Valuation report

spider77

Hi,

I have put a deposit down on a house recently. I got the valuation report completed and they told me when I collected it that I was probably paying 10k over what I should be. My question is do I go back to EA dealing with sale and say this? Or what usually happens in this case?

whippet

spider77 wrote: »

Hi,

I have put a deposit down on a house recently. I got the valuation report completed and they told me when I collected it that I was probably paying 10k over what I should be. My question is do I go back to EA dealing with sale and say this? Or what usually happens in this case?

a couple of things here for you ...

a) you probably are paying too much for the property, but you are free to overspend if you wish and it is a point to negotiate on with the EA. However, they may reduce the price or they may not .. either way in this market you'd really need an unbelievable reason to over pay on a property.

b) if you are applying for a mortgage and depending on the price of the property if it is valued at 10k less than what you are paying the bank may reduce the amount of money they would be willing to lend to you to finance the purchase of the property. If they are only willing to offer 80% Loan to Value then you will need to come up with cash for the balance.

spider77

The report does not mention its over priced but he just mentioned it in passing. I know houses are selling for around the same price in similar locations in cork city so not sure it's totally over priced. I guess I should say it to EA anyway. Bank won't know as report does not mention it. Am I mad - maybe. But who knows what real value is these days.

StillWaters

It's a strange one. I would not take what he said lightly, he has access to information you do not have, ie actual selling prices locally. You might know asking prices, but do you have the overview he has of selling prices.

Did he value it in the report at the selling price? Grrr, that's why I dislike valuers being drawn from a list of estate agents.

I think he was doing you a favour, you ought listen.

engineermike

StillWaters wrote: »

It's a strange one. I would not take what he said lightly, he has access to information you do not have, ie actual selling prices locally. You might know asking prices, but do you have the overview he has of selling prices.

Did he value it in the report at the selling price? Grrr, that's why I dislike valuers being drawn from a list of estate agents.

I think he was doing you a favour, you ought listen.

It does sound like a bit of FYI - however, valuations / and the current market / demand are very fluid.
Some of the agents - actually do what we call 'drive by valuations' = I.e they drive up, with out access to the property = and write an arbitrary no. on the property.
I'm not saying your guy is like this, however i'd say at least one in three agents i meet weekly are still in the old boom time mindset - And they are not keen on the increased work load applied due too the tough times.
I'd try and use the metric of a similar size / age property in the same area, and get some on the ground knowlege of what it sold for, you'd be suprised what talking to ppl in the area gives you in Ireland, - usually its a fountain of knowlege - when you find the right person.
mike f

spider77

He reviewed 3 properties locally and documented the asking and selling prices on the report. Of the 3 he looked at, one is the same house type in the same estate and sold for 50K under what I am offering. I did look at this house myself and it needed at least 30K work. The one I am looking at has added bonus of a garage also. So all things considered, I think I am doing ok but being squeezed a little. You could be right in that he did not enter the property as he says on report there is 1 bathroom when there are in fact 2

engineermike

spider77 wrote: »

He reviewed 3 properties locally and documented the asking and selling prices on the report. Of the 3 he looked at, one is the same house type in the same estate and sold for 50K under what I am offering. I did look at this house myself and it needed at least 30K work. The one I am looking at has added bonus of a garage also. So all things considered, I think I am doing ok but being squeezed a little. You could be right in that he did not enter the property as he says on report there is 1 bathroom when there are in fact 2

Hi, Yeah i'm not surprised - I'm trying to teach my lads how to do 'drive by' structural surveys !! lmfao,
Hope all works out for you ,
mike f

FastFullBack

Hey spider77,

just curious where in Cork have you bought and how much below asking price did you agree on? Currently bidding on a house in Cork south side so would be good to have some other views from Cork.

Thanks.

spider77

FastFullBack wrote: »

Hey spider77,

just curious where in Cork have you bought and how much below asking price did you agree on? Currently bidding on a house in Cork south side so would be good to have some other views from Cork.

Thanks.

Sent you a PM