Originally Posted by lenny4545
Has anybody had any problems with valuations (as in banks valuing house less than advertised price) during covid? Our salaries haven't been affected by covid so valuation only potential stumbling block left that might prevent us from buying first home.
There was one article a month or so ago about valuations dropping, but this was based on one quote from one guy in a semi-related field, so was probably just speculative BS.
In reality valuations are just to establish basic facts about the house. When I look at my valuation it contains things like how many bedrooms does it have, does it have running water, 'could it reasonably be rented out', etc. It also contains things like price, but these are backed up by references to other similar properties in the area. It doesn't attempt to predict Covid's impact on prices.