Estate agent valuations

G_M

Captain_Salt wrote: »

No... I think you have misread my post.

The EA were confident that we could get £75k. At their recommendation we listed it at this price. Obviously they are not confident because they have given a different figure to the housebuilder.

Just to make this absolutely crystal clear:

We were told that the market value of our property was estimated at £75k.

The same EA then estimated the market value (NOT THE FAST SALE PRICE) at £65k to the housebuilder.

They reduced their market value by £10K for the housebuilder. The fast sale price was £20K lower at £55k.

I think you missed the point.

It is your property. It is for you to decide what to market for, and what price to accept.

EAs (yes - three of them. Never just one!) can make recommendations but that's all they are: recommendations. You then make the decision, bearing in mind that agents have their own commercial considerations which you must allow for.

If you wanted a fully objective, professional valuation, you could have paid for one.

Captain_Salt

G_M wrote: »

I think you missed the point.

It is your property. It is for you to decide what to market for, and what price to accept.

EAs (yes - three of them. Never just one!) can make recommendations but that's all they are: recommendations. You then make the decision, bearing in mind that agents have their own commercial considerations which you must allow for.

If you wanted a fully objective, professional valuation, you could have paid for one.

We did get multiple valuations. They all came in at around the same valuation range, £70k - £75k.

Obviously £75k would have been ideal but I didn't expect to get this.

This is irrelevant regardless, my only question was whether the EA's were liable to any rules about giving different valuations to different people. Ie. they told us £75k, but another potential seller £65k. They obviously misled us to get our business, I just didn't expect a £10k difference (and that wasn't even the fast sale price).

Davesnave

If the first valuation was several months ago, it could be argued that a valuation done more recently reflects changes in the market.


Sales have slowed now due to the time of year + political and economic uncertainties and prices have begun to reflect this.



I appreciate this is not a satisfactory explanation for you, but it's the sort of reason the agent could use.

Captain_Salt

Davesnave wrote: »

If the first valuation was several months ago, it could be argued that a valuation done more recently reflects changes in the market.


Sales have slowed now due to the time of year + political and economic uncertainties and prices have begun to reflect this.



I appreciate this is not a satisfactory explanation for you, but it's the sort of reason the agent could use.

That's fine, I just wanted to know where we stood. We will have to learn from experience as you say - unfortunately this is our first time buying & selling, so this is all new to us.

Thank you.

Crashy_Time

Davesnave wrote: »

If the first valuation was several months ago, it could be argued that a valuation done more recently reflects changes in the market.


Sales have slowed now due to the time of year + political and economic uncertainties and prices have begun to reflect this.



I appreciate this is not a satisfactory explanation for you, but it's the sort of reason the agent could use.

Time of year is a minimal consideration, it is banks tightening, the Brexit mess, and rising global interest rates that are slowing the property market.