If you have your house valued are you entitled to see the valuation?

T

thedaras

Registered User
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Hi, would anyone on AAM know,if you have your house valued,if you are entitled to see how much they have valued it at?

And what happens if you dont agree?
 
I guess it might depend on who organised the valuation, I assume a potential buyer paid for a valuation to be done so you could request a copy from them.

Otherwise there is nothing stopping you from getting an independent valuation done for comparison.
 
You need to clarify.

If you are asking and paying someone for a valuation then they are providing you with a service - to value and tell you what the value is.

I cannot see in what circumstances a valuer would value something for somebody and not tell them the value.

You can always disagree with everything. But, if you are a valuer, you are more likely to have a better appreciation of the market than the average Joe Soap.

mf
 
mf1, I do know I can disagree with everything,the question I asked was what happens if I disagree?

It was paid for by me,but the bank want it done,(PTSB)so they chose the valuer, I asked when she left what did she think it was,and she said she would have to think about it,as there are not a lot of houses for sale around my way,and the ones that are ,are in their original state (60 years), none of the houses that have been renovated/extended have been on sale,so hard to judge.
 
If you pay for it you are entitled to a copy of it.

If you disagree, there's nothing you can do really, the lender will take the view of the expert over your own opinion.
 
I'm not sure if there is any formal process whereby you can object/appeal but I doubt it. I would imagine that the lender would just take the valuer's estimate (of rebuilding cost or market value?) and use it for whatever purposes they need it (insurance or LTV calculations?) regardless of your objections.
 
I had a valuer from a bank give a valuation for remortgage a while back. They took their word regardless of whether I agreed or not (I didn't agree either). The valuation given meant I could not meet the criteria to switch my mortgage to them. I did, however, write a letter to their complaints department stating that I felt it was unfair asking me to pay for a valuer that they chose seeing as it could hardly be seen as 'independent' They refunded me the cost of the valuation fee.The lender was EBS. Oh and btw I got a copy of the valuation directly from the valuer.
 
Did you pay the valuer or is the bank charging you for the valuation? The valuer is probably providing the service for the bank and only interacts with them.

Valuations are as much of an art as a science. A valuer i know never discusses the valuation with the owner as it would usually end in an argument. She also freely admits that many other valuers usually place higher values on the property than she does. I have also been unclear as to what they are valuing, are they determining the value if the bank was to put the house in to an auction in the morning or the value if they were willing to wait for a purchaser for 6-8 months.

If you have information that proves the value is more than the assessed value you should send that in to the bank and request that they get another valuation done from their panel of valuers. If your opinion is supported by a second valuation, you should request that the valuation charge is waived.

IMHO in Ireland people have paid too much for houses in their 'original state' which means that the value of improvements on a property are rarely recouped in a sale. The market may be different now as lending is tighter,
 
Well done elcato..
I dont know what the valuation is yet..I had another one done earlier on this year,and I was happy with it,so hopefully this will be similar.
I would imagine that if people are depending on a loan to value ratio for a particular rate,and if the banks insist on providing the valuer,I think you are right ,it could hardly be seen as independent..
Just to let posters know,that it really doesnt matter what they value my house at,as Loan to value will make no difference for my mortgage.
 

Yes I see what you mean,however it still means that an original house would be priced lower than one that has been significantly renovated/extended.
So if an original house is 100k and one with new windows ,roof,improved electrics,heating etc it should be worth at least 10k more.Add to that extensive renovations and extension and some extra should be added for this?
 
elcato said:
They refunded me the cost of the valuation fee.The lender was EBS.
Click to expand...

They are obliged to:

Under the Consumer Credit Act, 1995:​

• the lender must give a copy of the Valuation Report to a housing loan applicant, on either approval or refusal to give approval of the loan.

• the lender must refund the applicant the cost of the Valuation report if the loan application is refused by the lender.​
 
Wow. I was unaware of this. I just googled it to see and I found an online application for ptsb which states they refund the cost in the small print so I guess you are covered for the cost.
 
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