Valuation of late mother's property for probate

jcuurthht

I arranged 2 estate agents to view the property this week. The first looked around, asked since questions about the property,  said he would email me a valuation,  and gave some advice about marketing the property when the time came.

The 2nd was taking measurements,  has already signed me up to their sellers portal,  passed my information on to IAMSOLD, and spent the majority of the time talking about modern method auction (which I'd never heard of), and how it's like ebay with buyers bidding against each other to push up the price. 

After reading plenty of negative things about the auction method... that estate agent certainly talked his way out of a customer.

canaldumidi

Is there a question in your post somewhere....?

theartfullodger

On what authority from you has he "signed me up to their sellers portal" please?

Nice to hear your comments. Me & my sister are flogging off my late brother's home.  If any estate agent had told me what you said he did I'd have instructed him to go forth and multiply.

Any questions in your mind you would care to share?

jcuurthht

canaldumidi said:

Is there a question in your post somewhere....?

More of a discussion and future information for green sellers like myself who might be pushed in a certain direction by estate agents.

I can remove the post if it's against forum rules.

Hodge58

Get lots of agents in to value and look on right move for sold prices which is exactly what agents do. My mils house was valued at 320k and 350K and 370K and sold for 375K so just do your homework. Auction is really only suitable if it needs serious work doing to it.  

user1977

jcuurthht said:

canaldumidi said:

Is there a question in your post somewhere....?

More of a discussion and future information for green sellers like myself who might be pushed in a certain direction by estate agents.

I can remove the post if it's against forum rules.

It's not against rules, just not clear whether you were wanting to start a discussion or had omitted a question.

FreeBear

Hodge58 said: Auction is really only suitable if it needs serious work doing to it.  

And if it goes to (traditional) auction because it needs serious work doing, it is likely that only cash buyers will bid. Using this "modern method" of auction, many of these cash buyers will know about the pitfalls of this "method" and steer well clear. Net result, your pool of potential buyers has shrunk down, so less competition, and fewer bids at a lower price.

Of course, the EA still gets his cut, so doesn't have your best interests at the top of his agenda.

lookstraightahead

This only shows how EAs and then some vendors who have been fed info, are treating buyers like silly cash cows. Buyers need to understand the marketing tools used and not offer silly prices in the frenzy, and the assumption that "house prices just keep rising and there's nothing on the market"

It's all a game that lots of folk just get sucked into.

op, get 3 long standing EAs in and tell them you just want a normal valuation and normal marketing and ditch everything else. It's stressful enough without all the noise.

Keep_pedalling

If your mother’s estate is over or is near to her IHT exemptions then you really should get a proper RICS survey for your valuation  rather than a free EA one.

If her estate is well under then don’t make the mistake of undervaluing it and risk a CGT issue when it sells for a lot more.

jcuurthht

Keep_pedalling said:

If your mother’s estate is over or is near to her IHT exemptions then you really should get a proper RICS survey for your valuation  rather than a free EA one.

If her estate is well under then don’t make the mistake of undervaluing it and risk a CGT issue when it sells for a lot more.

Thanks. The estate is well under the £1m tax free allowance.

jcuurthht

lookstraightahead said:

This only shows how EAs and then some vendors who have been fed info, are treating buyers like silly cash cows. Buyers need to understand the marketing tools used and not offer silly prices in the frenzy, and the assumption that "house prices just keep rising and there's nothing on the market"

It's all a game that lots of folk just get sucked into.

op, get 3 long standing EAs in and tell them you just want a normal valuation and normal marketing and ditch everything else. It's stressful enough without all the noise.

Thanks. I have one more visiting next week that sold my previous property, and I'll get another when I'm back in a few weeks.