What vare the chances of a surveyor doing a 'drive by' valuation?! Any Valuers or estate agents out there please help!!

[mimimilk]

Myself and Dp have had an offer accepted on a property which needs 'total renovation'.

It was previously owned by an elderly person who has passed away, and has fallen into a bad state. It has working eletricity, gas, it does have a kitchen and bathroom and obviously running water but it is extremely run down, dirty, needs a LOT of work to bring it up to decent modern standards. We are willing to live in it whilst work is being done but I am really worried, in current mega cautious climate that the surveyors for the bank will write an horrendous report and make them withdraw the mortgage offer!! How do these things work?

Does anyone know how often surveyors are doing 'drive by' valuations, the last two chains we have been in (and our last re-mortage) they have done this for both houses e ideal!

How worried should I be?!

I don't think you need to worry because even if the valuation was done internally, and even if it came back as less than you have offered, in the current climate, this can probably only help you (as in, you will get a reduction on your price)as it's likely any future buyer would end up with the same valuation, no? Surely whoever owns this house is only interested in moving on as swiftly as possible - either from the pain of losing a loved one, or from the millstone of a run down property in a precarious market. Normally your main competition in these buying situations is developers - and they will be exercising a lot more caution at the moment.

Good luck.

Unless the work is structural I wouldn't expect there would be a problem.

Are you getting just a valuation or a survey?

Anything above a standard valuation needs a ffair amount of detail.

Hello thanks for the replies
We are not getting our own survey done as we have already had builders/plumbers/electrician out to inspect. Nothing structural wrong. Also had a friend round to check for damp etc- nothing major.

But the bank will of course need a standard valuation survey.

Just worried that if the valuation is very low we will indeed lose out to a cash buyer, the developers! It is so so hard to 'win' against these people in our area and we are lucky to have come this far!

Lots of surveyors just do drive by valuations and use that coupled with brochures from estate agents of other comparables to come up with their value. Best to check with the mortgage company, although if there's any suggestion major work is being required they will want to protect their assets so will do more than just a drive by....you hope!