Property Valuation for Probate

This crowd do it for free:

Google free probate valuations for your area and see what comes up.

mf
 
Cost €90 for valuation on a semi in a rural area by a friendly estate agent. YMMV.
 
I got two large Dublin estate agents out to value my Dad's house after he died last year. Both were free. They want the business and its cut throat for them in the market. However Sherry Fitz said they would charge 300 so we didnt bother with them.
 
Agents will often give you a verbal valuation for free but charge you for the report!

Be sure and let them know when you hire them that you require a printed report / letter.
 
The difference is that one will be a red book valuation which some will suggest gets less queries from the tax office about the values.

The issue being if the tax office think it's being undervalued they could could ask for a correction later in the form of more tax charges.

I queried it with the tax office, the guy I spoke to didn't know what I was talking about it. So I don't know if this is true, or its put out there as means of adding value to the bodies accreditation.
 
My issue with all of this is that if you got it valued in a falling market and you ended up selling for far less than the valuation, they still calculate the tax from the valuation not the actual price. Which seems unfair.
 
My issue with all of this is that if you got it valued in a falling market and you ended up selling for far less than the valuation, they still calculate the tax from the valuation not the actual price. Which seems unfair.
This is why the best option is to sell as soon as possible and take the sale agreed price to be the value of the house. Revenue will not query a house price as long as it was valued within one year of death.
 
In regard to the free or very cheap valuations that some estate agents offer, is there any sort of a catch to those in terms of obligations to sell or anything ?
 
In regard to the free or very cheap valuations that some estate agents offer, is there any sort of a catch to those in terms of obligations to sell or anything ?

Be clear in advance what you're asking the agent to provide so there is no confusion.

An obligation would only arise if you signed a contract with the agents. My limited experience of those agreements is that they can be terminated by either party with an agreed notice period. Sell within the notice period and you still owe the agent their commission regardless of whether they were involved in the sale.
 
I asked Lisney’s and DNG what they would charge for a probate valuation and in the same email asked would they like to quote for handling the sale.

Both came back instantly saying they would be happy to provide a free no obligation probate valuation in the hope that they would be considered favourably when it came to selling.

One of them was appointed to sell the property and a Property Services Agreement was then signed with that agent.
 
In regard to the free or very cheap valuations that some estate agents offer, is there any sort of a catch to those in terms of obligations to sell or anything ?
I got a follow up call from one EA after they sent the valuation out to see what my plans were with the house. The other EA didnt follow up.
Theres no obligation to sell but the expectation of the valuer is to get the business. But they also know that the person requesting the valuation has other EA(s) valuing it and also family to consult about the estate. So there might be some follow up from valuers but just thank them for the report and say you may be in touch.
 
Be careful here. I have had this situation recently. I got 2 valuations from different estate agents.
In my estimation they are both too high, leaving a bigger potential tax bill.
I am dealing with a property that is a total wreck, on a road where similar size house going for 595K
They are giving me values of 550 and 500K. They have an interest in bigging up the value.
I am thinking now, to get another valuation done when probate is finished, and done by a valuation surveyor instead.
 
When you say "In my estimation" - are you an EA yourself? Both quotes received in my case were accurate - I think its urban myth about EAs "bigging up the value" for probate. Maybe yes when they're punting for regular EA business I'll grant you that.
 
do you think a near derelict house, riddled with woodworm, in rafters and floor joists, a cave...
is worth 500K.
 
do you think a near derelict house, riddled with woodworm, in rafters and floor joists, a cave...
is worth 500K.

Woodworm isn't that tricky or expensive to treat. What other work is required that you think 100k under the value of the other property is still too expensive?

You might be surprised how little condition affects sale price in some areas. Many would prefer to pay €500k for a wreck they can put their own stamp on rather than €600k on something finished to someone else's taste where they'll still need to spend money on.

An agent has no incentive whatsoever to give a wildly inaccurate valuation. Doing so is only likely to annoy the owner and make them go elsewhere. By and large, agents are too shrewd for that.
 
Agreed Leo. Why would DNG &Lisney etc give bogus probate valuations when these could/ will be reviewed at some stage by Revenue? If there was this kind of activity going on it would be stamped on by Revenue sharpish.
 
Why would DNG &Lisney etc give bogus probate valuations when these could/ will be reviewed at some stage by Revenue? If there was this kind of activity going on it would be stamped on by Revenue sharpish.

Yeah, significantly undervalue and it's potential evasion, significantly over-value and a prospective future customer is put off.

Now, talking to an agent with a view to selling your property is a different matter, some will all try to convince you they can achieve well over the odds in order to convince you to sign an agreement. When looking at putting my own place on the market I met with three agencies, two were in or around what similar properties were selling for, the third was sure they'd be able to get way more than was realistic.
 
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