Estate Agent Valuations. How?

T

TheBlock

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Just a quick query for anyone form EA's on here. How do you come up with a valuation? Is it just a guesstimation?

How do you know who to go with when there is a substantial difference of opinion of the value?

I know the market is stalling but should there be a 70k difference range 381k to 450K?

Anyone got any ideas or suggestions?
 
they value using comparable evidence -factoring in condition of property.
watch out for cowboys over valuing the property so that you will choose them to sell.
 
Take the most recent sales and asking prices ( you may not be able to get hold of the eventual sales price ) of the most similar properties in the most immediate area.

A search on Daft and My Home etc shpuld give you a quick list of appropriate areas.

Tweak prices up/down for the following, not limited to...

Location: same estate, nearest estate....
Size/Rooms: same size, factor for smaller or larger.......
Condition: Work required, updating....
Special Features: Conservatory, garage, extension, garden, aspect, attic conversion....
Any factor of miscellaneous factors, next door to sub station/park will affect in appropriate way also.

A bluffers guide to appraising. Ultimately it is what someone is prepared to pay and if some one else was preppared to pay x for the same 2 bed semi next door, last week, then that wont be a bad stating point.
 
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There is a significant difference between a valuation and an appraisal.
A valuation is the Estate Agent or Valuers opinion on what the property is worth for finance/legal purposes.
An appraisal is the Estate Agent or Valuer's opinion on what the property would realise in the event it was brought to the market.
 
mo3art said:
There is a significant difference between a valuation and an appraisal.
A valuation is the Estate Agent or Valuers opinion on what the property is worth for finance/legal purposes.
An appraisal is the Estate Agent or Valuer's opinion on what the property would realise in the event it was brought to the market.
Click to expand...

Why are they different?
 
Apraisal = a value placed on a property for tax or legal puposes etc and is fixed in value.

Valuation= market price/"guide" that it is expected to sell for and can change

A valuer will sign off/ certify an appraisal price, valuation is a fluid number....




My understanding anyway...
 
monkeyboy said:
Apraisal = a value placed on a property for tax or legal puposes etc and is fixed in value.

Valuation= market price/"guide" that it is expected to sell for and can change
Click to expand...

That's the reverse of the way mo3art described them.

Also, I don't understand why a valuers opinion of what a property is worth for financial/legal purposes would be any different to what it's worth on the market.
 
Thanks for the replys...Am still unsure as to how there is such a large difference between valuations or appraisals.

I may as the EA's themselves (Three of them)...see what they have to say.

Monkeyboy ta for that I will try and see what similar in the area are going for or have sold at and adjust accordingly.
 
whathome said:
That's the reverse of the way mo3art described them.

Also, I don't understand why a valuers opinion of what a property is worth for financial/legal purposes would be any different to what it's worth on the market.
Click to expand...

Oh yeah! swith the words !
 
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