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House valuation.

  • 16-09-2015 11:32pm
    #1
    from_atozinc
    Banned (with Prison Access) Posts: 2,943 ✭✭✭


    When a house gets valued in Ireland, does the person doing the evaluation do a report or provide any background info on how they came up with a figure for a certain house ?

    And if so, can a potential buyer ask for this report.

    What do they use to come up with the valuation price ?

    Or is it typical paddy sh1te........" Oh god that's a fine lookin house, look at the gable end of it, must be worth at least 400 thousand "


Comments

  • #2
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Yes they do but it's not an exact science. They'd look at rental yields, improving or declining area, what other houses have gone for etc. It's tick box exercise in the main.

    Loved the reply I got in the Celtic Tiger.

    Me "How do you know what the market rate is?"
    Valuer "What are you willing to pay?"
    Me "Dunno 295K?"
    Valuer "That's the market rate then."
    Me (I wish) "Your job does't seem that hard"


  • #3
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    The market rate is what someone is willing to pay. Valuation is just a 3rd parties opinion on what the market rate is.


  • #4
    from_atozinc
    Banned (with Prison Access) Posts: 2,943 ✭✭✭from_atozinc


    Thanks. And is there such a thing as a valuation report ?

    And If so, could a potential buyer ask to view it ?


  • #5
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    from_atozinc wrote: »
    Thanks. And is there such a thing as a valuation report ?

    And If so, could a potential buyer ask to view it ?

    Yes, you'll be given it.


  • #6
    ted1
    Registered Users Posts: 23,249 ✭✭✭✭ted1


    from_atozinc wrote: »
    Thanks. And is there such a thing as a valuation report ?

    And If so, could a potential buyer ask to view it ?

    There is none, you have to get your own one.
    Most valuations are done by looking at recent similar sales in the same area and adding a bit on for better features and current market conditions


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  • #7
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,290 CMod ✭✭✭✭Pawwed Rig


    Our most recent valuation he just took the sale price of the last 2 houses in the area which completely ignored the softening in the market due to central bank rules. Maybe just a lazy valuer but for €130 you would think he could have put a bit of thought into it. He did give a report.


  • #8
    from_atozinc
    Banned (with Prison Access) Posts: 2,943 ✭✭✭from_atozinc


    I'm confused. Is there such s thing as a valuation report ?

    One person says there is and another says there isn't.


  • #9
    alastair
    Registered Users Posts: 19,307 ✭✭✭✭alastair


    Pawwed Rig wrote: »
    Our most recent valuation he just took the sale price of the last 2 houses in the area which completely ignored the softening in the market due to central bank rules. Maybe just a lazy valuer but for €130 you would think he could have put a bit of thought into it. He did give a report.

    There's not any evidence of a softening in sales prices due to the central bank rules though. Most recent CSO price index has prices continuing to rise, albeit very slowly. The end of year price index is highly likely to match the end of last year's.


  • #10
    ted1
    Registered Users Posts: 23,249 ✭✭✭✭ted1


    from_atozinc wrote: »
    I'm confused. Is there such s thing as a valuation report ?

    One person says there is and another says there isn't.

    No the seller doesn't get one.

    the buyer if getting a mortgage needs one for the bank, most banks have a list of valuers that they accept.

    the bank are just ensuring that they are not giving you 200k for a 100k house.
    Most valuers will ask what your sale agree price is and put that down. if they put a higher or lower value then the process may draw out.


  • #11
    Mint Sauce
    Registered Users Posts: 29,294 ✭✭✭✭Mint Sauce


    from_atozinc wrote: »
    I'm confused. Is there such s thing as a valuation report ?

    One person says there is and another says there isn't.

    Yes there is, as you have to provide one as part of your mortgage aplication. Its basically a sheet of paper, with tick boxes, listing such info as number of rooms, heating system, build type/material, is it a bungalow/terrace/detached/semi d, etc etc.

    To get one, you have to usally go to an estate agent, other than the one you are buying the property through, and that is on your mortgage providers list.


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  • #12
    MouseTail
    Registered Users Posts: 1,663 ✭✭✭MouseTail


    A seller doesn't get a valuation report, they can put the house on the market for as much or as little as they like, it is up to potential buyers to decide if the price is fair, and one way of doing this is getting a valuation report done, paying for it themselves. If you are getting a mortgage the bank will insist on a valuation report, if you are a cash buyer there is no need for one.


  • #13
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Apologies if I confused the situation, thought the OP was the buyer.

    If you're the seller the EA will give you a valuation and discuss the strategy behind said figure.


  • #14
    from_atozinc
    Banned (with Prison Access) Posts: 2,943 ✭✭✭from_atozinc


    op here.

    maybe im the one confusing things.

    I am a buyer.
    The seller has got a valuation on the house I want to buy.

    But rather than take his word for it, I would like to see the report

    So was asking is there such a thing as a report. and then would it be possible for me to simply ask the seller for a copy of it.


  • #15
    Mint Sauce
    Registered Users Posts: 29,294 ✭✭✭✭Mint Sauce


    from_atozinc wrote: »
    op here.

    maybe im the one confusing things.

    I am a buyer.
    The seller has got a valuation on the house I want to buy.

    But rather than take his word for it, I would like to see the report

    So was asking is there such a thing as a report. and then would it be possible for me to simply ask the seller for a copy of it.

