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Valuer asked estate agent how much we are paying

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  • Valuer asked estate agent how much we are paying

    We have just had the flat we are buying valued. The seller knew it was over priced and agreed that if it was valued at less, we would come to an agreement. We also knew it was over priced but it was where we need to live and there was nothing on the market. at the time of putting in the offer, we didnt realise how inflated it was. anyway, the bank wanted a valuation so we paid and he went round.

    my husband also made sure he was there so that the estate agent acting on behalf of seller didnt converse and come to a higher price. however, the valuer asked him when my husband was looking at something in the other room. He said, 'How much are they paying for this?' Why did he ask that? He is valuing it surely.

    When the bank told us how much it was valued for it was the exact cost of what we are paying even down to the 500 pounds! I am gutted as now we have to pay full price.

    This has been a big strain as the building society we had been with for over 40 years, lost papers, messed around and in the end refused the mortgage. We went to Nat West whom were perfect and were so helpful and willingly gave us a mortgage with no hassle. We are going to have no more dealings with our building society once this has gone through as they were a disgrace. Other people we have been talking to since say they would never deal with them again as they also had this kind of treatment! They are one of the biggest too.

    Anyway, what do people think of what we should do..... probably nothing. If the valuer had no idea how much the flat should be, then he should not be valuing in my area. We will get an estant agent round once we have the keys but it isnt accurate and is too late, i know.

    Just your thoughts really.

  • #2
    Hi there,

    Was the valuation done by a professional surveyor, or just someone from the building society/Natwest for the mortgage? They can differ to having a professional surveyor. It might be worth having a surveyor assess the property to do a valuation and see if it comes out differently to the lender.

    Prices do vary, and prices depend on so many things that change relatively quickly - the state of the property market, number of potential buyers interested in the property etc. If you're the only ones in the running to buy this property, it may be worth getting the valuation re-done.

    Sorry to hear it's been such a difficult experience so far!

    [email protected]

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