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Home Report Refresher

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Wotcha HPC.

I'm buying a house, home report value in March 2013 - £260k.

A quickish sale was required by the old sellers and they marketed the property at £225k in June 2013.

Offer accepted in July - £210k.

Refresher home report value received today - £225k.

Same surveyors.

I have emailed our Solicitors and asked them to query why the home report valuation is £35k less than it was 5 months ago.

My questions to the hpc massive are:

1. Is this normal practice?

2. Can I query why they believe the property has dropped £35k in 5 months?

3. Does that mean the earlier HR - which they were responsible for - was wrong?

4. Will the Surveyor tell us anything other than, 'our opinion is final and we won't change our mind on it'?

Thanks.

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The price is what someone is willing and able to pay for it. You will not know what a properties true value is until it's sold, it will vary week to week depending on how many buyers are in the market for that particular type of property in that area and also the price of and how easy credit is to access.

Personally I and the Land registry would say that the value of the property is £225k unless it was sold again (to someone willing and able) for a higher price.

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Hi GTI,

Can I ask why you said 'Personally I and the Land Registry would say that the value of the property is £22k'?

Surely by your own reasoning, if I bought it for £210k then the value of the property is £210k?

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1. Yes.

2. No. Not a report you paid for. Maybe seller needs to prove to HMRC down the line that they did not under sell the proprty to avoid tax. Plus on the day seems to the market rate.

3. No. Seller needed highest valuation possible for marketing to greater fool. Maybe there were comparables at the higher price.

4. No. Vendor may be able to get list of comparables used - I wouldn't hold breath.

Seller pays for it and gets opportunity to review report/provide feedback prior to release. Their needs will be met - to a poi nt.

I had a drop explained informally as being due to knuckles being wrapped when banks noted difference between sale price and valuation.

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