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Valuations
goodwithsaving
Posts: 1,314 Forumite
With a sale and purchase both under offer, it has got me feeling stressed already. This isn't a new process to me but I do always find it extraordinarily stressful because of so much reliance on others. My sale went to offers over and the purchase is in a very rapid market.
When taking three comparables, do valuations take into account similar properties under offer, or do they rely on land registry sold prices which lag by a few months?
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I presume you mean the EA valuations. In theory this will be a figure the EA feels they can get for the property in the current market. In reality the price becomes a marketing tool for the EA to win business. Some will over massively inflate the price to win business, some slightly inflate the price and some a bit more honest and give an accurate price.
The mortgage providers valuation will be a lot more cautious.0 -
moneysavinghero said:I presume you mean the EA valuations. In theory this will be a figure the EA feels they can get for the property in the current market. In reality the price becomes a marketing tool for the EA to win business. Some will over massively inflate the price to win business, some slightly inflate the price and some a bit more honest and give an accurate price.
The mortgage providers valuation will be a lot more cautious.
I know that, but it's how the surveyors conducting the valuations use the comparables which was more my question...?
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Based on sold prices.Mortgage started 2020, aiming to clear 31/12/2029.1
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goodwithsaving said:When taking three comparables, do valuations take into account similar properties under offer, or do they rely on land registry sold prices which lag by a few months?
Comparables would be the 'sold prices' of similar properties within the last 6 months.
(The surveyor would have no reliable way of knowing what 'under offer' prices are.)1
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