Valutation without inspection - bad idea?

climbthatwallseegar

I was preparing to sell my flat earlier this year and had booked in a surveyor who was due to visit a few weeks ago. This didn't happen due to the whole virus situation but the company has said they are able to do a valuation on a Desktop basis (no inspection), I'd need to take pictures and send in a video walk through instead. They would obviously also charge less. I am really keen to get the flat on the market but not sure this kind of valuation is a good idea? It's my first property sale so no idea really. I'm also not sure if it would be better to just wait until the lockdown ends before moving forward with the sale. It is a 2 bed, fairly spacious flat close to central London and in normal times I think it would sell fairly quickly. However I am looking to sell, rent and then buy so as well as in addition to the sale I also have to ensure I'm able to secure a rental for myself and 2 DC and again the timing for that is not ideal as I can't view rental properties. Anyway...specific question is around the valutation without inspection and if anyone has experience or an opinion of this?

Slithery

Most lenders valuations are drive-bys where the surveyor never visits the property or sees photographs.

Or are you talking about an EA's 'valuation' to try and get your business?

davidmcn

climbthatwallseegar said:

I can't view rental properties.

And nobody can view properties for purchase either, so what's the rush with getting your property on the market if nobody can come round to buy it?

eddddy

climbthatwallseegar said:

I was preparing to sell my flat earlier this year and had booked in a surveyor who was due to visit a few weeks ago. This didn't happen due to the whole virus situation but the company has said they are able to do a valuation on a Desktop basis (no inspection), I'd need to take pictures and send in a video walk through instead. They would obviously also charge less. 

It's very unusual to book a 'paid for' surveyor to do a valuation in order to sell a property - unless it's an unusual situation, like 'shared ownership'.

It's more normal to ask 3 or 4 estate agents to do a 'market appraisal' at no charge. They would tell you what price they think you should market the flat at, what price they think they can achieve for you etc.

But you need to bear in mind that some Estate Agents will exaggerate what they think they can sell the flat for, in order to win your business.

greatcrested

You in England?

(Almost) no one pays for a valuation when selling unless it's a valuation for Probate as well.

Get 2 or 3 estate agents to advise you (free) of market value, compare them with each other and with your own research of 'sold' prices locally (not advertisd prices!) and that gives you a decent valuation. Then decide what to advertise at.

But as said above, not much point at present - Very few people will buy based on camera work, and no one is viewing. They're not allowed to - we're in lockdown.

davidmcn

greatcrested said:

You in England?

I don't think even Ryanair describes places as being "close to central London" unless they're at least in England.

Thrugelmir

davidmcn said:

greatcrested said:

You in England?

I don't think even Ryanair describes places as being "close to central London" unless they're at least in England.

Met some Americans once who when told how far Newbury was from Central London. Responded with you must live in the suburbs then...............