Why do estate agent valuations vary so much?

lush_walrus

netlang wrote:

Thanks for all the helpful comments here.

I have thought long and hard about what to do so I have decided that experience is the greatest teacher. Therefore, I have instructed an agent with over 30 years experience in my local area with a negiotater who has been selling houses in my area for around 20 years. They seem pretty confident the house will sell with an asking price of £499,950 and if I am prepared to accept an offer of between £460k and £480k.

Sounds like the right plan, huge good luck.

Me_Myself_2

Remember though that some estate agents base their commission as a percentage of the price the house is first marketed and not the actual sale proce, so it is in their interest to over value properties. I work in a solicitors and regularly see the EA T&Cs and it's more common than you think.

netlang

Yes, I heard of this too but I pay 1.20% of sale achieved with no sale no fee up to exchange of contracts. (If I pull out after exchange of contracts then I pay 50% of fee) seems fair to me