|
|
The highest valuation of your
home is not always the most accurate. It is a well-known trick
among most agents; someone wants to sell their home, so they
arrange valuations from three local estate agents, two of which
value the property in the same price region while the third
agent quotes a price £25,000 higher. So the vendor decides
to go with the agent who quoted the highest asking price.
Straight-talking estate agents around the county are constantly
in battle with others who try to win business by putting inflated
price tags on property. And the story often ends a few weeks
later when the vendor accepts that the property is attracting
little interest at the higher price and that they need to cut
the price a little. Of course the estate agent already knew
that!
Disagreements over house price valuations are
likely to become a common place in our tricky property market.
When property prices were going up 25 per cent or more each
year, performing valuations was pretty straightforward. Now
of course, it's an entirely different story.
Two types of price valuations take place when a property is
placed on the market and later sold - the initial suggestion
of a selling price by a professional estate agent and then the
much more formal valuation by a surveyor, While the formal valuation
is covered by the RICS regulations (Royal Institute Of Chartered
Surveyors), estate agents have complete freedom when suggesting
selling prices.
|
