| Comment | This is right. During the 2006/2008 property boom and crash, surveyors were valuing properties without even viewing them, just driving past and even using street view in some instances. They were told by estate agents what value to put in the home report, to match the offers that were being made. Banks were lending 100% and even 125% mortgages, and unaffordable multiples of annual income.
The shit then hit the fan and the banks couldn’t go after folk that had defaulted, as they were bankrupt, so they were left with repossessed properties that weren’t worth what they had loaned. The banks then started then going after the surveyors, saying that they had been misled by over valuations and tried to recover their losses from them. A lot of surveyors could not justify how they arrived at the valuation.
A home report is mainly disclaimers and denials of liability in case they miss something or get questioned on how they arrived at their liability. I have a huge sympathy for anyone trying to buy. |
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