worried about valuation

Pixie5740

Your flat was valued at £72.5k on the Home Report 3 years ago but it was only worth £68k as that is how what it was sold for. The sold price for your flat probably influenced the identical flat being put on the market last year £66.5k.

You will just need to come back and see what the Home Report says.

Crashy_Time

tootiemac wrote: »

Hi All,

Quick question!

We are Getting our house valued this week with the thought to putting it on the market and moving up the chain.
We looked around to see what prices were like for both our sale and a selection of houses we’d like to buy.
First problem is there are many properties in our area that are like ours.
We have a 3 bed flat in an area of mainly 1 or 2 bed flats so it is difficult to calculate.
There is one other flat in the area that is almost identical it is actually part of the adjoining building.

Anyway my question is this:
We would like to sell our flat for £74K giving us £14K of equity.
While I was waiting on the valuer to ring with a slot I had a good look about and seen that the “identical” flat to ours went on the market last summer for £66.5K I don’t think it sold and in fact don’t even remember it being on the market.
Are we likely to get £74K for ours when the other flat is in similar condition?

if we don't get £14K we cant afford the houses we'd like to move to without digging into savings meant to furnish.

The simple answer is no, but the good news is that the stuff you want to buy will be falling in price also.

tootiemac

So today is the day... we have 3 agents coming to value the property.
fingers crossed it values up above what we want so that we can go on the market slightly undervalue and use that as a selling point

tootiemac

So the valuations are all back and I must say I'm slightly shocked at it all. We had two agents in on behalf of the developer and an agent in to give us a direct valuation.

The two on behalf of the developer valued at £65k and £55k!!!!
Our private valuation came in at £75k with a home report expected around 80k.

How do you get such a wide variance? I mean I could understand £20k when your up in the £300-400k houses but £20k down here is just astronomical I feel.

Don't know where we're going from here but we've now lost or reservation on the new build plot

Crashy_Time

Well looks like you got your answer?

glasgowdan

Get another 1-2 of your own agents in to value

Crashy_Time

glasgowdan wrote: »

Get another 1-2 of your own agents in to value

...or just save yourself the stress and accept reality?

Noctu

Developers? Were the two agents working for them valuing it based on part exchange?

glasgowdan

Crashy_Time wrote: »

...or just save yourself the stress and accept reality?

...Or come back and give advice when you've some experience or knowledge on the subject

Pixie5740

Surely the only valuations that matter are the one on the Home Report and more crucially the one a buyer is prepared to pay for the property.