Valuation from bank

huisc3

I know that different banks will hire different surveyors. However, some of the banks such as Barclays and HSBC, I think they are both using countrywide surveyor. Does this mean that their valuation reports would be the same for the same property?

dunstonh

I know that different banks will hire different surveyors

In some regions, they all use the same one.

Does this mean that their valuation reports would be the same for the same property?

Depends on whether it is an electronic valuation or a visit.   The person doing the visit may differ even if its the same company.

ACG

Its not quite that simple...
You could have a surveyor (lets say his name is John) and he might do work for Countrywide and Connells. 
But John might work in an office with Ringo and Paul. When a valuation gets instructed it could be John, Ringo or Paul or a different office completely that goes out to do the survey. 

Chances are though that if John goes out, he will value it the same regardless of the lender. But Ringo or Paul might value it differently to John. 

If you live in a large town or a city, chances are you will get a different surveyor. If you live out in the sticks there is a fairly good chance you will end up with the same person. 

silvercar

I would have thought an office would look to see if the property has been surveyed recently, to save repeating the work. Good saving for the company if they can use the same survey for 2 clients. Also, reduces the risk that John thinks the property is worth more than Ringo and the embarrassment if there is any comeback.

ACG

silvercar said:

I would have thought an office would look to see if the property has been surveyed recently, to save repeating the work. Good saving for the company if they can use the same survey for 2 clients. Also, reduces the risk that John thinks the property is worth more than Ringo and the embarrassment if there is any comeback.

Maybe, but if the property had been down valued because of something in particular and that issue had been fixed in the meantime is it worth risking losing a contract like that to save a few quid in petrol and an hours work? 

I suppose you could probably copy the paperwork over if nothing had changed. But with valuations it is just someones opinion. Sometimes they differ, sometimes they get it wrong - although they will never admit to it.