Valuation next week - help

SuzySu

Hi

The surveyor is coming next week to value our property for the buyers mortgage, but I have heard so many stories recently about properties not being valued at the agreed sale price.

I'm really scared this will happen to us as we have absolutely no leeway for bargaining. We will have just under £500 left once our mortgage, 2nd charge, sols, EA and HIP are paid for so really have no room to negotiate.

The price was agreed in mid-April, but I feel the credit crunch as worsened recently and lenders are becoming more and more picky about mortgages. I don't want to lose the sale for the sake of a few thousand, but we really can't bargain with money that we don't have.

We need to sell as we are having trouble making all our payments as it is. One more month and we our mortgage lenders would have started repossession proceedings.

I appreciate the value might equate that of the agreed price (it was on for £275 and sold for £260) but I'm just so scared that it could all fall apart at the last minute.

Please, has anyone been in this situation before or could offer some advice.

Captain_Mainwaring_2

Try giving the valuer a bung?

More seriously it isn't down/up to you now, the guy will have his idea what it is worth, and all you can do is present it looking tidy. Unless it is something special I expect it will be a "drive by" in anycase. The guy won't be lifting manholes and be up on the roof.

SuzySu

Thanks Cap'n.....it most certainly is not a 'drive by'. The chappy will be here for up to 2 hours. Should I ask the EA to have comparables for them in advance to support the price, or is that something they should do as a matter of course?

How can anyone value a property for a mortgage by doing a drive-by anyway? Surely they can't see the back of properties that might be in disrepair etc (which our is not I hasten to add).

happybroker

There's not really too much you can do to influence the valuer I'm afraid.

Get some brochures for properties similar to yours in the area which I guess will have the asking price higher than your sale price and leave them where they can be easily seen.

Be really nice to the valuer, offer them a brew and leave them to wander around the house, they don't appreciate being badgered or asked questions about how much they are likely to value it at.

Have the house really nice and clean, windows open etc. They go in a lot of houses that are really grim and nice surroundings and people sometimes make a nice change!

If he does down value it your buyer may well still pay the £260k if they want the house enough.

Finally, speak to your bank re the reposession proceedings. You are obviously making your best efforts to sell the place and this should count for something. If they start proceedings this will incurr costs which it sounds like you can't afford. Explain things to them and keep calm with them no matter how "awkward" they are with you, remember it's their job to get you to pay but if you can demonstrate that you are doing as much as you can and paying them as much as you can there isn't too much they can say.

Good Luck, I hope it all works out.

Tassotti

I have met many valuers and the more friendly I am to them, the higher valuation I get.

It's not professional on their part, but if you stike up an interesting conversation and get them on your side, it always helps.

Valuers will then be more inclined to give you an approximation of what they are going to value it at if you have got on well.

At least you know where you are then without the added stress.

Tass

SuzySu

Thanks Tass. Exactly how 'friendly' does one have to get in order for the price to come out the same

Seriously though, we will just make the place spotless as when we had viewings and see what happens. As happybroker said, there's not much we can do I suppose.

xtessx

Hi SuzySu

We had a full structural survey done on our house by our buyer about 4 weeks ago, and it valued up fine.

I wouldn't worry too much, and I agree with the comment on being nice and polite to the surveyor and do your best with the tidying!

Good luck, you'll be fine.

Tess xx

SquatNow

SuzySu wrote: »

Thanks Tass. Exactly how 'friendly' does one have to get in order for the price to come out the same

If you want to be friendly, if it's a male valuer, make sure the husband is out of the house, hide any male related items so it looks like you live alone, put on a skimpy-but-not-inappropriate outfit, (something revealing but not obvious) and mildly flirt with the valuer. It's easier on a sunny day as you'de be expected to be wearing shorts and a tight top.

He wont conciously change the value of the property upwards, but is likely to be distracted and miss any minor defects he might otherwise pick up on, especially if he spends 90 minutes of the hour drinking tea, eating biscuits and chatting with you in the kitchen about the football/motorracing/whatever. (Try to sound interested in the topic.)



Or alternatively you could just f**k him on the kichen counter... either works.

Captain_Mainwaring_2

SquatNow wrote: »

If you want to be friendly, if it's a male valuer, make sure the husband is out of the house, hide any male related items so it looks like you live alone, put on a skimpy-but-not-inappropriate outfit, (something revealing but not obvious) and mildly flirt with the valuer. It's easier on a sunny day as you'de be expected to be wearing shorts and a tight top.

He wont conciously change the value of the property upwards, but is likely to be distracted and miss any minor defects he might otherwise pick up on, especially if he spends 90 minutes of the hour drinking tea, eating biscuits and chatting with you in the kitchen about the football/motorracing/whatever. (Try to sound interested in the topic.)



Or alternatively you could just f**k him on the kichen counter... either works.

Looking at most of the crusty old things that turn up, maybe the OP would be better to just take the financial option.

Reading some of the stuff above, people must think surveyors are totally stupid, and yes, I expect he will contact local agents without you having to do it for him.

SquatNow

Captain_Mainwaring wrote: »

Looking at most of the crusty old things that turn up, maybe the OP would be better to just take the financial option.

The more "Crusty" he is, the easier he is to distract!

You may have to be more subtle though... a 30 year old flirting with a 60 year old is a bit obvious!

lynzpower

Whatever you do, when the valuer asks you ( which they may well do, they did with me) 'what did you pay for this' smile sweetly and say, thats for me to know and you to find out type thing.