House Valuation

RisingDamp

I am in the process of bidding on a property but am wary of the price spiralling out of control. Any suggestions or advice on how best to proceed?

I am concerned that should I succeed with my final bid the valuer may undervalue the property leaving me with a pricey gap to fill.

metricspaces

RisingDamp wrote: »

I am in the process of bidding on a property but am wary of the price spiralling out of control. Any suggestions or advice on how best to proceed?

Simple. Pick your limit and do not exceed it.

What strategy you employ for bidding is really just up to you. No one can say what is best. One option is to bid aggressively to ward off competition and get it off the market before others see it. In a market where supply cannot meet demand this might be a good approach.

RisingDamp wrote: »

I am concerned that should I succeed with my final bid the valuer may undervalue the property leaving me with a pricey gap to fill.

This is extremely unlikely in the current climate unless you are doing something really crazy.

The estate agent selling the house has obviously an interest in it being valued at the price you agreed and I'm sure will point you in the direction of a like minded valuer if needs be ;-)

Paddytheman

But the bank sends in the valuer not the estate agent?

Andycap8

Paddytheman wrote: »

But the bank sends in the valuer not the estate agent?

The valuers all know the sale agreed price and will be able to justify it. Unless it's crazy. And if it's crazy you shouldn't be paying that price.

metricspaces

Paddytheman wrote: »

But the bank sends in the valuer not the estate agent?

Have you checked with your bank if they send their own valuer or you pick one from an approved list of valuers?