Lower Valuation than I thought from Estate Agent?

Hopejack · 20 March 2010 at 6:14PM

I don't think people necessarily want a downstairs bedroom to be honest (unless they are old and don't want to manage the stairs), that is probably why the EA said market it as a dining room. I've seen details of houses before where they state 'Dining Room (currently used as a fourth bedroom)'. Don't think it's too much of a problem, can depend on how you present the room etc.

To be honest, you could put it on at higher as you want to but as someone touched on earlier, anyone needing a mortgage to buy your place, if the lender thinks it is overvalued (and if the EA doesn't think it's worth what you think then I don't think you have much hope of a lender's valuer in the current climate agreeing!), then the mortgage offer will be clipped to that value. This board is full of people who have had their places or the places they've offered on undervalued at lender's valuation. I'm currently waiting on my buyer's valuation report from their lender and hoping the same won't happen to me - in this situation though we have direct comparables of sales last year in the region of their offer so I hope it's not a problem.

It's something you must be mindful of though. It doesn't bode well if someone in your street has been on that long and hasn't sold. I would say in that situation with the extra space you have, that your EA has valued yours correctly (or thereabouts) and overvalued theirs - or the vendors have dictated the price and made it too high.

Wait until you get the other agents in next week. I had 3 value mine, two were the same and one was £10k over, I went with one of the first two because I personally felt the 3rd higher valuation was 'cloud cuckcooland' and really just wanted our business.

cormskie · 20 March 2010 at 7:06PM

Understand what you said, really appreciate that information. I will see what the other EA's say and have a think. I will let you know on this thread next week, cheers

asp746 · 21 March 2010 at 9:20AM

i just got my house valued and i thought she estamated under 5k, she then brought out properties for sale around my area to justify her valuation but only 3 were on my estate and 2 were previously owned by oap's that needed total renovations and one had been sold, so i get the feeling she was wanting to try and get a quick sale but don't see how that would benefit her. houses round here are cheap, i'm selling mine for 103k, she reckoned 95 but i said no way, i'd let a buyer bring me down to the 100k mark tho. i'm in no rush to sell.