Shoddy house valuation

Ghost Mutt

Hey everyone,

We're in the process of buying a house from my wife's father. It's a bit of a fixer-upper, crack in the structure of the front wall and the wiring needs to be completely reworked.

We got a valuation done recently, and the person who did it basically walked in and rattled off a number based on the location. It's a bit higher than we'd hoped.

I'm just wondering if this was normal? We'd pay for a new valuation if we thought it'd help, but aren't keen on forking over another 300 bills for more of the same.

uck51js9zml2yt

I got a valuation done last year. Cost me 120.
But that's effectively what they do.
Take a look around and tell you what they think it will sell for on the open market.

Lumen

It seems like the problem isn't the shoddiness of the valuation process, it's the fact that you don't like the number. :pac:

You're paying someone to guess, if they're experienced they'll be able to guess fast.

You won't get a more accurate answer by them putting in more effort, because it's only worth what someone will pay, and you can't know that unless you put it on the market and go sale agreed.

The weaselly way to do this is to put it on the market and then pull out of the sale. You're wasting everyone's time but you'll get an accurate answer. But maybe you don't want accuracy anyway!

Askthe EA

A second opinion never hurt anyone but I would guess if your property is in an area where there is good demand and lots of comparable sales, the figures wont be miles apart.

Skerries

how does the price compare to comparables in the area that have sold on the Property Price Register?

Ghost Mutt

@Lumen.
Ha ha, fair point! I won't waste anyone's time, just cough up what's needed. Thanks for the info.

@Skerries
It came in a bit higher, which is why it raised my eyebrows. A house on the same street in considerably better nick is on the market for the same price.

Thanks to everyone else for the replies too. May get the second opinion in case I strike it lucky but it looks like I'm just going to have to up the loan a bit.

GingerLily

Ghost Mutt wrote: »

@Lumen.
Ha ha, fair point! I won't waste anyone's time, just cough up what's needed. Thanks for the info.

@Skerries
It came in a bit higher, which is why it raised my eyebrows. A house on the same street in considerably better nick is on the market for the same price.

Thanks to everyone else for the replies too. May get the second opinion in case I strike it lucky but it looks like I'm just going to have to up the loan a bit.

Can you get a surveyor in?

Ghost Mutt

@GingerLily

That was our initial plan, but we were told that we needed a Valuer specifically to determine the property value.

catrionanic

Estate agents in Dublin will do valuations for free. I should know - I’ve just had four of them round!

Askthe EA

catrionanic wrote: »

Estate agents in Dublin will do valuations for free. I should know - I’ve just had four of them round!

Thats not a valuation.

Gumbo

catrionanic wrote: »

Estate agents in Dublin will do valuations for free. I should know - I’ve just had four of them round!

That’s not a proper valuation for bank purposes.
That’s a meet and greet with expected values and the EA hoping they get the job from you.

Alkers

The higher value is better for you as your LTV will be lower - your mortgage is a smaller %age of the property value.