Which house valuation to believe?-EA's or "quick sale"companies

Chariskeith

Well I'm having a very frustrating time of it.Whitegates,my EA put a £140k valuation on my late father's 3 bedroom semi in West Leeds.After 6 weeks however-only 2 viewings. I have looked at online valuations and they are very much the same.The EA also told me other houses in Bramley West Leeds have sold for this.
However,2 of these "sell your house in 28 days" companies gave me a price of £120-125k-saying this is what similar houses had sold for in the area.I made it quite obvious I thought this was unacceptable and frankly "taking the ****".
Who is telling the truth?

googler

You can look at Zoopla sold listings for the area, which will be barely a month old, and see for yourself.

Mobeer

In a sense they can both be right. You might get 140k if you take time to find the right buyer. Or you could sell quickly at a big discount hence 120k, or 100k etc.

PasturesNew

Neither.

The EA is guessing at the highest he thinks he can get it - and a price that he thinks you'll sign up with him for.

The quick sale merchants are high enough to appear "of interest" to you, but they're likely to drop the price for an arbitrary reason in the last moments when your back's against the wall.

I'd guess that if the EA said £140k then it's possible it'd sell for £135-140k.

But, as has been said, look at recent sales of similar houses. Also, look on Rightmove as an objective independent viewer and see how much houses "like yours" are advertised at and then see if you think yours would stand out as high/about right/low compared to those.

There is no answer to this. Even the EAs don't know. They know what's happened in their area over the last X months, they know what buyers are asking for and offering/paying ... but they can't actually predict what any house WILL sell for in the next X months.

Mallotum_X

Quick sale companies are in it to make a profit, so your house is worth more than they will offer. Watch out if you go that way as many drop the price again just before exchange.

eddddy

The quick sale company's aim will be to make £10k or £20k or more in a 'back to back' transaction.

E.g. they buy the house from you for £x and resell it on the same day to a buyer for £x + £20k

So you could say that the house's open market value is about £20k more than whatever the quick sale company pay you.

steeeb

Put it up for 130 or 135 for a quick sale then?

Oh-no_3

If you are not in a rush I would hold out for the higher price, as a buyer I would prefer to buy a probate than be in a chain or (especially) buying a place which is currently rented so you should compare well to the competition.

stator

If you want a real valuation you have to pay for it.
If you want a quick sale discount that price by 10%.
If you want a really quick sale list it at auction

Never use fast sale companies. Never trust an estate agent.

iantojones40

Having had a quick look on RM at other 3 bed semis in that area and that price range they all appear to be in immaculate, walk in condition and modernised throughout... I'm assuming this is the case with your late fathers property?