Anyone know anything about home reports being refreshed??

[mum23girlys]

Our house has been on the market just over 3 months so the home report is just over 3 months old and needs refreshed for our purchasers mortgage lender. Is the surveyors valuation likely to come down though as I think the market has declined slightly in this time? No change in our house in this time but we've had a home report refreshed for a house we were considering and the valuation has come down £20k. It was originally done July 2011 though and is needing a lot of work. We haven't offered on it as we found something else more realistically priced and open to offers

Anyone??

Hi-I think the value on the home report is largely based on what the estate agent tells them it's worth (from my experience). We were going to buy a house which originally had a valuation of £265. By the time we were ready to make an offer (and it had been on the market for a while) the asking price had dropped to £255. (We offered £250 and were accepted.) When they got the home report refreshed the new value on it was listed as £255.
(Our buyer then pulled out though so we couldn't go ahead!)

Anyhow-if your property hasn't been on the market for that long and if the price hasn't been changed I doubt the valuation would drop much, if at all.

Our was fine. Our solicitor advised that although we could require the purchasers to get it refreshed this leaves you open to them using someone else and having the value come down - best to suck up the fee and get your previous surveyors to do the updating.

We're paying and using same surveyors. Wasn't taking the chance of buyers using someone else for the sake of 100 quid

Getting done 2mrw so hopefully valuation will come out same and they won't find any new problems to report. We've accepted an offer 10% under valuation so think we should be ok

Thanks for putting my mind at rest.