Selling Sister-In-Law`s house. How many valuations needed ?
- Thread starter ossettbob
- Start date
I would recommend at least three valuations, maybe more if you end up with a wide range of values.
Look at the terms and conditions as fees vary and so do tie in periods. VAT will be added to the fees charged. Also ask what houses have been sold recently and what the agreed sale price was. The highest valuation may not be the best as it may cause delays in selling the house.
Look at the well known websites to see what prices are like for similar houses in the area. If you set the filters to include 'STC and under offer' you can get an idea of realistic selling prices.
100 miles
Look at the terms and conditions as fees vary and so do tie in periods. VAT will be added to the fees charged. Also ask what houses have been sold recently and what the agreed sale price was. The highest valuation may not be the best as it may cause delays in selling the house.
Look at the well known websites to see what prices are like for similar houses in the area. If you set the filters to include 'STC and under offer' you can get an idea of realistic selling prices.
100 miles
If you go to
http://landregistry.data.gov.uk/app/ppd
you can find prices paid in recent years.
Just enter house number and street or postcode.
It can take up to three months for the data to be published.
http://landregistry.data.gov.uk/app/ppd
you can find prices paid in recent years.
Just enter house number and street or postcode.
It can take up to three months for the data to be published.
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hi ossetbob
it's pretty usual to have 3 estate agents value the property and then use the one you have most confidence in - a high valuation doesn't mean you will get that amount, and in fact can put off buyers from looking if they think it's overpriced - have a look on Rightmove as you can check out the prices local properties actually sold for and when BUT if the property is in any way individual they are more tricky to value - and a property is only really worth what someone is willing to pay for it so you may need to reduce the asking price if there's no interest - don't keep the property on at a high asking price in the hope that some fool will eventually buy it, you could be waiting years and it's not good leaving a property empty for long
do contact the house insurer as there are often stipulations to follow to keep the house insured eg it must be visited at least once a week
if you are also dealing with the contents, rummage through everything carefully, even what looks like rubbish, as people hide valuables in the oddest places - and don't expect to get much if you try to sell furniture - I gave dad's to a local charity that helps out previously homeless people who have just been homed but have nothing to put in their new home, they took furniture, crockery, bedding ... felt good that dad was helping others set up home
best wishes
it's pretty usual to have 3 estate agents value the property and then use the one you have most confidence in - a high valuation doesn't mean you will get that amount, and in fact can put off buyers from looking if they think it's overpriced - have a look on Rightmove as you can check out the prices local properties actually sold for and when BUT if the property is in any way individual they are more tricky to value - and a property is only really worth what someone is willing to pay for it so you may need to reduce the asking price if there's no interest - don't keep the property on at a high asking price in the hope that some fool will eventually buy it, you could be waiting years and it's not good leaving a property empty for long
do contact the house insurer as there are often stipulations to follow to keep the house insured eg it must be visited at least once a week
if you are also dealing with the contents, rummage through everything carefully, even what looks like rubbish, as people hide valuables in the oddest places - and don't expect to get much if you try to sell furniture - I gave dad's to a local charity that helps out previously homeless people who have just been homed but have nothing to put in their new home, they took furniture, crockery, bedding ... felt good that dad was helping others set up home
best wishes
Great. Will get valuations from three agents. I have insured house as unoccupied. My wife won`t be looking for stupid high price as proceeds will go to nursing home but she will want to satisfy the OPG. No valuables in her house !!
We got three valuations and all three said the same amount. I finally chose the guy I liked the most and got him to agree a fixed price and, as we finally negotiated a substantially higher price than any of the three estimated, I have done OK. After I had agreed to go with them, we got a letter saying he was leaving anyway so bang went my theory of choosing the nicest one!
Last edited by a moderator:
Three is the normal thing not just to get the right price but also to negotiate the best deal from the estate agents, their prices can vary dramatically and if they see it as an "easy sell" they'll quite often do a deal on their fees, local independent estate agents seem to be more flexible than national chains.
