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Surveyor undervaluation has lost us a sale

24

Comments

  • Comms,

    My profession is that I have a brain to differentiate between a property in a unique setting that has three precedents in the last year supporting the valuation rather than something on a random housing estate.

    HTH
  • LEJC
    LEJC Posts: 9,618 Forumite
    I'm not sure what long term repercussions you think you may have going forward....but lots of sales fall through....I may even have read that the number is 1 in 4....

    It's disappointing that yours has....but bounce back ....get it relisted and start welcoming a whole new set of potential buyers.
    The fact that you went into this with an asking price offer bodes well...people clearly like it.
    frugal October...£41.82 of £40 food shopping spend for the 2 of us!

    2017 toiletries challenge 179 out 145 in ...£18.64 spend
  • Comms69
    Comms69 Posts: 14,229
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    DesWalker wrote: »
    Comms,

    My profession is that I have a brain to differentiate between a property in a unique setting that has three precedents in the last year supporting the valuation rather than something on a random housing estate.

    HTH



    So you aren't a valuer or a surveyor?


    I'm not a doctor, so would you take medical advice from me?


    Look I appreciate you aren't happy, but the fact is your house has lost value, significantly over the last 14 years. Why are you moving now?
  • davidmcn
    davidmcn Posts: 23,596
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    DesWalker wrote: »
    At the very least I intend to complain to RICS, but I wonder if I have legal recourse ...
    As advised above, you've got no recourse to do anything about other people's surveyors, so please don't waste everybody's time by trying.
  • Okay. Thanks for those replies who tried to be constructive and help. Unfortunately the others couldn’t help themselves ... No surprises there.

    And sorry if I wasted anybody’s time. You always had the option of clicking “next”.
  • Comms69
    Comms69 Posts: 14,229
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    DesWalker wrote: »
    Okay. Thanks for those replies who tried to be constructive and help. Unfortunately the others couldn’t help themselves ... No surprises there.

    And sorry if I wasted anybody’s time. You always had the option of clicking “next”.



    You're welcome :)


    - sometimes you don't like what you hear, but it's still right.
  • chappers
    chappers Posts: 2,988 Forumite
    DesWalker wrote: »
    but I wonder if I have legal recourse ...
    None whatsoever, if you really want someone to put their professional indemnity against the valuation then get it surveyed as a commercial transaction. if they then screwed it up you would have recourse to sue,
    But for that privilege expect to pay affair whack for the valuation.

    Suck it up move on and find another buyer.
  • Hi, something very similar happened to us as buyers. As we are in Scotland, the home report that the seller had done valued the property at 450k. Our mortgage company then sent in their own surveyor who valued it at 390k (the house is also in a private estate in a unique setting and this new surveyor worked on the other side of the country!) We were gutted as we knew the house was worth it. Luckily, the mortgage company took into account the peculiarity of the huge discrepancy and permitted us (at our cost) to send in another surveyor (a different firm but at their choosing) who valued the property at the price we had offered. Would you or your buyer be prepared to investigate this avenue?
  • ACG
    ACG Posts: 23,661
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    Down valuations happen all the time.
    If the buyers liked the property enough, they could have tried a different lender.

    You have no contract with the surveyor, his employer or RICS - your complaint will be thrown out.

    Put it to bed, it happens. Move on, concentrate on finding a new buyer who will use a different surveyor.

    Anything more than that is a waste of your time and theirs. It might make you feel better, but it will not do anything.

    I have never had a down valuation overturned. One of which I could give 15 examples of similar priced properties. The surveyor was having none of it. I have given up appealing them now.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • mrginge
    mrginge Posts: 4,843 Forumite
    Next time insist that the surveyor is an old woman
This discussion has been closed.
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