Selling business

TheProfessional

Hi all,

I have a family member selling his retail business and attached accomodation and an offer has been made after some wrangling of 20k under an already reduced asking price. 
The potential buyer seemed keen and told my family member to instruct a solicitor.

Last week he asked for all the valuations that had been done by different agents and they were duly sent on on the headed paper etc. They were all for much more than the actual price it sold for (not a problem at all as I understand these are business EA valuations)

Now he has said the bank want to send their own person to value the property. This is going to happen at Sunday morning at 9am. My question is, do banks send business valuers out at 9am on a bank holiday Sunday?
My feelings are that this could be part of a ploy to lower the business value further. 

Any tips that could be used to ascertain the credentials of this valuer? Do they usually have business cards? A home bank branch they work from?

Thanks in advance 

jonesMUFCforever

The valuer will be from an estate agent, they will have a panel to choose from, who will get paid by the bank for doing the valuation - so yes I can see them doing it on  a weekend.
They will not be bank employees.

Savvy_Sue

And as with a domestic sale / purchase, if there is a mortgage involved, they may well give a lower valuation, based on what they think they could raise if the purchaser defaulted and they had to repossess. But this is 'normal' ... 

Mistral001

jonesMUFCforever said:

The valuer will be from an estate agent, they will have a panel to choose from, who will get paid by the bank for doing the valuation - so yes I can see them doing it on  a weekend.
They will not be bank employees.

I agree with this though I might add, to be pedantic,  that it will probably be a chartered surveyor rather than an estate agent.   

lincroft1710

It reads as if your family member has not exactly been inundated with offers from potential purchasers. The original asking price may well have been bullish and totally unrealistic. 

If the potential purchaser makes a lower offer following the valuation, it may not be a huge problem. If it means it is uneconomic or not viable for your FM to accept, then obviously they must stand their ground and risk a no sale. But if they want to get out asap and they can live with the lower offer, it is probably worth accepting. Currently retail is in a very precarious situation with no prospect of improvement on the horizon

TheProfessional

Thanks all for your comments. I'll feedback with how it goes ☺️

TheProfessional

Just an update, he was indeed contracted by the bank and turned up with his laser measurer.we shall see if he agrees with the valuation.