Surveyors Downvaluing Properties

[Bathsheba Everdene]

I was in a building society branch in Bournemouth town centre yesterday (making a deposit, although I think the staff were hoping I'd come in to apply for a mortgage).

The staff made a phone call to sort out a query for me, and while I was waiting I overheard a conversation between two employees (in the middle of the office) about a property which had been downvalued by a valuer -- by £50,000, I think from £300,000 to £250,000. The topic for discussion was whether it was possible to get another valuer to value it (man 1 was asking, and man 2 said no, the valuer's the expert, if that's his opinion, then that's that). Man 2 also commented on the size of the reduction, saying that £50,000 was a lot, and giving the impression (mentioning the figures) that reductions of £10,000 or £20,000 by valuers are not uncommon, and man 1 agreed.

From what they said about the property, it sounded to me as though the valuer was right to downvalue it significantly.

Anyone else heard any stories about surveyors downvaluing properties? It happened a lot during the last crash.

BE

[libitina]

I was in a building society branch in Bournemouth town centre yesterday (making a deposit, although I think the staff were hoping I'd come in to apply for a mortgage).

The staff made a phone call to sort out a query for me, and while I was waiting I overheard a conversation between two employees (in the middle of the office) about a property which had been downvalued by a valuer -- by £50,000, I think from £300,000 to £250,000.  The topic for discussion was whether it was possible to get another valuer to value it (man 1 was asking, and man 2 said no, the valuer's the expert, if that's his opinion, then that's that).  Man 2 also commented on the size of the reduction, saying that £50,000 was a lot, and giving the impression (mentioning the figures) that reductions of £10,000 or £20,000 by valuers are not uncommon, and man 1 agreed.

From what they said about the property, it sounded to me as though the valuer was right to downvalue it significantly.

Anyone else heard any stories about surveyors downvaluing properties?  It happened a lot during the last crash.

BE

<{POST_SNAPBACK}>

I think I saw something along those lines mentioned on the CH4 forum. Or somewhere equally 'fluffy'.

[Guest Charlie The Tramp]

From our own surveyor.

As an aside, my firm are part of a national group of surveyors (I won't be drawn, but it's not Countrywide!) and a recent resignation of a significant executive involved in business relationships has resulted in main due to severe pressure and criticisms by brokers about 'down valuations'. He/she had had enough. There are huge numbers of failed applications and as a result I'm sure many are in deep doodoo and prob. negative equity.With regard to the FTBs, just spoken to a top agent in E.Molesey who says prices have fallen 10/15% at least in past year and there are no FTBs to be seen. Can't get rid of starter homes or smaller flats.

[libitina]

Maybe it was the expats forum? I don't have the link though.

Anyone?

[The Masked Tulip]

Surveyors get left holding the can in any valuation - the lenders, the buyers, the EAs can all point at the surveyor's report and say "Well, the surveyor said it was worth that much!"

[29929BlackTuesday]

When I look up there you shall be Bathsheba - and when you look up there I shall be.... and the bailiffs 'cos I can't afford the payments on that piano I bought for you.

Gabriel saved the sheep by puncturing them and letting them deflate. A little like Debt puncturing the Sheep of House Inflation. Geddit???!!!!????

That's as far as you can go with the Far From the Madding Crowd analogy. Except for the Sergeant Troy/Gordon Brown link. Both untrustworthy and have spent time impersonating highwaymen.