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Valuation?

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  • 07-10-2015 8:36pm
    #1
    Rifter
    Registered Users Posts: 208 ✭✭


    Im currently looking at a property, it needs a bit of work, which is fine! The asking is €155000, which im prepared to pay. What im wonderibg about us the valuation? When does this happen and what happens if it is valued at less than the asking?


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    #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,507 Mod ✭✭✭✭johnnyskeleton


    Rifter wrote: »
    Im currently looking at a property, it needs a bit of work, which is fine! The asking is €155000, which im prepared to pay. What im wonderibg about us the valuation? When does this happen and what happens if it is valued at less than the asking?

    In such a scenario one would wonder why they are paying over the odds!

    The valuers will usually base their views on comparator properties sold around the area. They will also know how much you have agreed to pay and unless there is a clear reason to suggest that its not worth what youre paying that will probably come back as the valuation.


    If the valuation comes in under the purchase price, you will need to increase your deposit so that it covers the difference.

    If youre really concerned about this, you can get a valuation done before you bid.


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    #3
    Rifter
    Registered Users Posts: 208 ✭✭Rifter


    johnnyskeleton wrote: »
    In such a scenario one would wonder why they are paying over the odds!

    The valuers will usually base their views on comparator properties sold around the area. They will also know how much you have agreed to pay and unless there is a clear reason to suggest that its not worth what youre paying that will probably come back as the valuation.


    If the valuation comes in under the purchase price, you will need to increase your deposit so that it covers the difference.

    If youre really concerned about this, you can get a valuation done before you bid.

    Who initially does a valuation? Is it not an estate agent whos only motivation is to get the highest sale price possible?

    How much does an idependant valuation cost?


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    #4
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,416 Mod ✭✭✭✭Gumbo


    Rifter wrote: »
    Who initially does a valuation? Is it not an estate agent whos only motivation is to get the highest sale price possible?

    How much does an idependant valuation cost?

    Whatever bank you are getting your mortgage from will stipulate the survey/valuation. Ulster bank for example, will,send out their own surveyor free of charge before fund draw down, other banks may make you engage your own.

    Typical valuations can cost €130 basic rising upwards for a full check of the house (without doing any exploritory checks).


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    #5
    Jen44
    Registered Users Posts: 455 ✭✭Jen44


    The bank giving you the mortgage send the valuer to ensure the property is worth the amount of money you are looking to borrow. They give a report to the bank and yourself detailing thinks like if there is any damp or dry rot how many bedrooms garages etc and they usually also comment on the price of other similar properties in the area. I just bought a house and the valuation was done after we put in our offer but before we signed any contracts. The same day I got an email from the valuer with the report he was sending into the bank


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