Correct valuation survey

evosy1978

Hi all
I have a mortgage with my ex and i would like to buy her out.,   Which is the correct way to get it valued at it's most accurate?   Estate agents or a surveyor and if so which type of survey please?

ta

eddddy

A valuation by an RICS surveyor is generally viewed as the most reliable type of valuation.

But it's probably a case of agreeing an approach to valuation with your ex first.

There's probably no point in getting a RICS valuation if your ex is going to ignore it.

As another example, you could just agree a valuation between yourselves, if you want - without involving anyone else.



Is your ex in favour of your plan to buy them out? How are they suggesting that a valuation should be done?

TheJP

RICS surveyor will give you a figure but you should also look at comparable properties recently sold. I guess it depends on whether you are buying her out or she's buying you out. Both options can impact the 'valuation amount'.

evosy1978

eddddy said:

A valuation by an RICS surveyor is generally viewed as the most reliable type of valuation.

But it's probably a case of agreeing an approach to valuation with your ex first.

There's probably no point in getting a RICS valuation if your ex is going to ignore it.

As another example, you could just agree a valuation between yourselves, if you want - without involving anyone else.



Is your ex in favour of your plan to buy them out? How are they suggesting that a valuation should be done?

Yes we have agreed im to buy her out.  She wants to go to estate agents but I thought they may inflate the price. I just want it done accurately.    

Can I ask, as I'm buying her out, then she wants the price as high as possible and I want it as low as possible?

MikeJXE

evosy1978 said:

eYes we have agreed im to buy her out.  She wants to go to estate agents but I thought they may inflate the price. I just want it done accurately.    

Can I ask, as I'm buying her out, then she wants the price as high as possible and I want it as low as possible?

And there lies your answer 

Choose an odd number of estate agents and you both agree first to take the average or middle valuation 

No need to spend anything to get an opinion 

eddddy

MikeJXE said:

And there lies your answer 

Choose an odd number of estate agents and you both agree first to take the average or middle valuation 

No need to spend anything to get an opinion 

What would you say to the estate agents in those circumstances?

• Would you pretend that you want to sell the property, and you're looking for an estate agent to hire?

• Or would you tell them the real reason - you want some free valuations to save the cost of paying a valuer? 

If you pretend that you want to sell the property, they're likely to suggest a price for listing the property, or suggest a price that will get them the business - rather than a price that the property would sell for.

If you tell them the real reason - you want free valuations to save the cost of paying a valuer - I'm not sure how they'd react.

MikeJXE

eddddy said:

MikeJXE said:

And there lies your answer 

Choose an odd number of estate agents and you both agree first to take the average or middle valuation 

No need to spend anything to get an opinion 

What would you say to the estate agents in those circumstances?

• Would you pretend that you want to sell the property, and you're looking for an estate agent to hire?

• Or would you tell them the real reason - you want some free valuations to save the cost of paying a valuer? 

If you pretend that you want to sell the property, they're likely to suggest a price for listing the property, or suggest a price that will get them the business - rather than a price that the property would sell for.

If you tell them the real reason - you want free valuations to save the cost of paying a valuer - I'm not sure how they'd react.

I would be telling the EA I am thinking of selling and could they suggest a realistic price to ask if I gave them the business.

A reputable EA would give a price and explain how they came about that price, examples of similar properties in the same area. 

Yes you will get the ones who bump up the price to get the business and you will also get the serious agent who can sell at their price thats why I say a halfway house 

At the end of the day there is no accurate selling price for a house, it will only sell at a price someone is willing to pay. 

There is no easy way for the couple to agree the price other than discussing it together, even a qualified surveyor is stating his opinion and one of the couple could disagree with that 

Schwarzwald

Ideally this wld have been agreed when buying

now that you are in the position, i probably would say

“median of 3 reputable estate agents minus 5%”

user1977

MikeJXE said:

eddddy said:

MikeJXE said:

And there lies your answer 

Choose an odd number of estate agents and you both agree first to take the average or middle valuation 

No need to spend anything to get an opinion 

What would you say to the estate agents in those circumstances?

• Would you pretend that you want to sell the property, and you're looking for an estate agent to hire?

• Or would you tell them the real reason - you want some free valuations to save the cost of paying a valuer? 

If you pretend that you want to sell the property, they're likely to suggest a price for listing the property, or suggest a price that will get them the business - rather than a price that the property would sell for.

If you tell them the real reason - you want free valuations to save the cost of paying a valuer - I'm not sure how they'd react.

I would be telling the EA I am thinking of selling and could they suggest a realistic price to ask if I gave them the business.

A reputable EA would give a price and explain how they came about that price, examples of similar properties in the same area. 

Yes you will get the ones who bump up the price to get the business and you will also get the serious agent who can sell at their price thats why I say a halfway house 

At the end of the day there is no accurate selling price for a house, it will only sell at a price someone is willing to pay. 

There is no easy way for the couple to agree the price other than discussing it together, even a qualified surveyor is stating his opinion and one of the couple could disagree with that 

But given the tendency is for EAs to overprice, even an average of 3 is most likely to be an overambitious figure. And EAs aren't (necessarily) qualified in any meaningful way, or providing a figure you can rely on in a legal sense. I would say the OP is better to be upfront with a surveyor about the reason for the valuation and get a reliable midmarket value.

Schwarzwald

user1977 said:

MikeJXE said:

eddddy said:

MikeJXE said:

And there lies your answer 

Choose an odd number of estate agents and you both agree first to take the average or middle valuation 

No need to spend anything to get an opinion 

What would you say to the estate agents in those circumstances?

• Would you pretend that you want to sell the property, and you're looking for an estate agent to hire?

• Or would you tell them the real reason - you want some free valuations to save the cost of paying a valuer? 

If you pretend that you want to sell the property, they're likely to suggest a price for listing the property, or suggest a price that will get them the business - rather than a price that the property would sell for.

If you tell them the real reason - you want free valuations to save the cost of paying a valuer - I'm not sure how they'd react.

I would be telling the EA I am thinking of selling and could they suggest a realistic price to ask if I gave them the business.

A reputable EA would give a price and explain how they came about that price, examples of similar properties in the same area. 

Yes you will get the ones who bump up the price to get the business and you will also get the serious agent who can sell at their price thats why I say a halfway house 

At the end of the day there is no accurate selling price for a house, it will only sell at a price someone is willing to pay. 

There is no easy way for the couple to agree the price other than discussing it together, even a qualified surveyor is stating his opinion and one of the couple could disagree with that 

But given the tendency is for EAs to overprice, even an average of 3 is most likely to be an overambitious figure. And EAs aren't (necessarily) qualified in any meaningful way, or providing a figure you can rely on in a legal sense. I would say the OP is better to be upfront with a surveyor about the reason for the valuation and get a reliable midmarket value.

use median instead of average to offset the overly ambitious EA
And subtract 5% to bring it from a Guide price to a more realistic market-clearing transaction price 

Schwarzwald

evosy1978 said:

eddddy said:

A valuation by an RICS surveyor is generally viewed as the most reliable type of valuation.

But it's probably a case of agreeing an approach to valuation with your ex first.

There's probably no point in getting a RICS valuation if your ex is going to ignore it.

As another example, you could just agree a valuation between yourselves, if you want - without involving anyone else.



Is your ex in favour of your plan to buy them out? How are they suggesting that a valuation should be done?

...  

Can I ask, as I'm buying her out, then she wants the price as high as possible and I want it as low as possible?

unless you want to screw each other, you primarily want to find a fair price at which none of you two feel like they got screwed over