Valuations recently

[Tomatoandbasil]

If you’ve had a mortgage valuation in person not desktop on a purchase in the last few weeks has the house been valued at your offer or below? Getting worried!

As a seller, we had an in person valuation a few weeks ago and buyer said it came back fine - so I'm assuming that means it was valued at the agreed price! Surveyor warned that a lot of properties weren't though - good luck!

I’m worried because I don’t think the seller would agree to a reduction and we don’t have any extra money to throw into a deposit!

We've just had the mortgage valuation back on the house we're buying (valuer went to the house), we were really worried as it was an offers over asking price, fortunately it's been valued at what we offered!! Good luck!

We had a desktop valuation & it came back fine, valued at the price we are paying. It is a 4 year old house though. The valuation on our house was in person, also came back fine.

Do you think you’ve over paid? Have you paid more than you expected or may have done in a non pandemic year? I knew houses like mine in our area sold for £200-210 last year & the start of this. I watched 3 identical houses go up before ours at £220-240. They were on the market for weeks. Two eventually dropped to £210 & then sold. One sold at £220. It was back on the market this month .. We went with £210. All fine. It’s what these houses are worth. They are 15 years old & need updating now such as costly bathrooms, carpets & possibly kitchen.

we had an in person valuation 2 weeks ago. It was fine, came back at the offer price. All done very quickly, appointment booked within a week of paying for valuation, report back with bank within 4 days.

@MoirasRoses our own survey downvalued the house! I think we are overpaying a bit.

Our in person mortgage one was today, waiting to hear what they say. I'm a little worried as our own survey downvalued it a significant chunk. We had offered under asking price anyway so I'm not sure they'll go down any more.

This might be a stupid question but does the valuer know what price you have offered on the house or not?

Does their valuation have to match that near enough?

I presume the mortgage company tell the valuer?

So what do they take into account to value it?

We had a mortgage valuation below our recent over asking price offer but not by too much so they still lent as we had a good ltv ratio. Our homebuyers survey valued at what we are paying. Think it depends on the ratios and also on the type of property. I think some smaller houses and good flats are overvalued right now.

Our (former) buyer had one a few weeks ago which came back 6% under the offer price.

Former buyer? Was the down valuation what ended it? Have you sold again?

So what do they take into account to value it?

Sold prices for similar houses in this street within last year, and the condition of the house.

I’m waiting for our mortgage valuations on our house plus the one we’re buying. As neither roads have sold anything similar for over 2 years, it will be interesting to see what comes back!

The valuation on our house we are selling was fine in early september, in person valuation, agreed sale price. Lots of similar houses have sold recently for similar or more.

House we are buying was delayed 5wks grrrrr, also in person and was just done last Friday. Valuation was 10k less than our agreed purchase price of 270k, which in turn was 10k less than the asking price! I've been told its happening more now than back in september. Frustrating, but for us we can proceed if we want to as we do have the extra funds or could take a higher LTV/worse interest rate. The vendors won't budge, so it is frustrating, but ultimately we were ok with that price for a long term family home, so we will probably go ahead. The valuation is probably fair, I think the biggest problem for us is, that unlike the 3 bed we are selling, very very few of these 4 bed houses sell near us, there are lots the same, but no recent comparable sales as people stay put in them! They do look at this for valuations.

Hopefully if similar properties sell regularly nearby, your valuation will be ok. Good luck!

We had an in person valuation on our own house by our buyers mortgage company and they got offered the mortgage the following week so I assume it was fine! Our mortgage valuation on our onward purchase also came back at what we offered, which was a little under asking price