drive by valuation or full valuation

[philv]

HI

Need to get a valuation by the bank for further borrowing against my house.

60 for drive by valuation.
250 for normal valuation.

How do they do the drive by valuation?
I realise they only visually inspect the front of the property from the road.
But do they look at the previous sales price and house percentage increases in the area as well?
Or do they consult zoopla or?

I am thinking of doing the drive my, and then if any problems asking for the full valuation.

But i wanted to know how a drive by value is calculated?

Thanks or any help

[loafer123]

I am surprised they would do a drive by for £60. More likely at that cost is a AVM - Automated Valuation Model.

If you get the lower cost one coming in too low, I would expect the bank to be very wary of any further valuation which comes in at a higher figure - all a little too convenient.

[KTF]

philv said:

How do they do the drive by valuation?

I wouldnt put it past them to use streetview on google maps.

[loafer123]

KTF said:

philv said:

How do they do the drive by valuation?

I wouldnt put it past them to use streetview on google maps.

Probably. You get what you pay for.

[sideways sid]

KTF said:

philv said:

How do they do the drive by valuation?

I wouldnt put it past them to use streetview on google maps.

I suspect - although have no proof - that they check against land registry records for recent sales of similar properties, then check Street View, and if the borrower's valuation looks about right, leave it at that, visiting if there is a variation.

Having said that, a lender-appointed surveyor actually visited my flat to value it recently. Took pics and everything. Was there for half an hour, and all for £65, so I assume he was having a quiet day. His valuation was the same as mine! edited - wrong smiley before!

Edited by sideways sid on Thursday 3rd September 09:44

[loafer123]

Nothing secret about it, but it is a little more sophisticated than you make it sound.

Google Automated Valuation Models if you are interested.

They work quite well with an average terraced house, but not so much with an isolated farmhouse...