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Response to VALUATION OF PROPERTY

from pendle (pendle@amun-ra.demon.co.uk)
Surveyors/valuers are supposed to be a member of a professional body aren't they? The Royal Institute of Chartered Surveyors is one of them. If you're stuck in a rut with the lender over the valuation, then why not try saying something like,

"...if the selling price of the property represented the true value of the property, then it would appear that the surveyor/valuer valuing the property on behalf of the lender at the time of purchase was negligent. In these circumstances, please supply the name of the valuer who attended the property and where he can be contacted along with details of the professional body which s/he belongs, in order that I may make a claim against them. As <> is also affected by the negligence I trust that <> will also consider taking action against the valuer."

We know that the valuer at the time of purchase will have given an accurate valuation (we hope!). By saying that the repossessed properties were sold at the "best price", (and of course the bestest price will be the market value or more, won't it?), the lender is in effect accusing the purchase valuer of misvaluing the property in the first place.

If you attempted to make a formal complaint against the first valuer, then the lender would be dragged into it and they would be caught out fibbing and it wouldn't go down well at all. I feel that the lender would want to avoid any possible claim against the valuer, to protect themselves. This just might prompt them to supply valuations or admit that the best price wasn't obtained.

Obviously this isn't going to work for everyone, it is a long shot. But it could be another piece of ammunition against the lenders over valuation.

(posted 8528 days ago)

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