Huge discrepancy in valuation.

Doozergirl

Of course you should get more agents in.

I had the same as you years ago. My gut said market at £450k. I had valuations between £325k and £500k.

I went with my gut. We sold at £438k.

There is information out there to help you make your own decision. I'd look for houses with similar square footage or just work out the price per square foot of everything around you, paeticularly similar sized properties. The price per square foot will certainly give you a better idea of which valuation you should be closer to.

marksoton

MONEYTREE wrote: »

Does anyone think I should get a few more agents in?

Yes, because £75K is a big discrepancy.

MONEYTREE_2

OK thanks. I am sorry if I sound ignorant but I have not sold a property through an agent since 1991. I don't know if it's "socially acceptable" to ask a stream of agents to value.

Well done on your gut!

marksoton

MONEYTREE wrote: »

OK thanks. I am sorry if I sound ignorant but I have not sold a property through an agent since 1991. I don't know if it's "socially acceptable" to ask a stream of agents to value.

Of course it is. It's your biggest asset and you want to get the best price possible.

Thrugelmir

MONEYTREE wrote: »

My house is hard to value as there aren't many like it in my area and those rarely come up for sale.

What's unusual about it. How does it compare to properties in a wider area than your own locality. A buyer with a budget will buy the property which offers the best value, location etc.

pretamang

MONEYTREE wrote: »

I then browsed properties and found my Dream Home, offered at £425k.

You'll need to have your house on the market and under offer before any seller is going to take you seriously. Unless the seller is unusually patient I expect that house will still be on the market. Don't spend anything on your purchase yet until you can proceed with your sale.

Bear in mind that you now need to secure the upper estimate on your house and a quick sale to get the dream house. Do you think agent no1 can do this? I suggest you get that 3rd opinion and also keep browsing in the meantime.

eddddy

MONEYTREE wrote: »

OK thanks. I am sorry if I sound ignorant but I have not sold a property through an agent since 1991. I don't know if it's "socially acceptable" to ask a stream of agents to value.

Yes - get some more agents in. Don't just decide based on their valuation...

- "interview" them hard, to help you decide who will do the best job.

- Ask each of them for a copy of their contract, read it in detail to check details including:

Sole agency agreement
Sole selling rights
"Ready, Willing and Able buyer" clauses
Withdrawal fees (and all other fees)
Selling fee
Minimum contract period
Notice period

Before finally signing the contract, aim to...
- negotiate minimum contract period down to about 8 weeks
- negotiate down selling fee (ask them to price match a cheaper EA)
- negotiate out anything else you don't like (e.g. "Ready, Willing and Able buyer" clause)

MONEYTREE_2

Thrugel... it's unusual because it's a terrace of 3 storey early Victorian houses and all the others have been split into 2 or 3 flats.

I have spent a lot of time searching online for 4-bed properties in my town looking for one remotely similar to mine, but I found none. They all have features that my house lacks, such as gardens, driveways and garages; most are modern; most are in leafy, posh cul-de-sacs (mine is town centre).

After deep searching I finally found a house near mine, of the same design, but 5 bed (mine is 4) and it sold a year ago for £325k. I phoned the agent and told him. He said my house is nicer and although a bedroom fewer, is a better house all round with original features missing from the 325 one, and prices have risen in a year, and so, yes, he stands by his £400k.

AdrianC

MONEYTREE wrote: »

Fair enough comment, but how can anyone search for a new property without having a ball park figure for their sale property?

Equally, how can you search for a new property without having a buyer lined up...?

You could have found three agents that all said £400k. Lovely. Go with the one you like the most, and market it at £400k. Find a place you love for £400k. Now what? You can put in an offer, and it might even be accepted - but you can't do any more until you've got a buyer lined up. And what if no putative buyer agrees with that £400k? What if all the buyers think it's £350k-worth...?

MONEYTREE_2

Wow thank you Edddddy! I can see that I am going to have to "wise up" and assert myself with these agents, so thanks for that!

Pretamang. I had to take a look at properties for sale in my chosen new town in order to see whether I could afford to move there at all. It just so happened that I spotted the Dream Home during that process. I do realise that I'd be extremely lucky if it was still available once I've found a buyer.

Mind you, a friend selling in the same town as me, his house went Under Offer 3 days after he signed the contract with the agent. They had not even sent the photographer round! They had a list of buyers waiting, took one round there, and he agreed to buy it on the spot. The conveyance was all done and dusted in about 8 weeks.