House valuation if agreed price between siblings is agreed?

[Sunny]

That's simply not true. I myself have on many occasions commissioned estate agents to perform property valuations in Revenue audit cases, on the explicit basis that the valuations would be used as evidence in the course of the Revenue audits.

I've also known of and dealt directly with situations where estate agents have been subpoenad to appear in court to explain and justify to a judge, valuations they have made.

Any valuation is worthless unless the person preparing it is willing to stand over it.

Yeah so you told the estate agent that it is needed for a revenue audit. That's fine. 99% of valuations carried out are not done on this basis. They are carried out for reasons of getting a mortgage or for probate reasons.
Are you now saying that everyone who needs a valuation for probate purposes but didn't get one of your 'special' valuations done are in trouble?

Valuations are just that. Valuations. Estate agent values house at 500k. Local houses sell in range of 450-600k depending on condition. House goes on open market 9 months later and sells for 550k. Doesn't mean the 500k valuation at that point of time was wrong. Good luck to revenue proving it was.

Out of interest, how much do you pay for one of those valuations and how does it differ from a standard one that every estate agent will offer for around the €150 mark?

 

[T McGibney]

Yeah so you told the estate agent that it is needed for a revenue audit. That's fine. 99% of valuations carried out are not done on this basis. They are carried out for reasons of getting a mortgage or for probate reasons.

This query is about avoiding an unnecessary and unwarranted CGT bill, ie

My question is,
Do I need to get an inherited house valued by an auctioneer if me and my two siblings have agreed a reasonable price for me to buy them out. We don't want to pay CGT on gains we don't even have.

Are you now saying that everyone who needs a valuation for probate purposes but didn't get one of your 'special' valuations done are in trouble?

I don't understand your question. Nobody is "in trouble". But if someone relied for probate purposes on a document with forbids use for that purpose, the evidential value of that document in that context approximates to nil.

A valuation done for probate or revenue reasons is by no means "special".

 

[Pinoy adventure]

This query is about avoiding an unnecessary and unwarranted CGT bill, ie




I don't understand your question. Nobody is "in trouble". But if someone relied for probate purposes on a document with forbids use for that purpose, the evidential value of that document in that context approximates to nil.

A valuation done for probate or revenue reasons is by no means "special".

So the valuation done in both situations are exactly the same.
Most banks do charge €150 for such valuations.
Revenue work of the valuation submitted by the person dealing with probate.

 

[T McGibney]

So the valuation done in both situations are exactly the same.
Most banks do charge €150 for such valuations.
Revenue work of the valuation submitted by the person dealing with probate.

Okay, if a bank is offering a valuation for such a low price, there's no harm in asking them will it suffice for non-bank purposes. If it will, happy days. If it won't, no harm done.

 

[Gordon Gekko]

I did my own valuation exercise for LPT purposes. It wasn’t rocket science given the data that’s out there.