Drive-by Valuation

[Mallemo]

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?!?!!

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

It is not the same as a survey.

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.

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

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

Yes v common.

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

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

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.

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

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.

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.

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!