Homebuyers Report

pcwep8

He's valued it at the purchase price but put this in the opening notes:
'The agreed purchase price is considered to lie towards the upper level of the range of value for a property of this type within the locality.'
Houses for sale on the same road are generally going for around £220k and the asking price for this one is £250k, although it has been extended, has a huge garden and freestanding garage. Do you think he's possibly valued at the purchase price to cover his back too?

AdrianC

pcwep8 said:

He's valued it at the purchase price but put this in the opening notes:
'The agreed purchase price is considered to lie towards the upper level of the range of value for a property of this type within the locality.'
Houses for sale on the same road are generally going for around £220k and the asking price for this one is £250k, although it has been extended, has a huge garden and freestanding garage. Do you think he's possibly valued at the purchase price to cover his back too?

So there y'go - "In the state I saw it in, and with the issues I found, the price is perfectly appropriate". End of.
Hand me that survey and ask for money off, you're getting it handed back with that bit highlighter-penned...

If he was backside-covering, he'd value it lower. As is, he thinks your agreed price is fair, even with the roof etc. If the roof wasn't a potential issue, it'd be worth more - the issues are already priced in.

pcwep8

You see I read that as "The agreed price is more than I would expect for a house of this type in this area".
Reading it back I can see what you mean, interesting to get different takes on it.

babyblade41

Sounds like the house is valued at what you offered, no more no less. It takes into consideration remedial works that may need doing in the near future so I would be happy with that 

davidmcn

pcwep8 said:

You see I read that as "The agreed price is more than I would expect for a house of this type in this area".
Reading it back I can see what you mean, interesting to get different takes on it.

Every property has a range of value. Valuation isn't an exact science. It's within that range, not beyond it. He's saying he would probably have picked a lower figure for it, but you're in the right ballpark, not paying something daft.

pcwep8

davidmcn said:

pcwep8 said:

You see I read that as "The agreed price is more than I would expect for a house of this type in this area".
Reading it back I can see what you mean, interesting to get different takes on it.

Every property has a range of value. Valuation isn't an exact science. It's within that range, not beyond it. He's saying he would probably have picked a lower figure for it, but you're in the right ballpark, not paying something daft.

I hope not. It definitely seems to be a sellers market where I live at the moment. Had two sellers pull out of the deal previously because they couldn't find anywhere suitable. I accepted an offer on mine in June so my buyer will no doubt be getting twitchy.

AdrianC

pcwep8 said:

You see I read that as "The agreed price is more than I would expect for a house of this type in this area".
Reading it back I can see what you mean, interesting to get different takes on it.

If it was more, then he'd downvalue it.

pcwep8

davidmcn said:

pcwep8 said:

You see I read that as "The agreed price is more than I would expect for a house of this type in this area".
Reading it back I can see what you mean, interesting to get different takes on it.

Every property has a range of value. Valuation isn't an exact science. It's within that range, not beyond it. He's saying he would probably have picked a lower figure for it, but you're in the right ballpark, not paying something daft.

It would be interesting to know the range that he was going off but as you say it's not an exact science and he probably couldn't answer that himself. 
My question is if he would've picked a lower figure then why wasn't that reflected in the valuation? You hear a lot about surveyors valuing at purchase price. He was off last week so I'll call him tomorrow. 

davidmcn

pcwep8 said:

davidmcn said:

pcwep8 said:

You see I read that as "The agreed price is more than I would expect for a house of this type in this area".
Reading it back I can see what you mean, interesting to get different takes on it.

Every property has a range of value. Valuation isn't an exact science. It's within that range, not beyond it. He's saying he would probably have picked a lower figure for it, but you're in the right ballpark, not paying something daft.

My question is if he would've picked a lower figure then why wasn't that reflected in the valuation? You hear a lot about surveyors valuing at purchase price.

It's reflected in the comments he made. They don't usually downvalue by tiny amounts because they recognise that fiddling around with the agreed price for the sake of a 1% or whatever difference is more hassle than its worth, and if opinions are that close then nobody can realistically say that one or the other is correct.