House valuations

[thebraketester]

Is it normal to have a 15-16% discrepancy between valuations? Seems a huge difference to me.


Rich

[craigjm]

Why not? they are best guesses after all they are not a definite as to how much it will sell for. One valuer may be being more realistic than the others. Your best bet is to look at the sold prices locally to see which is more in line.

[Blib]

The higher that the agent sets the valuation, the more likely he is to get sole agency.

[thebraketester]

Blib said:

The higher that the agent sets the valuation, the more likely he is to get sole agency.

Yes we realise that. Just a bit confusing to get such a vast difference in value.

[craigjm]

thebraketester said:

Blib said:

The higher that the agent sets the valuation, the more likely he is to get sole agency.

Yes we realise that. Just a bit confusing to get such a vast difference in value.

which one is more in line with what things sell for in your area? you can put the house up for sale for as much as you want but the market identifies what is realistic. No point having your house up for sale for 15% more than the rest of the area because someone gives you that as a valuation if that equals no buyers

[FrankAbagnale]

thebraketester said:

Yes we realise that. Just a bit confusing to get such a vast difference in value.

What sort of money are we talking? Also, what sort of house? Is it a pretty standard house or is it individual with "unique" features?

Generally I find that it's the same agents who will over value again and again. So, look at the other stock they have on and see what you think. S

Some agency models work on over valuing, tying you in to long contracts and hammering price reductions after a few weeks to bring you in line with the market. Coincidentally, all the viewing feedback will be price related.

[thebraketester]

Is a standard house. End terrace. It's a bit of a funny area because nost of the other houses are (same layouts) toilets in comparison.

Will get a few more opinions. We've have 4 quotes. Two Within 10k and then two 30-40 more. Valuations seem high compared to other on the street, but it's probably the best on the road.

[craigjm]

thebraketester said:

Is a standard house. End terrace. It's a bit of a funny area because nost of the other houses are (same layouts) toilets in comparison.

Will get a few more opinions. We've have 4 quotes. Two Within 10k and then two 30-40 more. Valuations seem high compared to other on the street, but it's probably the best on the road.

There will always be a ceiling price in the area though and unless its in London i cant see a terrace house achieving 40k more than the one a few doors away regardless of whether they are toilets or not. In some instances the toilets are a more attractive proposition because you can then spend the difference in purchase price making it how you want it and potentially better than the best on the road...

[Robertj21a]

Some Agents deliberately over-value but, after they've taken it on, will then come back to you 4 weeks later to suggest that you should drop the price as it's not selling.....

You should get a fair valuation from most Agents and, coupled with your own knowledge, I'd then go for the Agent who seems to have the best track record of actual sales.

[Chrisgr31]

Valuers should be within 10% of the right price, but estate agents aren't valuers! The reasons for the difference are set out in the thread. Whilst the house might be the best in the street I would expect that to make relatively little difference. Basically the difference of the updating but at a low spec.