Valuers value house at less than 40k of sale agreed price

T

thebourke

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I went sale agreed on a house in soutside Dublin about 3 weeks...the valuers valued the house at nearly 40k less than the price I went sale agreed on...
has this happened to anybody recently....i am still waiting on the report from the valuers...advice on what to do?
 
Happened a friend of mine. The bank would only give the mortgage based on the value put on it by the valuers not the sale price. He had to come up with the difference from his own funds.

I would review the price you paid for the house, perhaps you have paid over the odds for it
 
thebourke said:
I went sale agreed on a house in soutside Dublin about 3 weeks...the valuers valued the house at nearly 40k less than the price I went sale agreed on...
has this happened to anybody recently....i am still waiting on the report from the valuers...advice on what to do?
Click to expand...

Happened to me last week,paid €150 for the privilege,the valuation was a "drive by" in other words he did it from the office using the property price register,the most recent transaction was from Jun 2012,given this was for an apt (and back then no one but no one was buying them) that sold at a particularly distressed price,this is what he used as a bench mark and valued the property I was sale agreed on at 15% below what I had agreed to pay.

His valuation was completely wrong,I googled the complex address and found 3 other properties that sold in Feb and March 2013 for the same money I had paid,these were on myhome.ie price register but not surprise surprise on the new State site.

I passed on this information to the valuer and he adjusted the price to what I had paid.There is not even the remotest possibility I or anyone else would get the apt at the price he valued it at...perhaps if I had a time machine and went back to December 2011
 
Knuttell said:
His valuation was completely wrong,I googled the complex address and found 3 other properties that sold in Feb and March 2013 for the same money I had paid,these were on myhome.ie price register but not surprise surprise on the new State site.
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Have to comment on this. The myhome site pulls the data directly from the "state site", [broken link removed]. They do a bit of address fixup but otherwise the data is the same. There can't be data in myhome register that isn't in the source database.
 
i informed the estate agents of the valuation...they are disputing that valuation and want me to get a valuation with a different company...ideas please?
 
ryaner said:
Have to comment on this. The myhome site pulls the data directly from the "state site", [broken link removed]. They do a bit of address fixup but otherwise the data is the same. There can't be data in myhome register that isn't in the source database.
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There actually is.

I was waiting months to see what a property went for locally,in the end I just googled the address and found the price on The myhome register yet no sign of it whatsoever on the Property Services Regulatory Authority website.

None.

whatsoever.

zero zilch.Even as of this evening.

OP you are going to have to get another valuer of the Banks panel list and see if he will value it to what you have sale agreed at.Otherwise you will not be able to proceed.
 
I'd be very interested to see a link to the property in the myhome register that doesn't exist in the ppr.
 
ryaner said:
I'd be very interested to see a link to the property in the myhome register that doesn't exist in the ppr.
Click to expand...

You are correct,the property in question was not spelled correctly,I did try a variation of it at one point but probably wouldn't ever have got the spelling that was entered incorrectly for it.Someone else twigged the spelling and hey presto there it was in all its poorly data entered glory.:)
 
Happened to me, got second opinions from other est agents, they confirmed we had offered above the odds.
We withdrew the offer (we were 'sale agreed' as in had made a verbal offer and had it accepted)
We took a breath and submitted a lower one in the range of valuations we were given and was accepted. In our case the seller wanted to sell .... as usual each case will be different. In our case the valuers were right, I did what I should have done and use the CPI as a benchmark vs previous asking prices for the house and it was comparable to some of the valuations. We got valuers who knew the area and they surveyed the site. money well spent.
Best of Luck.
 
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