In recent years, delays during the homebuying process have become commonplace. This sometimes results in the relevancy of valuation reports becoming obsolete before the exchange has been completed, no matter how timely or accurate the original evaluation may have been. When these kinds of major hold-ups occur, the buyer is often required to extend the initial appraisal to account for any changes or developments within the property market during that period. It is at this point that Desktop Valuations or Extensions are recommended.
Here at White Horse surveyors, a Desktop Valuation or Extension simply refers to any form of property appraisal that has been conducted using sourced data – following the completion of a prior valuation, at an earlier date. However, the specific purpose and timeframe required for these reports, are dependent on several factors. So, let’s look at some of the fixed details of Desktop Valuations below.
What are Desktop Valuations?
As was previously mentioned, a Desktop Extension is typically used to update an existing valuation so that it more accurately reflects the current state of the property market. Therefore, it is usually undertaken well after the initial valuation has been finalised, but not before it is regarded as invalid by RICS. This period typically comprises of about 3-months, with the buyer being expected to request their extension up-to two weeks before the final expiration date.
Once you have obtained this extension, desktop valuations will be valid for a further 3-month period. Allowing you to complete the exchange, using an accurate and up-to-date assessment on the value of your property.
When are they required?
There are a wide variety of circumstances that will result in a setback that ultimately requires an extension to be requested. The primary of which include:
- Delays from the housing association – These organizations often require an updated valuation in order to complete the sale.
- The sale has fallen through – As a result of complicated negotiations or discrepancies with the buyer.
- The vendor not managing to sell the property – A lack of interest or difficulty in the sale will occasionally force the seller to renew their appraisal.
What is involved?
At the time of request, the surveyor will reevaluate their initial valuation by comparing it with the 3 most up-to-date and relevant properties in the local area.
Although this selective assessment is completed without physical visiting the property, any Desktop Valuation that White Horse Surveyors conducts will be based on a prior visit to the premises. Where our nationally based property professionals will draw on their regional expertise and knowledge, to make an informed judgement on the new value of your home.
If you require a Desktop Evaluation for any of the reasons listed above and would like expert and friendly advice regarding the process, please get in touch and one of our sales team will be happy to discuss this with you. Give us a call on 01249 444465 or drop us an email via firstname.lastname@example.org.
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