Fairest way for true valuation?

birmanza

If I am buying a house inherited by my parents, and we would like to proceed without estate agents, what is the fairest way to get a true valuation of what the property is worth?
thanks
Angela

AndrewSmith

I would get a couple of local estate agents out and ask them to bring comparable evidence of what similar properties have sold for in the area recently. They will not charge you for this.

A surveyor would do the same thing. He would visit local agents asking for comparable property evidence, this is how surveyors and valuers ascertain the value of a property for mortgage purposes.

It is important though to ask the agents for the SOLD prices of comparable properties, not what they were on the market for.

Hope this helps

Andy

silvercar

Try nethouseprices.com for similar properties.

Tassotti

AndrewSmith wrote:

A surveyor would do the same thing. He would visit local agents asking for comparable property evidence, this is how surveyors and valuers ascertain the value of a property for mortgage purposes.
Andy

What a great job to be a valuer. Go round and look at peoples houses, then phone estate agents to see what it is worth.

Take the middle value and bingo...days wages!!!!

Gorgeous_George

I suggest both you and your parents choose an EA each to provide a valuation (most will do this freely).

If both valuations are within 5% of each other, take the average of the two. If not, agree on a third EA, and so on, until two are within 5%. Then take the average of these two.

The only way to find the correct valuation would be to market the property and see what offers come in.

GG

Jorgan_2

If you get a couple of agents round, find out from them the value they put on the property, then ask them for a price if the property were to needed to be sold in 4-6 weeks. This way you'll be able to cut out any waffle or valuations designed to tell the seller what they want to hear.

Tassotti

Jorgan,

I have read a few of your posts and pretty much everything makes sense.

In your honest opinion, can a house sell in 6 weeks? Obviously it depends on the price, but would you, or your agency, market the house at True Market Value, or over-inflate the price slightly to achieve the best price possible?

Do you expect buyers to actually offer below market price...Why? What makes it different to going into a supermarket and seeing a loaf of bread priced at 42 pence. If you offered the cashier 31 pence, they would laugh and think you were mad

What is the difference?

Gorgeous_George

I think that with loaves of bread etc, similar, or identical, items can be found elsewhere.

Every house is different (even if only the location of the plot on the estate) and such simple comparisons are not so easy.

There's always room for manouevre with house prices (up and down). I would expect the number sold at the asking price to be in the minority.

GG

Jorgan_2

Tassotti wrote:

Jorgan,

I have read a few of your posts and pretty much everything makes sense.

In your honest opinion, can a house sell in 6 weeks? Obviously it depends on the price, but would you, or your agency, market the house at True Market Value, or over-inflate the price slightly to achieve the best price possible?

Do you expect buyers to actually offer below market price...Why? What makes it different to going into a supermarket and seeing a loaf of bread priced at 42 pence. If you offered the cashier 31 pence, they would laugh and think you were mad

What is the difference?

Tass a house can sell in 6 weeks, by that I mean a sale agreed within 6 weeks although a few have been completed in that time scale as well.

I always give people what I feel the true market value of their property is, the achievable with all things taken into consideration. We then work back to asking price, if the vendor wants to put it on for a figure that I feel is to high I will explain to them why, competing with bigger/better houses etc & try to set the asking price at a realistic level. If the vendor is way out on price, I will walk away. I have had a number of vendors come back to me, some after 18 months of trying to sell, telling me that they need to sell & now need to have it on at a realisitic price.

We have recently sold a number of 3 bed semi's, all the same design on the same estate for between £118k - £125k, higher the price the better the condition. A while ago I valued another 3 bed semi that was only partially d/glazed at £125k to achieve £123k+, seller was happy with that but hadn't seen anything they wanted so wasn't going to put on the market there and then. They then phoned me up and asked me to put the property on the market & if £125k was still realistic as an asking price? Told them it was, put the property on the market & a sale was agreed within the week for £124k.

Another 3 bed semi is for sale in the street with another agent & has been for 10 months, it has no double-glazing & original, 20ry old coloured bathroom suite. They are asking £128k. The true value of the property in my opinion is about £118k, if he put it on for £119,950 he would sell it, at £128k its going to be on for another 10 months.