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Question regarding valuation surveys on property

(6 Posts)
pgwithnumber3 Sun 01-Feb-09 21:15:34

People who are buying our house aren't getting a structural survey done as they are putting a very large deposit down and the Bank aren't requesting it so they are only having a valuation survey carried out.

Question - when the valuation survey is done, does the Bank/Surveyor tend to "value" the house at what the borrower is paying for it rather than what they "think" it is worth? Just worried that valuation will be lower than what the people are paying for it (I doubt it but who knows in this market) and we will be gazzumped.

MegBusset Sun 01-Feb-09 21:20:16

They will value it based on what similar properties nearby are selling for. If you've sold at a reasonable price then probably nothing to worry about.

bodiddly Sun 01-Feb-09 21:20:18

I would imagine they would value at what they think it is worth but I am afraid I don't really know!

pgwithnumber3 Sun 01-Feb-09 21:23:33

There isn't a similar property like ours, each house is totally different (mixture of Victorian, Edwardian, pre - and post war houses in our road) and ours is the only house to sell recently.

It is a decent price (was valued at £500,000 last June, we put it on market in November at £440,000 and have sold it for £430,000), I would say that is following the market decline.

woodenchair Sun 01-Feb-09 21:31:52

We sold our house at the end of last year, and although ours was ok, further down the chain a mortgage valuation came in less that the selling price.
It was only by £5k, but it got passed up to us everyone was pleading poverty as we were the top so we had to drop.

COngrats on selling by the way. Just looked at your figures and they seem reasonable based on the valuation last june. You did really well only having to drop by £10k!

pgwithnumber3 Sun 01-Feb-09 21:40:11

We have had 3 people on for it woodenchair, it is a great house and we have renovated it to an exceptional standard as we thought it was our forever home. sad I will see what happens but I am panicked as due DD3 on Tuesday and just want this to all go through okay. smile

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