There seems to be a real sense of buyers leading the game at the moment, so wandering if you have had any sales with reductions or with buyers deciding to wait.

Not really the field I'm currently working in, but I think other people here (or on the house buying board) have mentioned such comments on surveys and plenty of other threads with people discussing lowering prices or just holding off.

Is surveyor allowed to speak to me about the valuation if it was a free valuation included in my mortgage application? 

They'll have provided a cheap and cheerful valuation at a bargain basement price to the lender - that's not going to include spending time having a chat with the borrower. If you want professional advice about the value you'll need to pay for it.

Not necessarily  - I'd say it depends on who you speak to. Our lender's surveyor did speak to us and was helpful but couldn't disclose much info due to data protection. 
So OP might find it useful to speak to the lender's surveyor to get some general idea and might even get more info than what they expect. 
I have a similar issue re lender and valuations and we wanted to pay our own if it would help matters but seller refused, so it would be pointless to do.
OP I hope you find some resolution on things. Good luck!

zen2012

Densol said:

Ive read on here that lenders are asking for new valuations after offer. Being a property buyer and seller for 35 years, I have never heard of this before and is rather worrying tbh. Its clearly indicative that they all feel house prices are falling. 

My son a FTB has now moved into rented and is waiting a year and watching the market before he proceeds 

Yes, it happened to us as well although the lender has since gone quiet and our broker thinks it may have been a case of a random 'pick out of a hat' checking exercise. He advised to proceed leaving a very small gap between exchange and completion so as to eliminate possibility of things happening in that gap of time.
We are too far into the process and have no more energy to wait for god knows how long, only to start the stress es again. But if we haven't invested so much time already we'd be waiting it out too.