Valuation visit

kezzygirl

Our buyers lender are organising a face to face valuation. Is this usual? Guess I'm just worried they are doubting the price!!

TheJP

Yes its quite common, they may not come into the property though. If they do it will be very quick.

Mizydoscape

Yep totally normal. The lady that visited my old house that we've just sold was there less than 5 minutes. It obviously went OK as I didn't hear anything more about it.

kezzygirl

Thanks, our lender did an online valuation so a visit wasn't required. 

eddddy

kezzygirl said:

Thanks, our lender did an online valuation so a visit wasn't required. 

Sometimes it depends on the LTV of the mortgage.  A key reason for the valuation is to make sure the mortgage lender can get their money back, if you don't pay your mortgage - and they have to repossess and sell the property.


Perhaps if you're borrowing less than 80% of the price of the property, the valuer is happy to do a desktop valuation - i.e. take a look at what other nearby properties have sold for, to make sure the price you're paying is about right, and that they could get back their 80%, if they had to repossess and sell.

But if you're borrowing 90%,, the valuer might want to visit and take a look to make sure that the lender really could get back their full 90%, if they had to repossess and sell.

Doshwaster

Depends on the lender. Some will require an actual visit, some will do a "drive by" and others will do it purely online. 

theartfullodger

Depends on the lender, the LTV, the borrower, the property (state, type, etc), state of market and most recent whims of all involved.

propertyhunter

My buyer's lender requested two separate face-to-face valuations, each from a different surveyor. This was because it was a flat in a block <18 metres in height and they needed to check cladding wasn't an issue. It was only a 5 minute visit each time. Fingers crossed you have nothing to worry about.