Bank Valuations

nekr0mantik

Quick question, when mortgage lenders do valuations and they see minor damage inside like for example a door with surface cracked and sticking out then does the valuation they quote include the reduction in value due to that even if the estate agents state it will be fixed prior to completion?

babyblade41

I doubt 1 damaged door will result in price negotiations 

user1977

Mortgage valuations are not going to be affected by every minor defect, only things which are actually material.

nekr0mantik

not trying to negotiate price.

initial offer was 1k below asking due to damage to door, walls needing painting and dent in wall.

then valuation came back as 20k below and vendor reduced by 15k and I had 5k extra deposit and now wondering if the valuation included the cost of the repairs or not

newsgroupmonkey_

Most bank valuations don't even step inside!

kingstreet

newsgroupmonkey_ said:

Most bank valuations don't even step inside!

I'd say most remortgage valuations don't even step inside as they are desktop/drive-by.

However, most of the purchase cases we have done in the last five years have involved a physical inspection.

Sarah1Mitty2

nekr0mantik said:

not trying to negotiate price.

initial offer was 1k below asking due to damage to door, walls needing painting and dent in wall.

then valuation came back as 20k below and vendor reduced by 15k and I had 5k extra deposit and now wondering if the valuation included the cost of the repairs or not

Can you ask whoever did the valuation?

nekr0mantik

Sarah1Mitty2 said:

nekr0mantik said:

not trying to negotiate price.

initial offer was 1k below asking due to damage to door, walls needing painting and dent in wall.

then valuation came back as 20k below and vendor reduced by 15k and I had 5k extra deposit and now wondering if the valuation included the cost of the repairs or not

Can you ask whoever did the valuation?

nope these companies only discuss valuations with the bank

i could not even see the report

Noneforit999

newsgroupmonkey_ said:

Most bank valuations don't even step inside!

Ours both have. Our buyers previous lender instructed Connells and now they have changed lender, we have another valuation (physical) by another company tomorrow.

As said above, I think remortgages often are desktop or drive buy but new purchases tend to be physical valuations.

To answer the OP question based on our valuation, its unlikely they will even note a cracked door unless its physically hanging off and even then, I doubt it will affect the valuation itself.

A lender just needs to ensure their money is safe, they don't care about small things as they are not going to affect the bulk overall value of the house 

Ath_Wat

A buyer reducing an offer based on "the walls need painting" is ridiculous in the first place,  Whatever the state of the walls, clearly it's obvious, and will have ben accounted for in the asking price,.  Some people appear to believe that houses are put on the market at a price suitable for a similar house in pristine condition, and this is obviously not the case.

A mortgage valuation would not bother with minor issues like these, even if they were aware of them.  If you can remedy a "problem" with a coat of paint, their money is safe.