Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • FIRSTTIMER
    • By FIRSTTIMER 14th Mar 17, 6:15 PM
    • 325Posts
    • 53Thanks
    FIRSTTIMER
    What determines a valuer undervaluing...
    • #1
    • 14th Mar 17, 6:15 PM
    What determines a valuer undervaluing... 14th Mar 17 at 6:15 PM
    If I opt for a homebuyers report - will this make the valuation more realistic versus a desktop/drive by valuation....


    I am concerned my valuation will come back lower than the offer price....by a 1 to 5 thousand...
    Savings 10000
Page 1
    • Mr.Generous
    • By Mr.Generous 14th Mar 17, 6:18 PM
    • 1,764 Posts
    • 2,655 Thanks
    Mr.Generous
    • #2
    • 14th Mar 17, 6:18 PM
    • #2
    • 14th Mar 17, 6:18 PM
    I've never seen a valuation report 1k below offer, they would normally just put offer price if it was that close. They go off sold property prices, market conditions and experience. If they value it much lower you have probably overpaid.
    • davidmcn
    • By davidmcn 14th Mar 17, 6:29 PM
    • 7,668 Posts
    • 7,811 Thanks
    davidmcn
    • #3
    • 14th Mar 17, 6:29 PM
    • #3
    • 14th Mar 17, 6:29 PM
    Someone correct me if I'm wrong, but I think for a purchase the surveyor will always actually inspect the property rather than merely do a desktop/drive by valuation.

    Homebuyers report will be more accurate in terms of time spent inspecting the condition (rather than merely guessing about the bits they don't look at), if that's what you mean by "realistic"?
    • Keezing
    • By Keezing 14th Mar 17, 6:33 PM
    • 282 Posts
    • 250 Thanks
    Keezing
    • #4
    • 14th Mar 17, 6:33 PM
    • #4
    • 14th Mar 17, 6:33 PM
    If I opt for a homebuyers report - will this make the valuation more realistic versus a desktop/drive by valuation....


    I am concerned my valuation will come back lower than the offer price....by a 1 to 5 thousand...
    Originally posted by FIRSTTIMER
    Why would you be concerned?

    If the valuer values the property at 1-5k less than you offered you should send them a bottle of champagne to say thank you
    • Thrugelmir
    • By Thrugelmir 14th Mar 17, 6:38 PM
    • 58,504 Posts
    • 51,870 Thanks
    Thrugelmir
    • #5
    • 14th Mar 17, 6:38 PM
    • #5
    • 14th Mar 17, 6:38 PM

    I am concerned my valuation will come back lower than the offer price....by a 1 to 5 thousand...
    Originally posted by FIRSTTIMER
    For that size of sum. Suggests that there's work that should be undertaken. While not critical at the moment. If not addressed could result in far bigger problems. Normally dealt with by means of a retention. Rather than undervaluation.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • minimike2
    • By minimike2 14th Mar 17, 8:34 PM
    • 1,952 Posts
    • 1,480 Thanks
    minimike2
    • #6
    • 14th Mar 17, 8:34 PM
    • #6
    • 14th Mar 17, 8:34 PM
    Someone correct me if I'm wrong, but I think for a purchase the surveyor will always actually inspect the property rather than merely do a desktop/drive by valuation.

    Homebuyers report will be more accurate in terms of time spent inspecting the condition (rather than merely guessing about the bits they don't look at), if that's what you mean by "realistic"?
    Originally posted by davidmcn
    Not every time, no.
    Desktop valuations for purchases are now a "thing".
    I am a mortgage industry professional. 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
    • suzikettles
    • By suzikettles 14th Mar 17, 9:39 PM
    • 20 Posts
    • 1 Thanks
    suzikettles
    • #7
    • 14th Mar 17, 9:39 PM
    • #7
    • 14th Mar 17, 9:39 PM
    its a nightmare! new build came back at 12500 below asking price, surveyor didn't set foot in it and absolutely no comeback a lose lose situation.....
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

169Posts Today

1,815Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin