Valuation

RoloCookie

Hey guys, my Valuation is booked for 31st July. I just wondered if people could share their experience. What was the property cost and then outcome of valuation.
If it was undervalued or overvalued what actually happens next?

Thanks

Process90

Our valuation was done yesterday and we awoke to news of HSBC asking us for additional information - bank statements, employment, and commission clarity.

Not a clue about what it's been valued at yet or if we'll ever know, unless we ask or are told it's been undervalued.

HomeownerDreamer

With HSBC too. Valuation was done this morning and I've been in the queue trying to get through to them for the last 2 hours. Will update if I ever get through!

Process90

HomeownerDreamer said:

With HSBC too. Valuation was done this morning and I've been in the queue trying to get through to them for the last 2 hours. Will update if I ever get through!

Oh god, that wait brings back memories. We tried doing a direct application with them originally and cancelled it and submitted one via a broker instead due to the lack of updates directly and time wasted being on hold everytime we wanted one.

firstimebuyer1993

Our valuation happened on Wednesday last week, the MB called us on Thursday letting us know it went fine and that the property was valued 350£ above the offer price. All of the properties around the area were much lower, even same number of bedrooms/bathrooms so we were very worried but in the end it came through fine (the property we are buying is however much nicer and was renovated in 2016, although nothing structural was done)

HomeownerDreamer

I didn't use a broker cos I kept hearing how they were struggling to get 90% applications in cos there was a daily limit on them. Not sure if that's still the case now or if it's got better. Things have moved quite quickly with the application and it was underwritten 2 days after I applied so it's only the valuation left to worry about. Can't check online cos I just get an error when I try to log in and they said it can't be fixed so have to call every time.

chillicheesedog

Our valuation happened last Wednesday. Didn't hear back about outcome, so husband called and found out that valuation was satisfactory, we paid asking price. It was a physical valuation too. So now waiting for underwriters to review the extra documents they requested a week ago.
In December we almost bought a house but it was downvalued by 15k (we got 5k off asking price too). This was with Halifax, we then pulled out. However having spoken to the same real estate agent since while we were searching for a house, they told us someone else bought the house at asking price with a mortgage and it wasn't downvalued. 
I believe it was a drive by or desktop valuation and it was valued the same as another house in that street. Since then I feared desktop valuations because how do they know what the inside looks like?? 
Anyway the current house had a conservatory, brand new everything etc so glad it got a physical valuation as houses on the same street are on sale for less but house, in our opinion, was worth asking price.

So it always depends! Fingers crossed for you! 

28tsw

Watching as at same stage.

we have valuation due from HSBC this week. 

HomeownerDreamer

Finally got through and they haven't received the valuation report yet. Need to be more patient but it's so hard!

RoloCookie

firstimebuyer1993 said:

Our valuation happened on Wednesday last week, the MB called us on Thursday letting us know it went fine and that the property was valued 350£ above the offer price. All of the properties around the area were much lower, even same number of bedrooms/bathrooms so we were very worried but in the end it came through fine (the property we are buying is however much nicer and was renovated in 2016, although nothing structural was done)

So did you have to pay the £350 or was the seller fine? Not really sure how it works.

chillicheesedog said:

Our valuation happened last Wednesday. Didn't hear back about outcome, so husband called and found out that valuation was satisfactory, we paid asking price. It was a physical valuation too. So now waiting for underwriters to review the extra documents they requested a week ago.
In December we almost bought a house but it was downvalued by 15k (we got 5k off asking price too). This was with Halifax, we then pulled out. However having spoken to the same real estate agent since while we were searching for a house, they told us someone else bought the house at asking price with a mortgage and it wasn't downvalued. 
I believe it was a drive by or desktop valuation and it was valued the same as another house in that street. Since then I feared desktop valuations because how do they know what the inside looks like?? 
Anyway the current house had a conservatory, brand new everything etc so glad it got a physical valuation as houses on the same street are on sale for less but house, in our opinion, was worth asking price.

So it always depends! Fingers crossed for you! 

Wow that must have been stressful for you guys first time round. When it is down valued what happens? I have no idea if ours is desktop valuation or physical. I am hoping physical. Only thing is we paid 295k and another house exactly the same sold for £260k in Feb. This house we got needs quote a bit of work, they are leaving their kitchen ect. So I am not sure if it was valued at less what happens?

HomeownerDreamer said:

Finally got through and they haven't received the valuation report yet. Need to be more patient but it's so hard!

Ah I feel for you! It is so hard isnt it. Good luck hope you got news today!

watch3r

28tsw said:

Watching as at same stage.

we have valuation due from HSBC this week. 

Barclays tomorrow so in the same boat .
I really hope they will not reschedule it like last week 🤞