Posts Tagged ‘Homebuyer Report’

Independent thought and action rely upon professional integrity and a genuine belief that the “client should come first”.

I passionately believe this is true and it drives my thinking and how I conduct my life. Recently I have self produced a YouTube video so I express my thinking to a wider audience. I invite you to take a look and give me some feedback.

To access the video click this link — http://www.youtube.com/watch?v=8n5Cj5yliRI

I emphasis that as a Chartered Surveyor I am heavily regulated and abide by a Ethical Code: it is not the words that are important here as it is my believe in such matters that counts – others seem, at times, to stand for a lesser code and these are the Surveyors who get into trouble and I find myself working against them in Court.

Typically I work for Buyers but increasingly Sellers are requesting surveys. the latter to flag the home has no serious faults OR to define exactly what is wrong and so begin to manage the damage to saleability and potential purchasers expectations. As stated above I also, increasingly, work against Surveyors and Valuers when cases of alleged negligence raise their ugly heads.

So- nothing is more important to anybody involved in housing than receipt of unbiased professional advice: your own surveyor or valuer should only receive a fee or commission from YOU and nobody else (often behind the scenes commissions are paid by Surveyors/Valuers for the initial introduction from an Estate Agent – an action that I strongly object to).

Remember – a loan valuation is not a survey and you are advised to separate out the private survey from the loan valuation: why would you think that a simultaneous survey and valuation could ever be in your best interests – THINK, you are telling the loan company what is wrong with your home and they may, as a result, not issue the finance you need.

The most popular form of UK survey product is the R.I.C.S. HOMEBUYER REPORT (and Valuation) but remember the stat – only 1-in-12 home buyers take any independent professional advice on purchases.

The choice is yours: buy with good advice behind you or take a serious gamble.

Take my advice – call me find out what are your survey options – the call will cost you next to nothing and you might just save yourself a lot of money or a giant headache.

Stuart Parrett +44 (0)1489 896 174 or 078 3636 3040.

Firstly, let’s dispel a myth: if you ask an Estate Agent to give you a Valuation what do you get? They call them a Free Market Appraisal and some might not put that opinion in writing. Why? Because what you get is simply an opinion: it is not a professionally binding opinion and liability does not stem from that opinion (you cannot sue them).

Secondly, let’s dispel another myth: if you request a Loan Company mortgage Valuation what do you get? One – the valuation is prepared for loan purposes and the sum quoted may be lower than market value for in-house Loan Company reasons unrelated to your needs. Two – if you are buying a brand New Home the chances are that in this post-recession world the loan company will have instructed their Panel Valuer to down-value your purchase because the security offered (the new home) is in its re-sale value when it is not “new”.

Football in the sun: before the rain.

Valuations can be needed for Court purposes eg: divorce settlements, Probate and Capital Gains tax purposes, Tax Planning purposes, to advise of whether alterations may be wise and economic, for sale or purchase etc……. The circumstances that surround the request may lead us to consider other market and property aspects that alter our opinions of worth.

So, what is the definition of market value?

The only way to get a professional opinion of value, one where you can sue the Valuer if he/she is wrong, is if you request that report yourself. The wise purchaser does this via either a request for a private valuation or asks for a private survey that includes an opinion of market value. The most popular form of survey product can fits this description is the R.I.C.S. Homebuyer Report (for details see elsewhere on this site).

PROinspect can provide Market Valuations. We would need to inspect the property and complete market research, including a analysis of price-paid data (that is historic) and take into consideration the market and the property.

Why would you need a professional opinion of value? This depends on why you need advice and whether you agree that independent opinion is of worth. Some might say that a Loan Company valuer can provide an impartial opinion – conversely, the credit-crunch has told us that millions of mortgagees are out of pocket because of the Banks and of home buyers had taken advice from professionals outside of the Estate Agency and Loan Company then perhaps the hole they are now in wouldn’t have been so deep.

If you believe that a Sellers’ Estate Agent and your own Loan Company place your best interests over their own then you do not need PROinspect.

If you don’t believe this then use the CONTACT FORM to ask for help and advice once you believe the time is right for you. Initial advice is free so what have you got to lose?

Choices – a brief outline of each Inspection Product . . . . . .

Note – Survey Products can be requested with any extras – the latter would largely be under a separate contract within a separate document.

Note – Don’t forget that we do not charge for an initial chat and product/fee quotation.

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CLICK THIS LINK TO SEE YOUR INSPECTION OPTIONS INTO 2011

We deal with PROPERTY that has the hallmarks of having been built as a residential habitation: this means houses and flats but also some commercial properties including Pubs that are often converted, or similar to, residential constructions.

RESIDENTIAL PROPERTY VALUATIONS

INSURANCE REBUILD COST ASSESSMENTS

EXPERT WITNESS SERVICES

DEFECT & CONDITION REPORTS OF ALL DISCRIPTIONS

HOMEBUYER REPORTS

SELLER SURVEYS

THERMAL IMAGING DIAGNOSTIC SERVICES

“ADVICE AND A CHAT” TO REASSURE YOU

This, by a long long way, is the most popular form of home survey inspection product in England. It easily surpasses all other so-called bespoke Level 2 products and is the Industry leader.

The scheme has been designed and updated by the Royal Institution of Chartered Surveyors (RICS) in late 2009 and all member Surveyors must use this version as from 1st January 2010.

In essence this is an economy version survey designed with the layman in mind: it is non-technical but is very much a “proper survey” using “proper words” and will offer genuine advice on defects, hazards and premises value (and Insurance rebuild cost).

One new aspect is the introduction of CONDITION RATINGS: 1, 2 & 3 (like traffic lights – red is bad, green is good and, guess what, amber is OK but……..).

In the large majority of cases this survey product will suite purchasers buying mainstream, modern-to-fairly-modern homes. When homes become more complex, older, large or of non-traditional forms of construction then perhaps you should opt to commission the more extensive BUILDING SURVEY product. However, BEFORE you commission a Surveyor call us for a product recommendation as the new Homebuyer Report (HBR) is quite adaptable.

As the HBR is a National Reporting Scheme it has standardised contract documentation and terms and these are sent to the client in advance of attending on-site (together with our Standard Terms).

So … sometimes surveying can be as easy as 1 2 3.

Home Sweet Home OR House of Horrors? Let us take the guesswork out of your choices.

Choices – a brief outline of each Inspection Product . . . . . .

Note – Survey Products can be requested with any extras – the latter would largely be under a separate contract within a separate document.

Note – Don’t forget that we do not charge for an initial chat and product/fee quotation.