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My dad selling his house

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  • 20-08-2017 9:41pm
    #1
    tig22
    Registered Users Posts: 55 ✭✭


    hey guys
    My dad has his house for sale in the next year which will go to auction, it has been valued at 300k , this is the initial valuation , on common standards will this go up much at auction and is the "initial Value" close to selling price evan at auction


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    #2
    hullaballoo
    Administrators, Entertainment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 18,727 Admin ✭✭✭✭✭hullaballoo


    Moved to accommodation and property as there is no real legal point for discussion.

    The accommodation and property charter now applies.


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    #3
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    tig22 wrote: »
    hey guys
    My dad has his house for sale in the next year which will go to auction, it has been valued at 300k , this is the initial valuation , on common standards will this go up much at auction and is the "initial Value" close to selling price evan at auction

    Initial valuation is just a quick valuation now.

    It does not related to the sale price, but it might represent what a rational investor might value the property at, so you can expect a s.p. of in and around that figure.

    Of course it may not sell either or go for a lot more. Why is he going the auction route? It generally is only used when there are title issues, low interest, etc. A lot of people won't buy at auction due to having to outlay inspection costs before bidding or else buy blind.


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    #4
    Atlantic Dawn
    Registered Users Posts: 82,648 ✭✭✭✭Atlantic Dawn
    M


    Depends where the house is, how the economy is in a years time, how long is a piece of string basically. Planning permission could be announced for something nearby that could kill the value too. Make sure he puts a reserve on it.


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    #5
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    tig22 wrote: »
    hey guys
    My dad has his house for sale in the next year which will go to auction, it has been valued at 300k , this is the initial valuation , on common standards will this go up much at auction and is the "initial Value" close to selling price evan at auction

    Why auction? Is there something wrong with it?


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    #6
    tig22
    Registered Users Posts: 55 ✭✭tig22


    Askthe EA wrote: »
    Why auction? Is there something wrong with it?


    it is a large georgian 5 storey house , sorta dilapidated


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    #7
    CIARAN_BOYLE
    Registered Users Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    tig22 wrote: »
    hey guys
    My dad has his house for sale in the next year which will go to auction, it has been valued at 300k , this is the initial valuation , on common standards will this go up much at auction and is the "initial Value" close to selling price evan at auction

    It depends of if the initial value is higher or lower than what the property is worth.


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    #8
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    tig22 wrote: »
    it is a large georgian 5 storey house , sorta dilapidated

    Yeah, that kind of explains it. All the legals have to be done in advance. Perfect for that kind of property.


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