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House valuer was selling double glazing 6 months ago!
mindovermatter
Posts: 128 Forumite
I am looking to buy a house (currently STR).
I was chatting to an estate agent in the town after viewing one of his properties - he did the valuation.
I asked how he came to the valuation figure - he stated that he 'reckoned' house prices are still going up and added £10000 on the asking price of a similar house in the estate which sold last year.
I asked how long he had been an estate agent to which he replied 6 months having go fed up with selling double glazing door to door.
This is why house prices keep going up - poorly trained estate agents acting like sheep when doing valuations and putting them in a high figure to impress the vendor hoping to get the contract. They never seem to take into account actual selling prices which as we all know can be less than the asking prices in the shop window. Buyers trust these valuations believing that they are a true reflection of the market but would you trust a ex double glazing salesman who is plucking figures out of the air to impress the seller?
We need properly trained valuers.
Kind regards
Mindovermatter
I was chatting to an estate agent in the town after viewing one of his properties - he did the valuation.
I asked how he came to the valuation figure - he stated that he 'reckoned' house prices are still going up and added £10000 on the asking price of a similar house in the estate which sold last year.
I asked how long he had been an estate agent to which he replied 6 months having go fed up with selling double glazing door to door.
This is why house prices keep going up - poorly trained estate agents acting like sheep when doing valuations and putting them in a high figure to impress the vendor hoping to get the contract. They never seem to take into account actual selling prices which as we all know can be less than the asking prices in the shop window. Buyers trust these valuations believing that they are a true reflection of the market but would you trust a ex double glazing salesman who is plucking figures out of the air to impress the seller?
We need properly trained valuers.
Kind regards
Mindovermatter
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Comments
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I have mentioned this sort of thing before. Estate agents do not need any qualification or any particular skills and are in no better position to "value" property than you or I.
All they do is look at what similar houses are asking and, as you say, just add on a bit believing that house prices only ever go up.0 -
This is entirely true. When we were getting valuations they were sometimes using land registry sales to back themselves up, not knowing the area they were comparing sold prices of 3bed flats and maisonettes to our 2bed flat!! idiots. Luckily I knew my market better than them to be honest.0
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I couldn't agree more! I'm fed up of competing with Valuers who have NO experience and NO clue what properties are worth. It makes my job 100 times harder when I go into properties after these idiots have been in before me!
The sooner the industry is regulated the better as far as I am concerned!My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
MissMotivation wrote: »The sooner the industry is regulated the better as far as I am concerned!
No thanx I like the fact that I can slip the EA a brown paper bag when he is supplying me excellant priced properties that will never appear on the market0 -
pickles110564 wrote: »No thanx I like the fact that I can slip the EA a brown paper bag when he is supplying me excellant priced properties that will never appear on the market
:rotfl: :rotfl: :rotfl: what area are you in?My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
MissMotivation wrote: »:rotfl: :rotfl: :rotfl: what area are you in?
Down South0 -
My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0
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One woman who came to value our property said that she didn't know what our property was worth but that it was probably about £75,000. We sold it for £95,000, within a week.Loving the dtd thread. x0
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arthur_dent wrote: »One woman who came to value our property said that she didn't know what our property was worth but that it was probably about £75,000. We sold it for £95,000, within a week.
I could give you a hundred examples like this! Most recently a house that I valued at £350,000 was then valued by a different EA at £250,000. It came on the market at £350,000 and sold very near to asking price within a week of marketing after having 15 viewings!
At the other end of the spectrum a property that i valued at £150,000 went on the market with another EA at £170,000!! was on the market for 6 months.....they then listed it with us at £155,000 and sold within a month!
Valuing property isn't an exact science and nobody can say exactly how much a property is worth but backed up with comparable evidence and taking into consideration levels of demand for the area, competition and market conditions at the time of coming to market it's not that hard to come up with a competitive asking price!My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
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