advice needed please
- This topic has 6 replies, 3 voices, and was last updated 3 years, 7 months ago by tom.
20 April 2018 at 2:40 am #10341
Hi i was hoping to get some advice, I have recently separated from my wife of 12 years. the separation was her decision ( I think she’s suffering from post-natal depression but that’s another story)
I have moved out and the money from the family home was split which leads me to my problem the estate agents valued the house at one price but the independent valuer put it 13k higher. i have only just found tjid out, she is saying that the estate agents are correct and the independent valuer is nothing to do with the true price of the house which i dont beleave. where do I stand with this
thanks20 April 2018 at 3:00 am #10342
Well it depends who it is selling with. You can tell an agent to put it on at any price, but their valuations will be based on similar properties in the area and how quickly they get it sold for (otherwise they don’t earn quickly). The independent valuer is not selling your house. Whatever it sells for, your solicitor will be aware of, so it’s not like she’s going to get more money than you. I hope you got several estate agents in, which is standard good practice. Then you pick the one who isn’t necessarily coming in at the highest price but the one in the middle of everyone else. And then you can maybe suggest adding on a few extra £1k or so. The other thing that’s popular today is you can say to the estate agent no lower than bids so it is more like an auction – it goes on at offers above £300k for example. That makes buyers think they have to go a good deal higher if they want to secure the property and they don’t know what the highest price is going to be. As a buyer the practice stinks, but as a seller it is shrewd. Whereas if you put it on at £300k then buyers tend to believe they should offer much less in the hope of outsmarting the seller. They could start at £260k and hope to get a deal at £280k. For example.
If you take the average of 3 or 4 estate agents, that is more likely to be the realistic price it will SELL for, which is not the same as an independent valuer might be looking at.
The other problem with going in higher the market value for similar properties in the area is that buyers will be put off viewing. That means that within 3 months or so the estate agent will be saying, “well I did say I thought that was unrealistic”, and you’ll agree to drop the price. If buyers see that you’ve dropped the price (I’ve been monitoring a flat that has dropped £30k in six months and still hasn’t sold) they’ll know you’re getting desperate and that they can come in even lower.
Anyway, find out what all the different estate agent valuers said (they will have sent letters confirming) and see if the price seems reasonable after all. She may have gone for a lower offer after all on the promise of a quicker sale. Purple Bricks, for example, advised that if we were desperate to sell up then to pitch at £20k below comparable houses and it would probably be snapped up in a few weeks rather than the higher offers taking on average 4-6 months.
Any help?20 April 2018 at 6:55 am #10345
Hi we did our selves, my wife is still in the family home she released the money in the house but that was based on an estate agents value which I was not there for.
i only just found out that the independent valuer put the house higher than the estate agents!20 April 2018 at 7:26 am #10347
i think your right it would have been an extra 8k