Valuation Same Price As Offer Accepted

THSHARIF

HI, I have just recieved a suryers report , the house is valued at 129000 in the current climate, Know this is the same price that was excpeted.

do the survyors know how much you have offered for the property, or was this just a coinicidence that it is valued at the same price bieng offred.

I thoght i was getting a good deal because the house was on sale for 138000.

THSHARIF

Can i re-negotiate the price with the EA, if the prices are likely to fall

JoJoArmani

When my house was surveyed the surveyor asked how much we were selling the house for.

They may have done the same in your case. Hence I guess they are saying your new house is worth the mortgage you are applying for.

Jorgan_2

The surveyor will know what the sale price has been agreed at. I am yet to see a surveyor value over an agreed sale price, for mortgage purposes.

ginvzt

I think the surveoyr is not there to tell how much your house is actually worth, but to say either 'Yes, this house is worh X (or more)" or "no, this house is note worth X, maybe Y"...

They are not interested to tell you the truth.

THSHARIF

how do I know the true cost of the house in the current market,
can the survey suggest that the property can be worth more, otherwise the lenders would not borrow on a property about to depreciate in value.

Hope I dont confuse anyone

THSHARIF

you must have read my mind and given the answer to what i have just asked

ginvzt

No, I can't read anyone's mind, but glad to get it this time.
I think if they valued the house more than the agreed price, the seller might put up a fight with the buyer and say I am not selling for the less than the bank valued it. It is sort of balance between the things - keep the bank happy, keep the seller happy that they house is worth that much and they are getting the right offer and keep the buyer happy that the hosue is not worth less than he is paying...

In the real world (outside the surveyors box), the house might be worth more. We bout our current house for £135K and the other end of the terrace (smaller house, smaller garden) at the same time sold for £146k. Just to show that surveoyrs don't mind if you get a bargain - it will keep the bank happy!

BiggaThanBen

ginvzt wrote: »

I think if they valued the house more than the agreed price, the seller might put up a fight with the buyer and say I am not selling for the less than the bank valued it.

There is no way the seller will know the valuation figure unless you tell them, correct me if I am wrong

Jorgan_2

You are correct, but if you try & renegotiate the selling price after the survey, saying that it hasn't valued up, then the agent & vendor will want to see evidence of this.

BiggaThanBen wrote: »

There is no way the seller will know the valuation figure unless you tell them, correct me if I am wrong

BiggaThanBen

Jorgan wrote: »

You are correct, but if you try & renegotiate the selling price after the survey, saying that it hasn't valued up, then the agent & vendor will want to see evidence of this.

anyway why would you renegotiate the selling price if they valued the house more than the agreed price ? if there are issues in the survey, you normally show problem descriptions, not the valuation figure ...