Asking price way above Zoopla maximum estimate.

buythedip

Evening guys. We are first time buyers struggling to work out why some asking prices are so far above estimates on Zoopla. I understand that the latter are ignorant of home improvements etc. 

For what it’s worth we are cash buyers, so won’t have the feedback from our bank in assessing the house for mortgage purposes. Maybe we are simply being paranoid but the general trend appears to be that such examples go unsold. 

canaldumidi

Ignore zoopla estimates. They are totally unreliable and misleading.

Do your own research. Look at actual 'sold' prices for similar local properties.

Being a cash buyer makes no difference. Have a combined survey + valuation done when you get that far in the process. No different to what a bank would do.

Emmia

Property is really only worth what someone is willing to pay, irrespective of whether a mortgage or just cash is involved. Zoopla values are a guide at best.

If you think it is only worth £450k, offer that.

Some people want a property that nothing needs doing to, and are willing to pay for the convenience.

buythedip

Excellent thanks both. 

dimbo61

Being a cash buyer can sometimes be more stressful than buying with a mortgage.
Do you buy a project that needs work but you can renovate to your tastes ?
Something perfect and in this market highly sort after with lots of buyers paying way over the odds.
Talking to a friend last week about a property in very nice condition in a big northern city and 45 viewings booked in first week.
WOW what a time to be house hunting.
Having a mortgage means the surveyor who is doing the survey is acting for YOU and the Lender so valuation needs to be close to market value.

jonnydeppiwish!

As previous, Zoopla is not very accurate. It relies on data that’s out of date (especially in the current market).
A property is worth what you are willing to pay for it. 

buythedip

dimbo61 said:

Being a cash buyer can sometimes be more stressful than buying with a mortgage.
Do you buy a project that needs work but you can renovate to your tastes ?
Something perfect and in this market highly sort after with lots of buyers paying way over the odds.
Talking to a friend last week about a property in very nice condition in a big northern city and 45 viewings booked in first week.
WOW what a time to be house hunting.
Having a mortgage means the surveyor who is doing the survey is acting for YOU and the Lender so valuation needs to be close to market value.

As canaldumidi mentioned: can we not just pay for a valuation ourselves? 

user1977

buythedip said:

dimbo61 said:

Being a cash buyer can sometimes be more stressful than buying with a mortgage.
Do you buy a project that needs work but you can renovate to your tastes ?
Something perfect and in this market highly sort after with lots of buyers paying way over the odds.
Talking to a friend last week about a property in very nice condition in a big northern city and 45 viewings booked in first week.
WOW what a time to be house hunting.
Having a mortgage means the surveyor who is doing the survey is acting for YOU and the Lender so valuation needs to be close to market value.

As canaldumidi mentioned: can we not just pay for a valuation ourselves? 

Yes, of course. You normally get one if you instruct your own survey (you are getting a survey, aren't you?).

buythedip

user1977 said:

buythedip said:

dimbo61 said:

Being a cash buyer can sometimes be more stressful than buying with a mortgage.
Do you buy a project that needs work but you can renovate to your tastes ?
Something perfect and in this market highly sort after with lots of buyers paying way over the odds.
Talking to a friend last week about a property in very nice condition in a big northern city and 45 viewings booked in first week.
WOW what a time to be house hunting.
Having a mortgage means the surveyor who is doing the survey is acting for YOU and the Lender so valuation needs to be close to market value.

As canaldumidi mentioned: can we not just pay for a valuation ourselves? 

Yes, of course. You normally get one if you instruct your own survey (you are getting a survey, aren't you?).

It seems so We are looking for our first house and haven’t been through the process before. I wasn’t sure where the survey/valuation fits in if we don’t require a mortgage. Cheers. 

Grumpy_chap

buythedip said:

We are first time buyers struggling to work out why some asking prices are so far above estimates on Zoopla.

Zoopla estimates mean nothing.
Like credit scores.

MaryNB

buythedip said:

user1977 said:

buythedip said:

dimbo61 said:

Being a cash buyer can sometimes be more stressful than buying with a mortgage.
Do you buy a project that needs work but you can renovate to your tastes ?
Something perfect and in this market highly sort after with lots of buyers paying way over the odds.
Talking to a friend last week about a property in very nice condition in a big northern city and 45 viewings booked in first week.
WOW what a time to be house hunting.
Having a mortgage means the surveyor who is doing the survey is acting for YOU and the Lender so valuation needs to be close to market value.

As canaldumidi mentioned: can we not just pay for a valuation ourselves? 

Yes, of course. You normally get one if you instruct your own survey (you are getting a survey, aren't you?).

It seems so We are looking for our first house and haven’t been through the process before. I wasn’t sure where the survey/valuation fits in if we don’t require a mortgage. Cheers. 

Definitely get a survey once the chain is complete. Buyers needing mortgages are somewhat protected. If something about the house makes it unmortgageable their lender won't give them the loan so they will be aware if there is a major issue. As a cash buyer you may not be aware of something that makes the house unmortgageable until you go to sell and you realise your buyer can't get a mortgage. Then you'll have to drop the selling price by a significant amount and sell to cash buyers only.