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Not happy with valuation

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  • Not happy with valuation

    Hello everyone
    I recently had a valuation done on the 2 bedroom flat I would like to sell, however I am not happy with figure given which was £127,500. There is a flat next to mine which is currently on the market for £140,000 - please see link below. In the valuation report it said that even with improvements the valuation would still be £127,500.

    Walkers Place, Reading, RG30 2RY, Reading - Haslams Estate Agents - Haslams Estate Agents

    Can I have another valuation done by a different surveyor or should I talk about this to the person who did the valuation ?

    I would greatly appreciate any advice.

  • #2
    Re: Not happy with valuation

    Have a couple more valuations done, sometimes the agents get it wrong.

    I sold a flat in Preston last year. One agent valued it at £72k. I sold it for £90k.

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    • #3
      Re: Not happy with valuation

      Thank you for the reply, I agree a second valuation would be a very good idea.

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      • #4
        Re: Not happy with valuation

        When you get another valuation, make sure that the appraiser is actually from your area. Sometimes appraisers give the wrong valuation because they're not familiar with a certain real estate market.
        Visit MyProperty.ph to buy or rent condos, houses, apartments and other residential properties.

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        • #5
          Re: Not happy with valuation

          There is a flat next to mine which is currently on the market for £140,000
          Has it sold? How then do you know it is actually worth £140K - sellers may be trying it on. Property is only worth what someone is prepared to pay for it.

          Some estate agents take instructions form people who want far too much for their property, sign them up to a 20 week sole agency and then sit and wait. After a month or so with no viewings they persuade the sellers to reduce their price.
          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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          • #6
            Re: Not happy with valuation

            Basically the property is only worth what is offered by the purchaser so long as his lender's valuer supports his offer (unless he's buying if for cash). If he offers £140,000 and the valuer (who will be appointed by the lender) agrees fine but if the valuer gives it a lower value then that's the price the purchaser would be prepared to pay; unless he's willing to exceed the valuation with his own money.

            Taking several local agents valuations will give you a guide price but the only valuation that counts will be the one provided to the lender by their appointed valuer.

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            • #7
              Re: Not happy with valuation

              There are 2 games that agencies play.
              They'll give a LOW estimate in the hope that you'll accept it, which gives them a quick sale and they pocket the commission quickly
              or
              They give a HIGH valuation to try and "buy market share" by hinting that they can sell it for more than other agents could.

              You are under no obligation to accept either valuation. You can instruct an agent to promote the flat at whatever price you want. If you're a long way out, they may want a higher commission as the chances of a sale are lower. But in this climate I'd expect any agent to be ecstatic to accept any sale.
              P.S. most agents are little better at providing reliable valuations than someone with local knowledge and ½ an hour spent on the web. Don't be fooled by the smart suit and confident patter.

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              • #8
                Re: Not happy with valuation

                When choosing an estate agent try and choose one who is reputable - being ARLA registered will help to ensure this :

                ARLA are the only professional self-regulating body to be solely concerned with lettings and letting agents.

                The Association of Residential Letting Agents
                The Association of Residential Lettings Agents (ARLA) is a professional membership and regulatory body for letting agents and letting agencies in the UK. ARLA recognised the requirements of the residential lettings market were so detailed and specific that a separate organisation was required to promote standards in this important sector of the property industry.

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                • #9
                  Re: Not happy with valuation

                  Agree that you need to get several quotes, we had three done, one came in at 165k and the others at 175k, but at the end of the day, it's what you need for your next property, that will matter, if you can afford to take a hit and sell at a lower price, then do it, if you need the max amount just sit tight, and stick to your guns.

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                  • #10
                    Re: Not happy with valuation

                    Get some more valuations it might not be yours which is wrong but the other may be overpriced. Do some research on some property sites and make sure you are comparing like for like

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                    • #11
                      Re: Not happy with valuation

                      Thank you very much for the advice everyone. I had another valuation done by a surveyor from a popular high street estate agent, and this time the property was valued at £135,000, which I am very happy with.

                      Unlike the previous surveyor, this time the surveyor spent 3/4 hour looking around the property in EVERY room, taking photos, measuring the rooms, and when finished I was given a very nicely presented 8 page report.

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