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They will if you brief them properly.I'm not sure an auctioneer will see all this as the property is in a nice area.
I don't think you'll get much of a valuation anywhere for €150.A valuation costs €150.
A valuation would be needed as it’s a market value revenue work of calculating stamp duty.
So the professional’s view on the valuation might differ from the number you and your siblings plucked out the sky?There is so much work to be done on the house, new windows, new kitchen and heating system, so we thought with all the investment from myself we go for a reasonable price so this could actually be obtained. I'm not sure an auctioneer will see all this as the property is in a nice area.
I'll get the thinking cap on I suppose.
Thank you for your reply.
Don’t “go back to the drawing-board”!We had the house valued two years ago and agreed a price then off the back of that, it really wasn't plucked out of the sky. But unfortunately two years later, and increased property prices and us still agreeing the original price, I was concerned we would have to pay CGT on something that's not actually a gain.
I will go back to the drawing board.
Many thanks for your reply.
I will speak to them this week. That's great advice and thank you. XDon’t “go back to the drawing-board”!
Look at the national house price indexes, any local ones, or similar properties in your area that traded then and now and apply a reasonable uplift.
Or just ask the valuer to update his or her valuation. That should be easy and cheap.
AIB charge €150 for there valuations.I don't think you'll get much of a valuation anywhere for €150.
Are AIB willing to defend their valuations if challenged at a later date by the Revenue Commissioners?AIB charge €150 for there valuations.
Are AIB willing to defend their valuations if challenged at a later date by the Revenue Commissioners?
No estate agent or bank will defend their valuations to revenue. Why would they? They would simply stop doing valuations if they got dragged down that road and the system would collapse. They are just valuations. As long as they show some sense of reality, there won't be an issue.
Are AIB willing to defend their valuations if challenged at a later date by the Revenue Commissioners?
I think you're missing the point. The purpose of the bank valuation is as you describe. But I'm pretty sure that any such valuation will be prepared on the basis that, and will most likely explicitly state, that it is for the bank's own use and should not be used by anyone else for any other purpose.The purpose of the bank valuation is to ensure that collateral is associated with a mortgage loan is correctly priced. There are possible downstream implications for a bank's tax bill if the valuations are systematically wrong.
In the highly unlikely event of valuations being challenged individually or en masse by Revenue the bank would point to the assurance it has from using licenced, professional valuers.
I doubt it would be any different in this case.
Indeed. But I'm sure that such valuations would have to be shared in the event of a Revenue audit.But I'm pretty sure that any such valuation will be prepared on the basis that, and will most likely explicitly state, that it is for the bank's own use and should not be used by anyone else for any other purpose.
It is convoluted and I won't waste space on this thread.I don't understand your point about a bank's tax bills.
Indeed. But I'm sure that such valuations would have to be shared in the event of a Revenue audit.
I paid a valuer from a bank panel once to give me a valuation to avail of a better LTV (2014 I think).The holder of a valuation can do what they like with it. But if it states that it should not be used for anything other than the bank's internal purposes, it's not worth the paper it's written on.
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