Getting a survey before making an offer

powercruncher

Hi,

I'm a first home buyer and just viewed a property which fits my budget and looks good so I would like to make an offer.

I don't want to make a mistake and rely completely on guided price from buying agent for the offer, how to get better (more fair) market evaluation before proceeding with the offer?
Should I do a HomeBuyer report to get better idea of the price before bidding?

Thanks.

casparg44

Hi

The best thing to do before making an offer is to firstly look at other houses sold in the area, this can be easily done on right move or zoopla.

Any house that has "guide price" is stating: "we dont know if its worth his but we are trying it on so please make an offer".

I am a successful property developer so i know what im talking about!


No definately dont waste money on surveys tbefore bidding.

The value of a house is determined by many things including the market volatility. I dont know where you live but if you look at what has sold recently of similar size within a mile of this house and calculate the average price per sq foot.......then multiply this house sq ft by the average price per sq ft and it gives you an idea. Add on £20K per acre of land.

dimbo61

I think you mean selling agents ! They are acting for the seller and will follow his/her instructions.
So the property might be worth say £250,000 but the seller may think it's worth £275,000 and ask the agents to market it at that price.
You need to check out recent sold prices so start off with rightmove and mouseprices.

Lilla_D

Further to the above and once you've done your research as mentioned above, if you're buying with a mortgage, the lender will carry out a valuation as part of their assessment of your case. Out of experience, their valuers are not shy to say if they think that the property is worth less than the agreed price. In that case you can go back and try to renegotiate the price.

Of course, prevention is better than cure, but just to mention that you'll have another point of reference down the line.

powercruncher

Thanks everyone, asking price is stated as "Offers in excess of ..." does it mean that they are not willing to accept offers less then that?