Sites like the one nitram mentions are a good guide, however, the value reflects the condition as much as anything. The house to the left of mine sold for just over 60% of the price the one on the right sold for. It needed a complete refurbishment as my (late) neighbour had let things go a bit (well a lot) so it went a developer who got a 50% return on his investment when he sold, condition counts for a lot.
K
Sites like the one nitram mentions are a good guide, however, the value reflects the condition as much as anything. The house to the left of mine sold for just over 60% of the price the one on the right sold for. It needed a complete refurbishment as my (late) neighbour had let things go a bit (well a lot) so it went a developer who got a 50% return on his investment when he sold, condition counts for a lot.
K
Agree with Kevini condition does count.
If you go into detail you may be estimate how much it counts.
If odd numbered properties on an estate of similar properties consistently sell for more than even numbered properties it could be that odd numbered properties have a view denied to even numbered. In this case condition is less relevant, you cannot install a view like you can a new kitchen/bathroom or decorate throughout.
You can also go onto the LA planning site to investigate improvement.
Google street will give you an external view of the property.
The relative council tax banding may also be useful although this may not be updated until after a sale.
In the final analysis a property is worth what a buyer is prepared to pay.
If you go into detail you may be estimate how much it counts.
If odd numbered properties on an estate of similar properties consistently sell for more than even numbered properties it could be that odd numbered properties have a view denied to even numbered. In this case condition is less relevant, you cannot install a view like you can a new kitchen/bathroom or decorate throughout.
You can also go onto the LA planning site to investigate improvement.
Google street will give you an external view of the property.
The relative council tax banding may also be useful although this may not be updated until after a sale.
In the final analysis a property is worth what a buyer is prepared to pay.
Thanks for all the help & advice. Isn`t it nice to know that what SIL is going through & all the stress & work we are having to deal with at our ages (ancient) is for the benefit of the PLC & shareholders of the nursing home. A bit of a rant but it really annoys me.
Totally agree Ossettbob very stressful and upsetting having to sell my mums house, without her knowledge too. We wanted a quick sale and had to accept slightly lower than the asking price to pay for her care fees. This added to all the other worries and upsets we have to cope with in trying to come to terms with our loved ones illness. Don't get me started!!!
Just bear in mind that everybody wants 'a deal' these days. It's rare to get asking price - and if you do, it generally means the Estate Agent has undervalued for a quick sale ie no work on his/her part and an easy commission.
If you ask £xxxx it is unlikely you will get £xxxx - most will try a cheeky offer. In my experience ( and I have quite a lot of experience buying and selling) build in a little bit of wiggle room. That way, you are likely to get a price near what you want and at the same time your buyer feels he has got a bargain.
Make sure that any USP (unique selling point) that the house offers is strongly featured in the blurb. 'Quiet neighbourhood' 'near schools' 'nice garden' etc and if other neighbours have extended, then mention that opportunity STPP (subject to planning permission) ......... all these things attract buyers and make a buyer feel his price is justified. Estate Agents often need a bit of a nudge as often you will know the best bits better than they do!
Here in the SE my experience is that internal condition does not have a huge bearing on price - if the building is sound, the rest is merely decoration. A property may sell easier if it is in good condition and has visual appeal - but a house is a house and most will want to put their own stamp upon it. When I sold Mum's house a couple of years back, I just had to make do with it being super clean - it was so dated. If the approach looks tidy and the house looks worn but cared for - it really does help. I was gobsmacked that I got asking price when 2 prospective buyers were fighting over it. Within weeks of them moving in, the place was completely gutted, rearranged and redecorated.
If the property does not sell, my advice is ( if you are able) to take it off the market for a couple of weeks and then advertise anew, at a lower price with perhaps a different agent. That way it will be sent as a new property to all those who subscribe - rather than a property that has been reduced as it hasn't sold.
