28 Jan 2008 7:08 AM:

Thanks for that, it makes sense now. I still think it's crazy that a valuation can be done without actually seeing the house, and that a renovated house is compared to one which needs a total reform, but at least I now see it's simply a case of "you get what you pay for" when it comes down to valuations. Thanks again.

Thread: Drive-by valuation

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25 Jan 2008 12:00 AM:

The people who want to buy our house have had a bank valuation done, which values the house too low for them to take a mortgage. It was a “drive-by” valuation, meaning nobody visited the house to physically see it, they calculated the price by comparing the square meters to that of the last house sold on the same street. However, the last house to sell on this street was derelict and we’ve just spent four years renovating ours. Surely it can’t be right to put a value on a house without seeing it. Has anybody else experienced this type of valuation, and where do we go from here? Thanks in advance.

Thread: Drive-by valuation

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