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Original poster

Finding out outcome of valuation

9 replies

BreakdownInevitable · 03/07/2023 12:37

Hi all,

We are in the process of selling our flat - we bought it for £380,000 back in 2016 and have accepted an offer of £335,000 on the basis that the market for gardenless flats has stalled and we want a straightforward sale.

The buyer has had her mortgage offer accepted following an in-person valuation, is there any way I can find out what that valuation was?

For context - I ask because she is quite flaky and I am anticipating her requesting money off after the results of her homebuyers report comes back. I don't envisage anything sinister - but on our homebuyers' report back in 2016 it did state 'damp needs investigation' - but we never experienced damp in the areas they flagged, and we have paid to have the roof replaced last year. I just want to be armed with a response! Our last valuation came in a £380,000 2 years ago - but I appreciate the market has changed since then - and I don't trust Zoopla!

OP posts:
dreamersdown · 03/07/2023 12:50

I think it will be tricky - our mortgage lender didn’t even tell us the outcome of the valuation they did on our house, just that it was willing to lend

KievLoverTwo · 03/07/2023 13:00

You want her to disclose something that’s confidential between her and her lender? Err, no. Either she will ask for money off or she won’t. Prepare for the worst and hope for the best!

In any case, we had two mortgage offers. One didn’t state the valuation amount and the other stated the exact sum we offered down to the penny. Mortgage valuers are not as experienced in local markets as EAs and it seems some of them blag it.

As long as you got a good number of valuations and know its general value, you can hold tight.

CasperGutman · 03/07/2023 13:23

I've never seen a valuation come back over the agreed offer price. I don't think it's a case of the surveyors not being "experienced in local markets" but just a matter of policy: if a willing seller and buyer have agreed a price then why would the surveyor stick their neck out and tell them the property is worth more?

In a proportion of cases valuing the property over offer price would presumably mean the LTV being better than the buyer thought so they could be eligible for a lower rate product from the mortgage lender. Not the best way for the surveyor to make themselves popular with the lender employing them!

Original poster
BreakdownInevitable · 03/07/2023 15:56

CasperGutman · 03/07/2023 13:23

I've never seen a valuation come back over the agreed offer price. I don't think it's a case of the surveyors not being "experienced in local markets" but just a matter of policy: if a willing seller and buyer have agreed a price then why would the surveyor stick their neck out and tell them the property is worth more?

In a proportion of cases valuing the property over offer price would presumably mean the LTV being better than the buyer thought so they could be eligible for a lower rate product from the mortgage lender. Not the best way for the surveyor to make themselves popular with the lender employing them!

We bought a property last year at £420k - and it was valued at £550k - which resulted in us not needing to pay a deposit

OP posts:
Original poster
BreakdownInevitable · 03/07/2023 16:01

I appreciate it's confidential - and we will just have to accept further loss at this stage.
It's frustrating as we agreed to a low price based on buyer motivation & proceedabilty - then had other offers in the weeks after we accepted this one, but I wanted to be a decent person and turned them down....obviously regretting it now!

OP posts:
takeaflight · 03/07/2023 16:08

The valuation, will not be a market value. It’s only to see that the flat is worth the value of the mortgage the purchaser is taking out, should they default.

KievLoverTwo · 03/07/2023 16:25

BreakdownInevitable · 03/07/2023 16:01

I appreciate it's confidential - and we will just have to accept further loss at this stage.
It's frustrating as we agreed to a low price based on buyer motivation & proceedabilty - then had other offers in the weeks after we accepted this one, but I wanted to be a decent person and turned them down....obviously regretting it now!

That sucks. We seem to be in an environment where anyone can get away with anything :(

I hope it goes smoothly for you.

Qbish · 03/07/2023 16:26

Just decide what your lowest acceptable offer is, and don't go below that.

UncleRadley · 03/07/2023 16:38

That's a weird scenario about not having to pay a deposit, mortgage companies won't lend more than the purchase price. If it's say a 90% ltv product they'll lend 90% of purchase price if it's lower than the value.

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