does the surveyors value usually match asking price!!!!!!

[theftb]

I offered full asking price as the house had so many features i didnt think i would be able to afford, and houses move fast here. Everyone said try and negociate, but didnt want to risk loosing it. But always that little niggle in the back of my mind saying maybe i should have tried to knock some money off.
The surveyers report which has just come states that he feels the asking price is appropriate for the house/area, so does this mean that the asking price was indeed correct, or does the surveyor generally agree with the asking price. Would it mean if he said it was worth more than asking price, i was getting a bargin, or less than asking price, was paying too much. Sorry if silly questions, but new to house buying. The survey also revealed some big jobs that need doing, am therefore wondering if it is now worth asking for a reduction to take this into account, or the fact the surveyers valuation matches asking price, this is a risk not worth taking, and would unlikely to be agreed to anyway.

Unless vast disparity which the Surveyor would be worried about signing off on,
it usually matches the asking price.

We too offered close to the top end of the asking price and we were also worried that our offer made it the most expensive house on the road by over £20k. Surveyor's value came back exactly the same as our offer. The true value more or less but we are happy with our purchase and plan to stay there 10yrs+

I did at the time also wonder whether we could have negotiated for a lower offer but after having viewed homes for a while we knew this one would not hang around for long. They had planned an open house viewing a week after we viewed ( we were the 1st ones to view) so our offer had to be attractive enough to be accepted and cancel the open house.

A surveyor reported I offered too much, vendor wouldn't renegociate, I walked away, guessed I had agreed too much.

Interesting question. We've just had surveyors report back on the property we're buying. We offered £15k less than the asking price, which the vendors accepted. Surveyors valuation matches our offer (rather than the asking price). I couldn't help but wonder if his valuation would have been £5k higher if that was the price that had been accepted!

As regards renegotiating now, if there is costly work highlighted as urgently needing to be done it may be worth trying to reduce your offer - I'd only do this if you were looking at work costing thousands rather than hundreds.

We won't be trying to reduce the price further as only a couple of small jobs highlighted, however some friends who have just completed on a flat purchase managed to get a further £2k off (£190k) following the survey.

The surveyors will match the agreed selling price unless they have significant reasons not to. This is because if they don't match it they will get grief from the mortgage lenders, the vendors and the purchasers.

I read on Money Saving Expert that the surveyor will match the agreed price at most (even if he thinks it's worth more). He may value lower but the highest will always be the agreed price, therefore I wouldn't read very much at all into it.

The mortgage company need to make sure they get their money back if they have to foreclose. So as long as the house isn't worth less that you paid then they will match the price you are paying.

They will go with the agreed price unless they have good reason not to. Obviously in your case this was also the asking price.

Re the works that need doing, having bought 3 houses I have always negotiated the price down after the survey. Once around 5k (damp proofing) and the others around 2k.

As for the surveyors valuation, this is something I am interested in too. We recently put up up house for rent, but also considered selling it. 3 agents valued it at £570, but when our mortgage surveyor valued it the same week he went for 500k.

So I'd be inclined to say that if it matches your offer exactly then he's not really put much thought into his valuation!

Sleepcrisis I think your situation might be a little bit different because you are comparing an estate agent who is trying to win business by massaging the seller's ego pricing. That is the asking price... And a mortgage valuation which is the polar opposite and is a conservative valuation of what the Surveyor is happy to value it for lending purposes (and usually matches what you just stated you thought it was worth on your remortgage application).

At this stage I am assuming from what you said that it has not been on the open market. If it goes on the market and you get an offer of £550k say, then the Buyer's mortgage valuation will almost certainly come in at £550k. They will presume the house has found its level on the open market unless a huge disparity with local recent data. These guys have a program linked in to agents not just the land registry so will have recent price per sq footage data etc.

ok yes that makes sense. Although the house next door did sell for the agents suggested value. I was amazed but then London house market always amazes me!