Auctioneer Valuations varying wildly

J

Janice

Registered User
Messages
14
Hi,
We have had our house valued by 1 independant valuer and 3 Auctioneers, and the valuations have varied by as much as 100K!
This is an old corporation house so 100K is between 1/3 and 1/4 of it's value

Anyone any thoughts on Auctioneers? who can give you an accurate market value? or why the values could vary so much?

Does it ever happen that you can go with an autioneer to find them later drop this market vlaue price?

I'm flommoxed,

J
 
It's a difficult business. If one auctioneer tells you that he expects to get €300k for the house and the other tells you he expects to get €400k for the house, which one will you give your business to? So it's in their interest to push up the estimate to get the business and then to bring it down so that the house will sell.


In reality, if you have been watching other houses in the area, you will have a better idea of the value of your house yourself.

Brendan
 
Hi,
Thanks for the reply's, we have been watching other houses but as ours has a very large backgarden and an extention with a 3rd double bedroom (3 rooms are large) and a 2nd WC, it's very unusual for the area so it's difficult for us to find many comparable properties,

1 similar property in the area, although bigger and in much better decoration recently went for nearly 500K so this could be influencing the higher valuation, which came from one of the biggest and most professional Auctioneers,

So we aren't exactly sure who to believe,

J
 
Janice - could it be that that large back garden has development potential? Was that mentioned by the €400k guy - that may have coloured his view.


Roy
 
Hi Janice,

Could you tell me who gave you the highest valuation please?

I have an ex-council house too (in drimnagh) and a mortgage with AIB, in order to get onto the best rate Tracker (< 60% LTV) i would need to get a high valuation on my house.

as you say it's very hard to know what our house is worth as it has no extension and most houses in the estate have extensions & different layouts etc.

did the estate agents charge you for the valuations?
 
Hi,
The Estate Agents don't charge you but we have since got more valuations and it looks like all the others are being consistent in their prices,

In relation to the value of your house, I am not sure if the bank will take the word of an auctioneer that's not on their panel so getting a high valuation from an auctioneer may not help you,

J
 
Might be worth your while asking AIB if the surveyor you used when you bought the house originally would be acceptable now for valuation purposes. I did this when I needed a (how shall I put it?) "generous" valuation at the start of the year to get the nib <60% tracker. Surveyors are like the rest of us, I guess, and more likely to, eh, "facilitate" an old client.

The other advantage is that since the surveyor has done the house before, the work involved for him/her will be much less than with a house they've never seen. This can be reflected in the price you negotiate with them for the service. I remember being surprised at how much I managed to get my surveyor to come down by....
 
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