"Is it possible to get an EA that will overvalue your property?"
Do you mean lie?
Do you see anything wrong with this question?
mf
The IAVI accreditation system is seen as a protection for the lending institution. In my own experience, it means very little as I was able to get get a valuation at a level I wanted rather than the real figure. We can argue about the rights and wrongs of such behaviour but that's the reality.
Thanks for this John Rambo. I'd be really interested to know the basics of how the valuation is arrived at (I know it's a profession and I'm not EA Bashing) is it as simple as looking at similar houses in the area and pricing in line with these?
"Is it possible to get an EA that will overvalue your property?"
Do you mean lie?
Do you see anything wrong with this question?
mf
Yes. An estate agent would never lie.
No - the point I am making is that no-one seems to see anything wrong with asking the EA to lie.
You gotta say if the punters see nothing wrong with that, do you not just think yeh, whats with all the complaining about EA's, you get the EA's you deserve.
mf
No - the point I am making is that no-one seems to see anything wrong with asking the EA to lie.
You gotta say if the punters see nothing wrong with that, do you not just think yeh, whats with all the complaining about EA's, you get the EA's you deserve.
mf
Valuers can use several methods of valuation but the most common is the comparable method, where the property's value is assessed based on the recent market sales of similar comparable properties. And never take valuation or property advice from an agent or valuer who will arrive at a value as the situation desires.
I'd be interested to know whether EA's are indemnified against future legal action. Say I go all 'sub-prime' for example...lose my job, hit the bottle etc. The bank repossess my property and try and sell it but achieve a sale price which bears little relation to the EA's valuation. They then do some investigation and see no similar properties were achieving such prices on the date of the valuation. Surely the EA is then in the firing line?
How does the EA arrive at a valuation of a property
I'm not EA bashing but I have never met a single one that wasn't a complete bluffer
I'm sure they manage to get by without the feeling that EA's are so undeserving of the prestigious title 'professional'.to call it a profession is an insult to doctors, lawyers and accountants.
The valuers are usually the lenders pre approved EA/Valuers
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