Private Sale and Bank Valuations

bob2oo7

Hi guys

I'm currently looking at a private sale for a house I really really want

I understand banks need to value the house before they lend, this makes sense

What I don't like is that the bank will use a local estate agent to value the property

What then stops that estate agent talking to the owner? Trying to talk them out of a private sale? Don't sell now, hold off for 6 months? Or, don't sell at this price, I can get you more etc....

I don't trust estate agents and don't want to get screwed... How can I avoid this scenario????

Any ideas, dream home time and I want to make sure it happens

Thanks in advance

D_D

bob2oo7 wrote: »

Hi guys

I'm currently looking at a private sale for a house I really really want

I understand banks need to value the house before they lend, this makes sense

What I don't like is that the bank will use a local estate agent to value the property

What then stops that estate agent talking to the owner? Trying to talk them out of a private sale? Don't sell now, hold off for 6 months? Or, don't sell at this price, I can get you more etc....

I don't trust estate agents and don't want to get screwed... How can I avoid this scenario????

Any ideas, dream home time and I want to make sure it happens

Thanks in advance

I had this exact situation happen to me. It was a private sale between my family, but the bank needed a valuation. The chosen estate agent (and family solicitor) proceeded to convince my family that the price was too low, that it was not a good time to sell, to put it to the market etc. After a lot of (internal) bickering and fights, it didn't in the end but it was a tough few months.

They are absolute snakes and I would try to avoid this happening by having it valued yourself and being the point of contact for the EA.

Victor

Usually, you pick the valuer. You can pick any valuer you like that is acceptable to the bank. So pick one from a different town.

bob2oo7

I know AIB only use who's on their panel

http://personal.aib.ie/our-products/mortgages/residential-mortgage-panel

I assume other banks operate the same way

I will talk it AIB tomorrow and tell them I will take my business elsewhere if they don't make an exception? Sound like a plan??

JimsAlterEgo

bob2oo7 wrote: »

I know AIB only use who's on their panel

http://personal.aib.ie/our-products/mortgages/residential-mortgage-panel

I assume other banks operate the same way

I will talk it AIB tomorrow and tell them I will take my business elsewhere if they don't make an exception? Sound like a plan??

and they will tell you off you go

bob2oo7

JimsAlterEgo wrote: »

and they will tell you off you go

And off I will go....

Does anyone know any banks that don't use local estate agents?

Eldarion

bob2oo7 wrote: »

And off I will go....

Does anyone know any banks that don't use local estate agents?

Sounds like you should go about providing your own capital rather than a bank's if you want to take this line.

bob2oo7

Eldarion wrote: »

Sounds like you should go about providing your own capital rather than a bank's if you want to take this line.

My own capital is not going to happen.

There has to be a solution here

You can't trust estate agents as far as you can throw them

JimsAlterEgo

bob2oo7 wrote: »

And off I will go....

Does anyone know any banks that don't use local estate agents?

banks make the rules and you toe their line

draiochtanois

This post has been deleted.

BeatNikDub

Independent Valuations are on all panels but KBC as far as I am aware.
They are not an estate agency, all they do are valuations.

GavMan

Pretty sure Haven allowed us to pick our own

spockety

BeatNikDub wrote: »

Independent Valuations are on all panels but KBC as far as I am aware.
They are not an estate agency, all they do are valuations.

They do, and while they won't try to advise anyone on the merits of selling now or not, they will stick rigidly to a policy of providing honest valuations (i.e. they won't value low or high just because you ask them to). Therefore if the seller gets wind of the valuation and it's a lot higher than you are willing to pay they might themselves decide to back out...