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The property I wish to purchase has been undervalued by my surveyor.

The property I wish to purchase has been under valued by £20k which is almost 15% lower than the price we agreed on. Has anyone got any advice?

Asked on Jul 26 2013, House Prices in Sheerness | Report content

Answers (3)

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  • Hi Bullettj, Ask the current owners of the property to invite some estate agents from different agencies round to his/her property - most agencies do valuations for free, get all their opinions and then work out the average price from there. Good luck!

    Answered on Aug 3 2013, Report content
  • In this case there are not a lot of options. The main one I can think of is to get the Estate Agent you are buying through to get a few comparable properties together that have sold in the the local area to the house, and present these to the surveyor. The other option is to see if you can re-negotiate a price with the vendor as if it has been down valued once, that is probably all it is worth!!

    Answered on Aug 3 2013, Report content
  • Check with the surveyor to make sure he has valued the correct address, if he has then you should get a copy of the valuation which will explain how he arrived at his figures etc. You can proceed with the purchase but you are doing so paying 'over the top' so you should contact the Estate Agent or Vendor and say that you are prepared to pay the valuation price but no more. The fact that the price is lower than you anticipated could be due to the Agent being over optimistic with the sale price when the property was put on the market. With a valuation having been carried out, any other surveyor / valuer will also have access to this info in the future so it is highly unlikely that the value will change. The valuer should also have obtained ' comparable figures ' for similar properties sold in the area which should be advised on the valuation report.

    Answered on Dec 26 2013, Report content

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