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Drive-by Valuation

(12 Posts)
Mallemo Thu 29-Oct-20 14:06:33

We are selling our house at the moment and we’re expecting to hear about a survey soon. Had a phone call this morning to say our buyers have already conducted their survey - it’s a drive-by survey conducted from outside . We haven’t even been aware of it happening. Has anyone ever heard of such a thing?!?!!

OP’s posts: |
PrayingandHoping Thu 29-Oct-20 14:07:54

A drive by valuation is common and needed by their mortgage company

It is not the same as a survey.

MarthaWashingtonsFeralTomcat Thu 29-Oct-20 14:08:57

Yes if the LTV is high so they don't need much mortgage, essentially it just checks the house is still standing and roughly the right sort of size for what the buyer has described. If it's newish or they're very cavalier, your buyers may not even bother with any kind of structural survey or Homebuyers Report.

Mallemo Thu 29-Oct-20 14:09:37

Is it really common? Well that is the first we’ve heard of it - that’s a relief then! They don’t want another survey, they’re saying they’re happy with their drive-by valuation

OP’s posts: |
MrsJamin Thu 29-Oct-20 14:31:39

Yeah it is a thing. Makes me think of drive by shootings though which are not the same!

PrayingandHoping Thu 29-Oct-20 14:39:39

Yes v common.

It doesn't replace a survey though. It's an entirely different thing.

gingerbreadfox Thu 29-Oct-20 20:01:53

Happened for ours but our Estate Agents said it was because of COVID

JoJoSM2 Thu 29-Oct-20 20:26:33

They must have a large deposit. The lender doesn’t need to check the value of the house carefully as they know they won’t be out of pocket if they ever need to reposes it.

Findahouse21 Thu 29-Oct-20 20:28:30

We had one of these, they're more common for newer houses I understand.

Mallemo Thu 29-Oct-20 20:49:18

I don’t know about their deposit but it’s definitely not a new house - it’s approx 140 years old and a proper character house.

OP’s posts: |
movingagain20 Thu 29-Oct-20 21:18:18

Our buyer's mortgage company did this, he only had a 15% deposit, we had only bought it 3 years ago and it was only 10 years old so not sure if that had any part to play.

Shadowboy Thu 29-Oct-20 22:47:45

Our mortgage lender did this (although we have instructed a full structural survey anyway) once done the mortgage was approved straight away... it’s a 200 year old house too!

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