There were no faults, but the surveyor priced my home at £10k below the asking price - what does this mean?
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John P from Walsall
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22 August 2017
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Surveying Advice questions and answers
Question
The potential buyer's surveyor inspected my property and found no faults, but the buyer told me the recommended price by the surveryor was £10k less than my asking price. Should surveyors offer potential prices, especially if there were no faults, or is this more likely to be the buyer just attempting to get a reduction?
Answer
The surveyor could have provided a property valuation to his report if requested by his client. To calculate a property valuation he would have to do some research on recently sold properties in the area and based his comparable evidence and valuation on the condition, age and property type. He would also normally be registered as a property valuation surveyor with the RICS. Property valuations are not an exact science and the surveyor could be out by as much as 5% - 10% depending on the property type and price range. The value of a property is what a willing buyer is willing to pay and a seller is willing to accept.
Gerard Walsh
CharterHouse Surveyors
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