Home valuation

Elliott.T123

Willsie01 said:

user1977 said:

We don't know how long you've been looking, but...how do you normally assess the value of properties you've been looking at? Presumably you have an eye on what similar properties have sold for? Well, same here.

If you mean you want to get a professional valuation then yes, that's possible, though (in the English & Welsh system) rather unusual to do so prior to making an offer.

I’ve been looking for about 12 months. The last house I bought was over 40 years ago and my younger self was less inclined to challenge prices.

The problem you have is that if this house has been on the market a long time then chances are the vendors are not open to a price drop. 

The only way you can get a "professional" valuation would be to employ a surveyor (who will do the same thing as you could and check local sold prices and then compare to this property). This will obviously cost money etc. If the surveyor comes back with a figure say 15% lower are you expecting to talk to the vendor present them the evidence and they suddenly accept? 

I will admit to being a stubborn and petty !!!!!! but if that were me as a vendor I would be !!!!!! off that someone had done that and either reject the offer and tell them to Foxtrot Oscar.

AskAsk

LHW99 said:

Tracet74 said:

An RICS Registered Valuer would be able to carry out a private market valuation, which is exactly the same as a lender would carry out. There would be a cost attached but it would give you absolute certainty.

Although there wouldn't be any certainty that the seller would accept an offer at that valuation. It may be why the property has been slow to sell if the vendors aren't too bothered about a quick sale, and have made up their minds how much they want.

some people are not serious about selling and they just try it on and see if they can get what they want for it.  if they live there, there is no hurry to move.  they may also need that sale money to move anywhere else, so if they can't get that price, they will just have to stay where they are.

the EA told us that people do not always listen to their advice and will want to put it on more than what the EA advice, sometimes £30k more, even £100k more.

so if you are interested, just make an offer of what you think it is worth to you and see if it is accepted, but just because a property has been on the market for a long time, does not mean that it will sell for less than the asking price as the seller may have unrealistic expectation.  I sometimes see these properties get taken off the market as the vendors will not agree to a price reduction and so the EA chuck them off their books.

ReadySteadyPop

silvercar said:

The question is do you want to buy it and what is it worth to you? If the seller will accept your prepared price, you have a house. If they won’t then it doesn’t matter how many valuations you have.

Depends on how badly they want to sell, many sellers have skewed ideas about valuation (taken from TV, internet forums etc.) and a professional down valuation might just be the wake up call they need.

Willsie01

LHW99 said:

Tracet74 said:

An RICS Registered Valuer would be able to carry out a private market valuation, which is exactly the same as a lender would carry out. There would be a cost attached but it would give you absolute certainty.

Although there wouldn't be any certainty that the seller would accept an offer at that valuation. It may be why the property has been slow to sell if the vendors aren't too bothered about a quick sale, and have made up their minds how much they want.

You’ve crystallised all the thoughts that have been whirring around in my head nicely. Thank you.

Scotbot

Tracet74 said:

An RICS Registered Valuer would be able to carry out a private market valuation, which is exactly the same as a lender would carry out. There would be a cost attached but it would give you absolute certainty.

No it won't.  RiCS surveys will state there is a margin of error of 5%. On a house valued at 20k  the value is anywhere between 380 and 420.