How do valuers sleep at night????

PiggyBankShaker

You've had a lot of sensible comment here and I agree with them all. Something I'd add as well that people forget as far as houses are concerned, they're only worth what someone is weilling to pay. If no one was willing to buy your house at £450,000 then it wasn't worth that much money. Either you want to sell for £311,000 or you don't. It's your call.

domcastro

I got my valuation back on the flat today - it was what I'm paying, which I'm pleased about. It also said that simlar flats in neighbourhood are worth 165k - 175k This surprised me as 1 went for 180 in November, 2 went for 183 and 189 in September - I wonder what their valuations were?

sonastin

TypeR wrote: »

In that case then surely the value is determined by the amount of money offered and subsequently accepted?

Surely it is determined by the amount of money offered by the person/entity with the money to offer. So if I offer £500k but I don't have £500k to pay with, that offer can't represent the value. If the bank are willing to lend (a % of) £500k, it is a fair value. If they will only lend (a % of) £250k, that is a more likely value for the property. The vendor might snatch my hand off at £500k because he was told it was "worth" £450k. Doesn't mean that it can achieve £500k or £450k or even £300k if no one with that sort of money is prepared to pay that much for the property.

TypeR

sonastin wrote: »

Surely it is determined by the amount of money offered by the person/entity with the money to offer. So if I offer £500k but I don't have £500k to pay with, that offer can't represent the value. If the bank are willing to lend (a % of) £500k, it is a fair value. If they will only lend (a % of) £250k, that is a more likely value for the property. The vendor might snatch my hand off at £500k because he was told it was "worth" £450k. Doesn't mean that it can achieve £500k or £450k or even £300k if no one with that sort of money is prepared to pay that much for the property.

Basically we agree I think :beer:

Trollfever

Has the OP done a runner?

Greedy house sellers pricing properties too high

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9004498/House-prices-Greedy-house-sellers-pricing-properties-too-high.html

HAPPY_BEING_A_YUMMY_MUMMY

propertyman wrote: »

It appears you haven't read either of my posts
is pretty clear on what I am saying.

You have seized on the word " appears" and I would say I also said "seems" if that appeals to your perspective.

I did struggle through the "caps" blizzard, the OP could easily respond, which is a lot more than most or you have done or "appear" to have done.

You have overlooked the issue of comparables a 2 bed house next door that is now a 3 bed and hers a five bed, and it being stone suggesting hers is different, perhaps modified, or not, but suggests lack of uniformity in the location.



That makes it hard to make the simple comparisons of the conventional rows of victorian terraces, 30's semis or estate housing, on which so many arguments are predicated, leading to the prevailing view that the valuer is really just an "opinioner".

All of which makes considering the factors, which are suggested by the post, that it requires judgement and experience, not "opinions" to value them.

At least I have attempted to explain, rather than as alleged, simply jumped on bandwagon.

Hi thanks for all your replies.

The house is a victorian detached house with five bedrooms and three bathrooms - it has been refurbished/ renovated to a high standard but not really changed from its original shell or modified. The two bedroom next door was a 1960 garden house that as built was a two bed then made three bed. The area is a lovely quiet area of a mix of differing sizes and ages of houses - its about as opposite to an estate as you ll get so has obviously made it difficult for the valuer to value - either that or he is just plain incompetent and lazy!!!

There are other large vic detached but as stated it is a desirable area and people don't tend to move very often so not many com parables have sold in recent years. We did receive many offers for the house but as stated previously we turned them down for various reasons and were really happy for this nice family to be buying even at less (slightly rose tinted I know but we are very fond of the house its where we all grew up and they are a similar young family!)

My whole thread was really about valuers from out of the area not taking into account hot spots and demand for a house and in this economic climate when you have buyers who are wanting a long term house (i.e. not wanting to buy then sell and make a quick buck!) they can afford it but they need a building society that can take a view on it and back them instead of them having to pay the penalty for years of figure manipulation by valuers! It is a lot of house for the money and I am sure the family will be very happy there but good help the housing market and anybody in a position where they can't sell for below their houses worth!

HAPPY_BEING_A_YUMMY_MUMMY

propertyman wrote: »

It appears you haven't read either of my posts
is pretty clear on what I am saying.

You have seized on the word " appears" and I would say I also said "seems" if that appeals to your perspective.

I did struggle through the "caps" blizzard, the OP could easily respond, which is a lot more than most or you have done or "appear" to have done.

You have overlooked the issue of comparables a 2 bed house next door that is now a 3 bed and hers a five bed, and it being stone suggesting hers is different, perhaps modified, or not, but suggests lack of uniformity in the location.



That makes it hard to make the simple comparisons of the conventional rows of victorian terraces, 30's semis or estate housing, on which so many arguments are predicated, leading to the prevailing view that the valuer is really just an "opinioner".

All of which makes considering the factors, which are suggested by the post, that it requires judgement and experience, not "opinions" to value them.

At least I have attempted to explain, rather than as alleged, simply jumped on bandwagon.

Hi thanks for all your replies.

The house is a victorian detached house with five bedrooms and three bathrooms - it has been refurbished/ renovated to a high standard but not really changed from its original shell or modified. The two bedroom next door was a 1960 garden house that as built was a two bed then made three bed. The area is a lovely quiet area of a mix of differing sizes and ages of houses - its about as opposite to an estate as you ll get so has obviously made it difficult for the valuer to value - either that or he is just plain incompetent and lazy!!!

There are other large vic detached but as stated it is a desirable area and people don't tend to move very often so not many com parables have sold in recent years. We did receive many offers for the house but as stated previously we turned them down for various reasons and were really happy for this nice family to be buying even at less (slightly rose tinted I know but we are very fond of the house its where we all grew up and they are a similar young family!)

My whole thread was really about valuers from out of the area not taking into account hot spots and demand for a house and in this economic climate when you have buyers who are wanting a long term house (i.e. not wanting to buy then sell and make a quick buck!) they can afford it but they need a building society that can take a view on it and back them instead of them having to pay the penalty for years of figure manipulation by valuers! It is a lot of house for the money and I am sure the family will be very happy there but good help the housing market and anybody in a position where they can't sell for below their houses worth!

HAPPY_BEING_A_YUMMY_MUMMY

Thanks everyone -

- no not greedy just need to look after parents asses and protect their future care and happiness
- no not done a runner - just working hard looking after home children husband business job and parents!!!

I know everyone has a view on this but the housing market is going to be stuck in the doldrums a lot longer if we don't support people who want to and can afford to buy!

HAPPY_BEING_A_YUMMY_MUMMY

Just doing paperwork for imminent sale and house has actually been on market two and a half years - but parents have been out five - housing market was a different fish then so we made a view to renovate - not to be greedy but to make sure it sold -

[COLOR="DarkSlateBlue"]All you with hindsight and a crystal ball could you tell me where you bought one please I could do with it for the next few years!!![

HAPPY_BEING_A_YUMMY_MUMMY

Just doing paperwork for imminent sale and house has actually been on market two and a half years - but parents have been out five - housing market was a different fish then so we made a view to renovate - not to be greedy but to make sure it sold -

All you with hindsight and a crystal ball could you tell me where you bought one please I could do with it for the next few years!!

Sorry - my first post!!!http://images2.moneysavingexpert.com/images/forum_smilies/action-smiley-033.gif