Property Being Down Valued
Published / Last Updated on 07/08/2009
Property Being Down Valued
The Association of Estate Agents has claimed that house purchases are falling through because surveyors sent out by lenders to value property are nervous and down valuing.
Estate Agents claim that as lenders can sue surveyors if they overvalue a property and it subsequently gets repossessed and sold for a lower amount, they are cautious in their valuation.
We suggest there is a conflict of interest here. Estate Agents need properties to value up to ensure that this property sells and they get paid. Surveyors are acting on behalf of lenders so they need to ensure that they value at a realistic price to minimise risk to lenders.
There will always be a gulf between what you think your home is worth and what it will actually sell for in a difficult market.
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