Is estate agent telling porkies?

Doozergirl

suffolkboy_ wrote: »

I know for a fact it was valued at £225k at probate so my hope it would be valued at a similar level when valued by the broker....we'll see.

A mortgage valuation will never be a penny more than you agree to pay for the house.

You're not even valuing it at £225k yourself.

Do you have the £40k to do the work?

suffolkboy_

Doozergirl wrote: »

A mortgage valuation will never be a penny more than you agree to pay for the house.

You're not even valuing it at £225k yourself.

Do you have the £40k to do the work?

I have 30K left after deposit but I'm planning to do this over a year or two so can fund the rest as I go. If I need to find further funds quicker I have assets I can sell to release more funds, but don't foresee that I'll need to.

Cakeguts

suffolkboy_ wrote: »

Hence my original offer - I don't think this one is worth £225k.

The issue I have is that houses in this village hardly ever come up for sale - maybe one a year. Most of these are well out of my price range.

I'm looking at this as a long term home, so do need to get out of that mentality of looking at Sale Price + Renovation Cost = Value. In the long term, it will be worth more than I'd have spent.

Luckily I'm in a position to live elsewhere with parents whilst renovating.

This says everything.



The reason that they are out of your price range is because the village is a very popular place for people to want to live.



The valuation for this property for probate takes into account that most people would want to spend some money on it. So the asking price is the bottom of what they expect people to pay for it not the top. The money for doing it up has been taken into account already.



They can expect to get more for it than the asking price.



If you want to buy this house you are going to have to offer at least the probate valuation.


In a popular village you are not going to get a cheap house that you can modernise and make money on which is what you think you are going to be able to do. In a popular village it is a seller's market not a buyer's. Someone is going to pay the probate valuation. I don't think it is going to be you.



It looks from what the estate agent told you that they have had an offer in the range that the executors can accept that isn't yours but if you make an offer close to the asking price they will put that to the executors. The executors make the decision as to who to sell to not the estate agent.



Another thing that you have got to take into account. The value in this house is not what it is but WHERE it is. A popular sought after village puts a lot of extra value on any house in it.

Crashy_Time

comedyseeker123 wrote: »

Yeah they are lying. Although only they can say they are lying, it sounds like they are - full asking price haha.

So just make your offer and say “well you’ve already got an offer for full price”. And walk away

Good advice.