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Guessing a properties value

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  • Guessing a properties value

    Hi all, I was wonderign if anyone can help me. I am interested in a property locally which I have viewed, but there are a couple of things I'm not comfortable with.

    First of all, the 80 year old home owner lied to us, saying she had put the property up in October last year for 240k and had dropped it several times over the winter period to 189k. I checked this out on rightmove, turns out she's had it up since June, starting at 205k. Not only that, the house is 7 years old, originally bought brand new at 169k, then she bought it a year ago at 160k. She says she has done a lot of work, but due to the above, I don't believe her.

    Am I allowed/is it possible to get a third party in to value the property? I don't want to spend out on a home buyers report or anything like that though. Do you know if estate agents offer some sort of buying valuation service for a small fee/free?

    Thanks!

  • #2
    Re: Guessing a properties value

    Hi SimKill.

    You won't find many people who'll do you a service like a property valuation for free I'm afraid. Even with the Estate Agent, they'll have their commissions in the back of their mind and they work for the Vendor - not you.

    You could always instruct the local surveryor - with a fee of course.

    You are on the right track though - rightmove, nethouseprices.co.uk, propertysnake are all good indicators of comparible property.

    It doesn't mean anything the amount of work the Vendor has put into the house - if market value is 160K, that's all its worth.

    In your position - comparibles are your best bet unless you know an honest Estate Agent.

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    • #3
      Re: Guessing a properties value

      Originally posted by Simkill View Post
      I don't want to spend out on a home buyers report or anything like that though.
      Why not? You're talking about the potential price difference being in the thousands, even tens of thousands - but you would rather risk over-paying on a property, than spend a few hundred quid making sure you were getting a realistic deal?

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      • #4
        Re: Guessing a properties value

        Hi paul, thanks for the heads up about those sites. I'll have a look and see what they're about.

        Brian, what I was saying was I'd rather get a free service if I could rather than paying out if I didnt need to.

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        • #5
          Re: Guessing a properties value

          No problem. Good hunting.

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          • #6
            Re: Guessing a properties value

            First thing to do is look on Rightmove to see if there are any simil r properties on the market in your area. Value at the end of the day is what people will pay. if there are a lot of similar ones it is easier to vlaue them. If there are few of a particular type and size in any given area it becomes more difficult.

            You could try asking a surveyor if he could value it for you but he would seek to get comparable informaiton from local estate agents. He would then look at similar properties in other areas and try to adjust the price to reflect some general difference in the areas, whether they were considered "better" or "not so nice" as yours. He would also look at other properties in your area sold recently to see if he could make an adjustment to reflect that they were smaller/bigger/in better/worse condition than yours. Trouble is all these adjustments themselves are pretty subjective and therefore in some cases any value will be not much more than an educated guess. In the end it is what someone else will pay - so your "value" may still be rejected by the seller and he may still be able to sell it for more to somebody else - or you might still get it for less.
            RICHARD WEBSTERwww.rwco.co.uk
            As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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