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Anyone got any thoughts?
I had a RIC's valuation back today 45k less than the selling price of the property next door.
The next door completed 1 month ago at 345k my adjoining property comes back at 300k down to 280k on a 90 day sale. Both properties are the same standard etc.
To me, it looks like the valuer has just taken the cash and protected his behind.
That is exactly what has happened, and the worse thing is you can't challenge it.
Ask to see the valuation report, though I once had a report stating roof needs repairs. (Very Vague)
Even worse, the surveyors wouldn't tell me what repairs were required. How is this right?
We, investors, are improving property conditions and the standard of neighbourhoods, providing homes for families. And a surveyor can grind that to a hold with a signature and no validation.
(Sorry rant over)
Yes and to top it off we have to pay the valuer !!
I'm working on much smaller numbers, but I was told today a property was not fit for a mortgage.
The property is in need of modernisation but there is no damp, it has a kitchen and a bathroom.
It just very dated. Property next door was purchased for 70 in June. I am buying this one for 46.
Surveyor had different ideas......... Back to the drawing board as I don't want to let the family down who are selling to me.
``and the worse thing is you can't challenge it.``
You can challenge it and I have done so and won
There are rogue/ inexperienced / lazy surveyors as in any trade
More difficult these days I agree especially when the market is suspected of turning
But there are legitimate avenues to challenge .
I submitted a 2 page essay once to evidence why they were wrong
The valuers can cover a massive area so their knowledge is often watered down
In a street where I own 3 I can be a better judge than them and I can prove it ( braggy but true)
They are on a tight time scale so dont always dig too deep and make clear mistakes
I can spend all day if I chose to . They may have 6 valuations to do then write up in the evening
Their minds and their focus tires
I would vulture in on it if I was being short changed and make a case out and submit your findings
Jonathan Clarke. http://www.buytoletmk.com
Thanks for feedback. I spoke from my own experiences and always found the bank and the surveyor not wanting to listen. Though maybe the numbers I'm playing with mean nothing to them. I've even made complaints and got nowhere.
However, this site is for diverse information so I appreciate your feedback.
I have a friend, a surveyor who does very nicely indeed, some times 6 in a day in London on his big bike. The details comes through and he goes on line and has a look his pre-visit opinion is formed very quickly.His visit is to place the property within the band he has already decided in terms of presentation.In fairness this is more often a valuation rather than a full survey but even with a survey he has massive disclaimers as certain parts were not easily available to view so I wonder how realistic he can be.
This has been discussed recently here:Down-valuations - anecdotal evidence of trendInsights: Lender's survey & down-valuationsWho can I complain to about a low valuation?
general operations director, site owner and moderator - propertytribes.com
Valuers are being super-cautious due to brexit and market uncertainty. Some seem to be being a bit too cautious though.Out of interest, did you attend the valuation and point out the comparables?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Hi Vanessa, Yes I did attend and pointed out that next door had just completed.
There was no mention of next door in the report but other properties in the area were mentioned.
On a final note, the Valuer, did state that if he didn't get the report away that day, it would be sitting on his desk for a couple of weeks due to him being on holiday..!
I second the fact that you can challenge it, it is just a nightmare (and costly) to do it.
The evidence though can't just be on one property, and has to be on a number in the local area.