This week’s letter comes from Neil Bates, mortgage adviser at Mortgage Hunters, in response to the article: ‘What’s it like being the most hated people in the industry?’ – A specialist broker puts a surveyor on the hot seat.’
Bates said that valuers can change valuations when presented with comparable properties, but he finds they typically see an appeal as a challenge to their professionalism, rather than an opportunity to revise their decision.
He added: “Automated Valuation Models (AVM) are just another challenge as is robo advice to brokers.
“We just have to prove that paying a professional to do the job at a fair price has added value and better safeguards.
“As a brokerage we often get AVMs come back for a higher value than the client or the broker has placed on the property, however I cannot recollect the last time we have had a higher valuation where a physical inspection has taken place.
“There is a belief that surveyors take the view ‘why value over what the clients think if we don’t have to’.
“It is also strange that lower valuations regularly come from certain surveying firms and not others.
“Basically we just want a professional and correct valuation, as lenders having correct loan to values protects the ability for lenders to offer mortgages at competitive prices.”