Advice please - surveyor coming -

Sophie8916

Hi guys 

this is all very new to me as never sold

I have accepted an offer on my 2 bed flat and am sometimes very negative! Estate agent valued my flat as offers over 180k, I accepted an offer of £180k (not here to debate whether right or wrong). I bought it in 2015 for 155k and have done work to it (new floors throughout, shower suite, boiler ect).
im ground floor and one on top floor sold in dec 2020 for 160k (original flooring from when built ect and diff layout to mine). Zoopla is saying estimate around 179k… been scaring myself with “down valuations” I have a surveyor coming on behalf of buyers lender on 19th -
do I have anything to worry about?

ele_91

There’s no point worrying as there’s little you can influence. Do you know how much deposit your buyers have? A higher % will make a downvaluation less of a problem. 

stressedout45

Don’t worry, Zoopla is not even remotely accurate in any way shape or form. 

Sophie8916

stressedout45 said:

Don’t worry, Zoopla is not even remotely accurate in any way shape or form. 

That don’t make me feel any better at all lol

Sophie8916

No idea ele, they’re an investor so doing a BTL

NameUnavailable

Not all surveys include a valuation. If this is a surveyor that your buyer has instructed the focus will be on reporting on the condition of the property. If any issues are raised then they may use that to try to negotiate the price down.

The valuation would really be for the benefit of any lender, to tell them whether or not it's likely to cover their exposure in the event of default.

Short answer - wait and see.

Ramouth

All you can do is present the flat as well as possible and be as positive as you can (without lying!) if the surveyor asks any questions.  

You accepted an offer at the agents valuation not way over following a bidding war.  Try not to worry about it too much.

Sophie8916

NameUnavailable said:

Not all surveys include a valuation. If this is a surveyor that your buyer has instructed the focus will be on reporting on the condition of the property. If any issues are raised then they may use that to try to negotiate the price down.

The valuation would really be for the benefit of any lender, to tell them whether or not it's likely to cover their exposure in the event of default.

Short answer - wait and see.

Thanks! It’s by a company called value nation, will be about 30 mins apparently ?

Weathergirl_76

Try not to worry because you have no control over what valuation this company provides.  Just present it clean and tidy and answer honestly if they ask any questions. You have priced the property based on advice from the agent, who works in the industry and should know the market, so try not to worry, think positive and see what happens. Good luck