frankie1 Posted October 5, 2009 Share Posted October 5, 2009 hello everyone just had the flat i am just about to buy surveyed and valued, and it was valued at exactly the same as the asking price.....seems a bit strange its bang on how accurate are these valuations? or do they just agree with the valuation if roughly in same ball park.... just out of interest really if anyone knows....can i ask surveyor for his exact opinion? or should i just stick to what the report says for the bank? Quote Link to comment Share on other sites More sharing options...
Freeholder Posted October 5, 2009 Share Posted October 5, 2009 I think the clue is in your last sentance. If the valuer is working for the bank, not you, he is not obliged to have your best interests at heart. The bank wants to know how good their security is, what they require of a valuer might be less searching than what you would like to know as you make a leveraged bet with your entire life savings. As to accuracy of valuations in general some are easier to get right than others. If large numbers of similar properties are selling in the market most reasonably alert people should be able to get it there or thereabouts. Often however it is not like that. I have done thousands of valuations and if I had a quid for every one that in hindsight I would say I got wrong I could buy myself a very nice present indeed. You can do everything properly and then find that when the thing goes to market the punters loved or hated it to a degree that just doesn't seem rational to you. Personally I dont even like the term valuation. I prefer the old fashioned phrase 'opinion of value' as I think it is much more honestly descriptive of what the valuer is providing. Freeholder BSc(Est Man) MRICS Quote Link to comment Share on other sites More sharing options...
non frog Posted October 6, 2009 Share Posted October 6, 2009 The market value of something is what the "market" will pay for it. If you want to know what that is auction the item off. Historically the bank's valuer was there to ensure the bank wasn't getting ripped off. However when the banks invented mortgage derivatives they stopped caring about that Our friend above is correct. "Opinion of value" is easy to get when there are other examples. In times of low transactions its hard to be sure and so your valuer has probably just accepted asking prices as "near enough". Quote Link to comment Share on other sites More sharing options...
AMD Posted October 6, 2009 Share Posted October 6, 2009 Are you using an independent Financial Advisor for buying this property, or are you using the Estate Agent's Advisor. Is this a new build? did any of the recommendations come from the builders? You can speak to the surveyor if you are not happy with the valuation, can't see why unless you were hoping for the valuation to come in lower, so that you could re-negotiate. Did you do your research before putting your offer in, similar priced properties in the area going for the amount you offered. If you are not now willing to pay the price you have offered, walk away. AMD Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.