Don't bother with multi agencies it costs more and is rarely worth it - just check that the agent you choose advertises with Rightmove. In today's world of internet, if somebody is looking for a property they will look there and see the property. If it is listed with multiple agencies it suggests desperation. If prospective buyers opt to visit an area to househunt, most will look in EVERY Estate agents window anyway.
Good luck! (In the same position as you and just about to market Mum's current place).
If you ask £xxxx it is unlikely you will get £xxxx - most will try a cheeky offer. In my experience ( and I have quite a lot of experience buying and selling) build in a little bit of wiggle room. That way, you are likely to get a price near what you want and at the same time your buyer feels he has got a bargain.
Make sure that any USP (unique selling point) that the house offers is strongly featured in the blurb. 'Quiet neighbourhood' 'near schools' 'nice garden' etc and if other neighbours have extended, then mention that opportunity STPP (subject to planning permission) ......... all these things attract buyers and make a buyer feel his price is justified. Estate Agents often need a bit of a nudge as often you will know the best bits better than they do!
Here in the SE my experience is that internal condition does not have a huge bearing on price - if the building is sound, the rest is merely decoration. A property may sell easier if it is in good condition and has visual appeal - but a house is a house and most will want to put their own stamp upon it. When I sold Mum's house a couple of years back, I just had to make do with it being super clean - it was so dated. If the approach looks tidy and the house looks worn but cared for - it really does help. I was gobsmacked that I got asking price when 2 prospective buyers were fighting over it. Within weeks of them moving in, the place was completely gutted, rearranged and redecorated.
If the property does not sell, my advice is ( if you are able) to take it off the market for a couple of weeks and then advertise anew, at a lower price with perhaps a different agent. That way it will be sent as a new property to all those who subscribe - rather than a property that has been reduced as it hasn't sold.
Don't bother with multi agencies it costs more and is rarely worth it - just check that the agent you choose advertises with Rightmove. In today's world of internet, if somebody is looking for a property they will look there and see the property. If it is listed with multiple agencies it suggests desperation. If prospective buyers opt to visit an area to househunt, most will look in EVERY Estate agents window anyway.
Good luck! (In the same position as you and just about to market Mum's current place).
We now have completion date and are busy clearing Mums house. A couple of points to people on here going through this now -
1. Save yourself loads of money by using a Licensed Conveyancer rather than a solicitor.
2. Save yourself loads of money by finding your own EPC (Energy Performance Certificate) advisor rather than using someone recommended by the estate agent.
3. If you get any requests to pay for things which you are doubtful about, spend a little while looking into it and don't just pay up. I was asked to pay £75 for a redemption certificate for some new part glazed doors Mum had fitted 2 years ago. Even though I provided a 10 year warranty certificate they said I didn't have a FENSA certificate nor had I got building regulations approval. A quick call to the door suppliers said one wasn't needed because there was less than 50% glass in the total area and I hadn't needed building regs. He said he spends half his life explaining this to solicitors but I guess a lot of people would just pay up!
1. Save yourself loads of money by using a Licensed Conveyancer rather than a solicitor.
2. Save yourself loads of money by finding your own EPC (Energy Performance Certificate) advisor rather than using someone recommended by the estate agent.
3. If you get any requests to pay for things which you are doubtful about, spend a little while looking into it and don't just pay up. I was asked to pay £75 for a redemption certificate for some new part glazed doors Mum had fitted 2 years ago. Even though I provided a 10 year warranty certificate they said I didn't have a FENSA certificate nor had I got building regulations approval. A quick call to the door suppliers said one wasn't needed because there was less than 50% glass in the total area and I hadn't needed building regs. He said he spends half his life explaining this to solicitors but I guess a lot of people would just pay up!
Yes, this. We got three estate agents to give a valuation because I'm answerable to the Court of Protection (I'm a deputy). I sold my mum's house to the next door neighbour for an amount that was a bit under the middle amount. This has never been questioned.
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