My survey says the property is overvalued
Answer
This is known as "down valuation" and is quite common but the reasons vary greatly.
Here are a few that come up regularly.
- Property prices are moving up rapidly in the area and your particular surveyor has yet to understand the market movement (while other surveyors may be in step so its just bad luck.
- The surveyor is not from the area and so is unfamiliar with property prices in that locality - perhaps he is a rural surveyor looking at city prices (and getting a bit of a shock!)
- The market is fairly quiet so there have been few property sales in the area recently to compare your offer with.
- There is some issue with the property he wants investigated - this would not be a down valuation but a retention until the issue is inspected by a specialist.
Surveyors are usually open to discussions and explaining to you why they came to a particular conclusion and can also be open to changing their mind if you give them evidence.
Evidence would normally come from you collecting comparable details of properties in the area which have recently gone under offer or exchanged - you can get these from local estate agents as well as portals like RightMove.
I would recommend at least 6 comparable properties which normally help change the mind of even the most stubborn surveyor!
Obviously the best route, however is to avoid this in the first place, I collect the details of 3 comparable properties before the survey takes place - 3 properties because it takes less to persuade a surveyor at the start than it does to get them to change their minds afterwards!
To find out more about you can handle down valuations the smart way pick up a copy of my ebook How to Really Buy a Property.
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How to Really Buy a Property
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Property FAQ
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Property Terminology
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- Agreement in Principle
- Homebuyers Survey
- Sold Subject to Contract
- Sold Subject to Survey
- Structural Engineer
- Structural Survey
- Subsidence
- Survey
- Surveyor
- Tenanted Property
- Valuation Survey
- Rising Damp
- Penetrating damp
- Sagging Roof
- Dry Rot
- Wet rot
- Retention
- Drive by Survey
- Down Valuation
- Survey Sent to Panel
- Survey Requested
- Survey Instructed
- Survey Booked
- Valuer
- Gazump
- Pre Arranged Mortgage
- Drainage Survey
- Cash Buyer Only
- Credit Check
- Time Costs Deals
- Managing Agents
- Gazumping Insurance