    There is such a thing as a report, and you as the buyer, have to provide one to your mortgage provider, from an valuer/estate agent approved by them. Not sure if they would accept one provided by the seller, for one it has to be a different valuer/agent from the one processing the sale, and again, approved by them.


  • #16
    from_atozinc
    Banned (with Prison Access) Posts: 2,943 ✭✭✭from_atozinc


    Mint Sauce wrote: »
    There is such a thing as a report, and you as the buyer, have to provide one to your mortgage provider, from an valuer/estate agent approved by them. Not sure if they would accept one provided by the seller, for one it has to be a different valuer/agent from the one processing the sale, and again, approved by them.


    I suppose im not talking about banks or anything at all yet.

    I just want to see if the sellers actually bothered getting a valuer in and a report would be proof of this.

    Im just thinking they just kinda said to themselves, its worth X amount of money and that was that - and that they didn't bother their hole with a valuer at all


  • #17
    The Mulk
    Registered Users Posts: 1,299 ✭✭✭The Mulk


    If it's for sale with an Estate Agent, they will have done a valuation report based on the market.
    But that's just their professional opinion, you might decide it's worth less, others might decide it's worth more.
    When you agree a sale the bank will send a valuer


  • #18
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,290 CMod ✭✭✭✭Pawwed Rig


    from_atozinc wrote: »
    op here.

    maybe im the one confusing things.

    I am a buyer.
    The seller has got a valuation on the house I want to buy.

    But rather than take his word for it, I would like to see the report

    So was asking is there such a thing as a report. and then would it be possible for me to simply ask the seller for a copy of it.
    It is the seller's report. Can't see why he would give it to you. Can you not get your own valuation?


  • #19
    Senecio
    Closed Accounts Posts: 971 ✭✭✭Senecio


    The seller doesn't need to have a valuation performed and if they choose to they are under no obligation to provide you with a copy. You're left to your own devices to determine how much the house is worth.


  • #20
    from_atozinc
    Banned (with Prison Access) Posts: 2,943 ✭✭✭from_atozinc


    Pawwed Rig wrote: »
    It is the seller's report. Can't see why he would give it to you. Can you not get your own valuation?

    I can but sure will cost me guts of 200 euro.


    Im just simply trying to see if the seller did get a valuer.


  • #21
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,290 CMod ✭✭✭✭Pawwed Rig


    alastair wrote: »
    There's not any evidence of a softening in sales prices due to the central bank rules though. Most recent CSO price index has prices continuing to rise, albeit very slowly. The end of year price index is highly likely to match the end of last year's.

    In the estate in question nothing has sold since January and all 5 houses for sale have reduced asking prices considerably.Can pm you the estate if you want to look.


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  • #22
    April 73
    Registered Users Posts: 846 ✭✭✭April 73


    A seller's valuation is irrelevant whether they actually got someone in to do it or plucked it out of their heads.
    It's worth the price that a potential buyer is willing to pay.
    Offer what you think it is worth if you want it & see where the process goes.
    Buying a house & the bidding process is a shot in the dark in Ireland.


  • #23
    Jen44
    Registered Users Posts: 455 ✭✭Jen44


    The sellers estate agent is essentially the valuer. They advise the selling price based on market trends the state of the house etc. They dont provide a report for that its usually a discussion with the estate agent at the time he comes to view the house and put it on the market. The valuation report is something your bank arranges when you are getting your mortgage and have an offer on the house. They send out a valuer he does up a report and gives you and the bank a copy of the report. Its mainly to see is the house you are buying worth the amount you are looking to borrow. I just moved into my new house a couple of weeks ago, the report contains details including size of house how many bedrooms is it of good repair is there any damp or dry rot evident etc.


  • #24
    Adoolan85
    Registered Users Posts: 100 ✭✭Adoolan85


    Jen44 wrote: »
    The sellers estate agent is essentially the valuer. They advise the selling price based on market trends the state of the house etc. They dont provide a report for that its usually a discussion with the estate agent at the time he comes to view the house and put it on the market. The valuation report is something your bank arranges when you are getting your mortgage and have an offer on the house. They send out a valuer he does up a report and gives you and the bank a copy of the report. Its mainly to see is the house you are buying worth the amount you are looking to borrow. I just moved into my new house a couple of weeks ago, the report contains details including size of house how many bedrooms is it of good repair is there any damp or dry rot evident etc.

    When did you receive your copy of the report?

    Our bank sent valuer out to the house Friday 2 weeks ago and have heard nothing since.

    Thanks.


  • #25
    Jen44
    Registered Users Posts: 455 ✭✭Jen44


    got mine the same day. We had to pay the valuer that the bank sent out so when he was done with the report he rang us to get his fee and he emailed me a copy of the valuation report


  • #26
    Drift
    Closed Accounts Posts: 1,395 ✭✭✭Drift


    Hi OP,

    It doesn't matter a sh1te whether or not the seller got a valuation done or what it says.

    The question is what is the seller asking for and are you willing to offer that much. If not is the seller willing to accept a lower offer from you.

    If you are borrowing you will have to pay a bank approved valuer to come and value the property. The reason for this is that the bank need protection to make sure they are not giving you a mortgage for more than they would be able to get back if they had to repossess the house and sell it. Provided there isn't some sort of collusion going on between you and the seller then you're going to be paying a price for the house that's set by the market and the valuer will see this and more than likely put down your agreed price as the value of the property.

    You're the one who has to determine the value of the property to yourself.


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