How Important are Surveyors when Selling your Property
A surveyor can stop you from selling your property fast
When selling your property surveyors are a very important part of the process. Your agreed transaction with your buyer can either fall or stand on a surveyor’s opinion. If your buyer is purchasing with mortgage a surveyor from your buyers lender will almost always need to visit your home to determine that your property is suitable for the required loan, (unless you live in Scotland where a homebuyers report would have previously been carried out and this alone can often satisfy the lender). Broadly speaking a surveyor’s opinion can be problematic for one of two reasons either the surveyor will feel that your property is not suitable for a loan or there may be a down valuation which will mean re-negotiations with your buyer would have to commence.
Why would a surveyor find that my house is not suitable.
Firstly, there are a variety of properties that in the current climate the banks will simply refuse to lend against. If for example you live in an ex-council home they will want to see that at least 50% of the dwellings in your block are privately owned. Also, if the block is more than four storeys high your buyer will likely find it difficult to attain the mortgage. Other properties which are of non-normal construction maybe if they have a wooden frame of a prefabricated home are currently a definite no no with the lenders. For these a sale through an auction or a internet cash buyer could help you to sell your house fast.
If your surveyor is satisfied that it’s the type of property they can lend on they will then look at how structurally sound your house is. Common problems such as major cracks or evidence of damp could halt your sale. If this were the case the surveyor will advise you as to what rectifications need to be made, once they are done the surveyor will visit again and hopefully then sign it off. Off course this can all cause unnecessary delays that could put your valuable sale at risk.
Why will the surveyor value my house
Other than checking your homes suitability it’s the surveyors job to see that your house is worth at least the loan that your buyer is applying for. Gone are the days that lenders will actually give you more money than your house is worth and In the current climate this is certainly something that they wish to avoid. In normal circumstances a surveyor won’t manually apply a figure to your properties worth instead they will just agree that it is worth at least the amount it’s being sold for. If it can’t satisfy this criteria then you will be entering dangerous territory as the surveyor will then have the freedom to manually suggest a figure, click the link for news about recent house values. If a down valuation occurs then it will present your buyer with two problems. Firstly they won’t be able to get the desired mortgage amount and could only purchase at your agreed price by topping up the remainder of the balance effectively meaning they will have to put down a bigger deposit. Secondly it’s unlikely that they will want to pay more for the asset then it’s worth. At this stage you will probably be forced to lower your price or risk losing the sale altogether.
At You Sell Quick the properties that we buy are valued by a RICS Surveyor so as a client of ours you know that yous are receiving an offer based upon the opinion of an independent person.
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