Accurate Valuations for self-sell homes

lucicrisp

Hi - first time here so be kind please!

We are considering an offer on a lovely house that is being sold through a website that circumvents the agency and vendors set their own valuations, sometimes based on a valuation provided by the website.

The only problem is, our research in the area indicates that the property price is about £100k above what anything else on the road has sold for in the last 5 years. We really like the house but we just don't think that the valuation is accurate. How do we ask where it came from without appearing rude?!

silvercar

That is often why people go with these sort of agents, standard agents will laugh at the thought of marketing the property at an over inflated price. You need to accept that some people can't see the true value of their home. If you have the time to wait around until they realise then wait.

theartfullodger

Doesn't matter where it came from: Or how a price was arrived at with a "normal" estate agent (are any estate agents "normal"?). You offer what you want to offer.

Owner may or may not be upset: But he may accept: I offered 2/3rd of asking price: Owner went beserk: I offered again, same price, a week later: She accepted (it had been on market for 2 years, had already been reduced).

ManuelG

I wouldn't see it as rude to ask what features/extras the property has, that makes it worth £100k more.

That's a constructive question really isn't it, gives the owner the opportunity to show off £100k worth of works and improvements!

AdrianC

lucicrisp wrote: »

How do we ask where it came from without appearing rude?!

It's been plucked from the vendor's backside, in all probability.

It really doesn't matter _where_ it's come from. You don't think it's a realistic value, so you won't pay it. If you like the house, and want to live there, then make them an offer of what you DO think worth paying. If they accept it, you've bought it. If they don't, then they're unrealistic loons...

AlexMac

The old cliche is "buy the cheapest house in the most expensive street you can afford; not the dearest in the street..." Many agents talk about a "ceiling price" for any specific road or district...

Having said that- when we sold three years ago (a cheap flat in a dear street) , we were blown away that one agent came in with a sale valuation £70k-80k higher than the two Agents' estimates - almost 15%...

Then sold in days at only £10k under asking! So we had low expectations and were pleasantly surprised... whereas the sellers you mention might eventually experience the opposite!

getmore4less

£100k over and still got you interested.

Mocha61

Have a look on Zoopla, put the address in and it will give you an estimate of the value, you can see if its anywhere near what they are asking.

AdrianC

Mocha61 wrote: »

Have a look on Zoopla, put the address in and it will give you an estimate of the value, you can see if its anywhere near what they are asking.

The Zoopla guesstimate really _is_ plucked from Zoopla's backside, and bears absolutely no resemblance to any reality.

MobileSaver

Mocha61 wrote: »

Have a look on Zoopla, put the address in and it will give you an estimate of the value, you can see if its anywhere near what they are asking.

No. Just don't go there. Zoopla "estimates" have no credibility anywhere and more often than not are complete nonsense.

Ironically that may even be where the OP's vendor got their "valuation" from?!?!?

Mickygg

Mocha61 wrote: »

Have a look on Zoopla, put the address in and it will give you an estimate of the value, you can see if its anywhere near what they are asking.

Oh dear. When Mocha61 do you think zoopla last went round to every house and valued them based on current market conditions or a complete renovation of a property?

Not good advice to follow.

You look at what other similar properties are up for sale (if you can), look at what similar properties sold for very recently (if any), instruct a valuation survey, then above all consider what the house is worth to you.