Queen of naive but what do you expect from a valuation?

Kitten868

Just in case I am just really stupid I thought id come here. I have booked valuations in this week. They dont even look at my flat they just show me other listings on rightmove? And say there's no way we can know what it'll go for. Now I never expected them to pin point what buyers will pay on the dot but I expected 'local property experts' to give me a value. Even if it differs to what they'd put it on the market for. Do estate agents do any work any more or is this just in my area?
If this is normal I will shut up. But why bother with any form of training if you don't know how to value a property?
It's making me unsure of what to market it at.

Thank you for any help/experience xx

Kitten868

Rather frustrated as I was told by one agent it doesn't matter if my property is bigger it's still the same value as a different property. Which I can't understand.

jimbog

Ask them which local agents might have a better grasp of local property prices.
Alternatively, since they are unable to price your property, by how much would they be reducing their commission as they are unable to complete that task

eddddy

Were they low-cost online EAs? If so, you've identified one of the reasons they are low cost.

A good local EA should be able to advise you about price etc, as well as advising potential buyers about the local market etc.

(Less moral sellers might ask local EAs for valuations, and then instruct an online EA to sell at the appropriate price.)

Willow101

So when I had mine valued by Haart they came round, had a quick look and then showed me some things they'd printed off the internet eg house sold prices and what's currently on rightmove and gave me the valuation based on that.

When it comes to selling a house price is determined by lots of things like size and condition of house but also how quickly you want to sell.

If you'd like an accurate valuation you could always pay a surveyor to do so but personally would stick to local estate agent knowledge

Kitten868

So it's as I thought. It's not what is supposed to happen but it does happen.
These were from traditional estate agents. I won't be paying their ridiculous fees when they arent doing the work. I don't get the impression they dont want a flat on their books anyway.
It's come in under the value of my mortgage so I think I'll stick with it as I don't want to renegotiate when they survey my house.
Thank you for your responses xxx

DRP

Kitten868 wrote: »

So it's as I thought. It's not what is supposed to happen but it does happen.
These were from traditional estate agents. I won't be paying their ridiculous fees when they arent doing the work. I don't get the impression they dont want a flat on their books anyway.
It's come in under the value of my mortgage so I think I'll stick with it as I don't want to renegotiate when they survey my house.
Thank you for your responses xxx

No one can tell you what you will get for your flat.

All they can do is show you:
*Recent sales from the Land Registry records
*Even more recent sales that have gone through them which haven't yet made it into the public domain
*Recent/current For Sale prices
*Use their informed opinion (also may include a mark-up to entice you to sell through them)

Presumably, you did your own research beforehand so you know roughly what your flat ought to sell for?

Kitten868 wrote: »

They dont even look at my flat they just show me other listings on rightmove?

Did they visit your flat?
Did they really just show you Rightmove listings, or did they talk about sold prices too?

System

When I sold my flat the estate agent didn't turn up for viewings, apparently that's my job...

AnotherJoe

Kitten868 wrote: »

So it's as I thought. It's not what is supposed to happen but it does happen.
These were from traditional estate agents. I won't be paying their ridiculous fees when they arent doing the work. I don't get the impression they dont want a flat on their books anyway.
It's come in under the value of my mortgage so I think I'll stick with it as I don't want to renegotiate when they survey my house.
Thank you for your responses xxx

Your posts are contradictory. You say they wont give you a valuation but then imply they have given you a valuation "It's come in under the value of my mortgage.
You say they wont give you a figure but then say "it's still the same value as a different property" which means they have given you a figure (whatever the value of that different property is).

And if you are selling your house they have to put a figure on it, so they must have done that.

Unless you are asking for the impossible, a guarantee of the actual price you'll sell for?

Kitten868

I was rather cross yesterday. I even wrote a double negative. Sorry folks. I was given a figure they would put it on the market for but they have no idea what it would achieve. This figure wasn't a valuation. I was under the impression that property has a value, yes it will vary how much it would achieve for sale based on the market but that it has a value. So if I had to buy my partner out I would know how much to pay. I was expecting them to say the value is x but in this market I would put it on for x - y for a sale etc. I've never sold before but came to my conclusions from talking to other people.
I am concerned about pricing too high and putting buyers off and underpricing and missing out.
MatthewAinsworth that's shocking

Thank you xxx

Mr.Generous

remember that effectively every property sale is an auction. Say the rough market price of a house is £100k and you put it on the market for £120.

You either get no viewings or if you do they offer much lower.

So you drop your price and ask £80k.

You are swamped with viewings followed by quick offers that turn into a bidding war until you accept the highest offer.

The final sale price in either case isn't determined by the agent or the asking price, its determined by the buyers.

Property is worth what a buyer is prepared to pay for it. The only constraints come when lenders get involved, otherwise its simply a case of bids being accepted or rejected.