Nationwide desktop valuation vs in person

PurpleZoombini

I submitted my application on the 27th, checked the progress this morning and it said valuation instructed and valuation report requested. I got a text this afternoon saying the valuation has been booked for tomorrow. 

I know this is a good thing in general that it's so quick but now I'm concerned. Does it being arranged so soon mean it's more than likely a desktop valuation and they won't go round in person? I'm worried because I offered over asking on the property which was already expensive for the house type and area and now I'm worried about a devaluation, potentially a significant one. I know it would be my fault for over offering but I really loved the house. I assumed the devaluing would be less if they could see it for themselves but maybe not. The couple I'm buying off are retired so it's possible they'd be available at this short notice.

Has anyone else had an in person valuation arranged so soon? Will it say on the report whether it was a desktop valuation or not? 

MaryNB

PurpleZoombini said:

I submitted my application on the 27th, checked the progress this morning and it said valuation instructed and valuation report requested. I got a text this afternoon saying the valuation has been booked for tomorrow. 

I know this is a good thing in general that it's so quick but now I'm concerned. Does it being arranged so soon mean it's more than likely a desktop valuation and they won't go round in person? I'm worried because I offered over asking on the property which was already expensive for the house type and area and now I'm worried about a devaluation, potentially a significant one. I know it would be my fault for over offering but I really loved the house. I assumed the devaluing would be less if they could see it for themselves but maybe not. The couple I'm buying off are retired so it's possible they'd be available at this short notice.

Has anyone else had an in person valuation arranged so soon? Will it say on the report whether it was a desktop valuation or not? 

Whether it's a desktop valuation or not the bank won't have the same feeling towards the house you do. If part of the reason you offered high is because you love the house, well then the valuation won't reflect this. All the bank wants to know is if you can't pay your mortgage, can they sell the house off after they repossess it and get enough to cover the amount you owe. They won't value it any higher than what they believe is the market value. The surveyor is there to protect the bank's interest, not to help you with your purchase.

I would say that the only difference an in person valuation would make is if there's something in the house that make it significantly different than others in the area, something that isn't obvious when looking at information online. Or something that affects the value like structural issues. I would expect the phrase "booked" to imply they'll be visiting the house.

Given the asking was higher than expected and you still offered over, a downvaluation is very likely - desktop or not. Can you still afford the property if it is downvalued? If so will you be ok with the potential change in interest rate? Will you be ok with the fact you are paying over the odds based on your lender's valuation? 

PurpleZoombini

I don't mean the feeling, I know they don't care and are just looking at resale value. I mean the house has been modernised compared to others in the area and has a new kitchen and bathroom etc which is why I would want to pay more for it vs a house that needs work. Surely a house not needing any work would have a higher value than one that needs extensive modernising. If they are just looking at it as x bed house in x area vs other x bed houses in x area regardless of the state of them then that doesn't seem right. They wouldn't know about the work the vendors have done to the property without going there. 

If the downvaluation isn't too much then I will ask the vendors to match it if possible. I was going for a 20% deposit so I wouldn't want that to be reduced to 10% etc. If it is too much then I will just have to withdraw, lesson learned for next time to never offer over. 

The valuation is booked for 9:15am specifically tomorrow so maybe that does mean in person unless they schedule the desktops as well. 

MaryNB

PurpleZoombini said:

I don't mean the feeling, I know they don't care and are just looking at resale value. I mean the house has been modernised compared to others in the area and has a new kitchen and bathroom etc which is why I would want to pay more for it vs a house that needs work. Surely a house not needing any work would have a higher value than one that needs extensive modernising. If they are just looking at it as x bed house in x area vs other x bed houses in x area regardless of the state of them then that doesn't seem right. They wouldn't know about the work the vendors have done to the property without going there. 

If the downvaluation isn't too much then I will ask the vendors to match it if possible. I was going for a 20% deposit so I wouldn't want that to be reduced to 10% etc. If it is too much then I will just have to withdraw, lesson learned for next time to never offer over. 

The valuation is booked for 9:15am specifically tomorrow so maybe that does mean in person unless they schedule the desktops as well. 

Depends what the modernisation consists of. Cosmetic updates won't make much of a difference, if any. If central heating system has been installed or they've added an extension - big ticket items and items that are clear to the surveyor. But unless it has significant improvements over others in the area, and others in the area are clearly a bit run down, I'd be surprised if there was much of a difference compared to other similar sized houses.

Spending £x doesn't add £x to the value. Cosmetic changes are subjective - I undid all the work my sellers did in the three years they lived at my house, which wasn't much to be fair. People don't always get a return on extensions when they sell. A lot of work doesn't increase the value, it's just maintaining it and making sure the house doesnt fall into disrepair. 

If it's tomorrow morning you'll find out soon enough. I'm not saying they will downvalue it, I would just be surprised if they didn't, given you feel it was priced high and then offered over.