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Initial Valuation of house

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  • 25-05-2017 1:18pm
    #1
    KennySP
    Registered Users Posts: 12 ✭


    hey all
    my familys house was valued at 300k , however there is a identical house in the same area on daft for 800k , just curious to why this is and will this price go up at auction ??


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    #2
    Mooooo
    Registered Users Posts: 8,611 ✭✭✭Mooooo


    KennySP wrote: »
    hey all
    my familys house was valued at 300k , however there is a identical house in the same area on daft for 800k , just curious to why this is and will this price go up at auction ??

    Did you talk to person who valued it? Any issues with house which may devalue it, perhaps other house has more done inside? Was valuation done at time of transfer from parent to child etc?


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    #3
    KennySP
    Registered Users Posts: 12 ✭KennySP


    house in in same condition as house on daft , was wondering if this was a general valuation , and was told the valuation will go up at auction day


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Auctioneers have funny ways of dealing with things- normally purely for the purpose of drumming up interest in properties and thus their prospective fee......

    So- they advertise an AMV (advised minimum value) below which a property will not sell. This is set at an artificially low level- but is useful for potential buyers to use as a comparator against the likes of the propertypriceregister.ie

    They agree with the prospective seller an undisclosed 'reserve price' which is hidden from the bidders until it is reached- which is the actual minimum amount a property will be allowed sell for.

    Actual sale price- which is what the prospective bidders bid it up to on the day- and as the old Roman philosopher Publilius Syrus put it- Everything is worth what its purchaser will pay for it. Will it make 800k- maybe, maybe not- depends on who wants it more than the next person on the day, and their capacity to pay for it.

    Just because another local property in a similar condition is on the market for 800k- does not mean it, or yours, will get this price- if you have a look at www.propertypriceregister.ie you can see actual prices achieved in your area- this would be a far more useful guide than a 'For Sale' price on a property.


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