Property valuation

[RebelRebell]

We are hoping to buy the property we are renting - the landlord is wanting to sell to us and they are arranging to have the property valued by 3 local estate agents. However, we have just sold another property in the same area and all the agents overvalued the property by between 10-25k (presumably to get our business). What's the best way to get a valuation without it being inflated? We will need a mortgage so should we have a mortgage valuation as well and compare this to the estate agents?

You wont get the mortgage valuation until after youve applied for your mortgage (and paid any fees), so this will be quite a way down the line. Presumably you need to agree a price with ll now so it doesnt go on the open market?

The valuation EAs should be providing is the price they could SELL it for in a reasonable time. ie £200k.

There is also a price they would market it at (that it prob wont sell for and that is pushing your luck a bit) ie £215k

and there is a lower price that they could sell it for tomorrow ie £180k

LL will be greatly advantaged to sell to you - no rental void, no redecoration, cleaning, minor jobs, no viewings to arrange, no messing around, certainty of timescales, no chain. No EA fees alone is worth a fortune. So you should be negotaiating and looking for the lower valuation above.

Tell the agents you want the right value to get a quick sale. Also go on to rightmove and check out the competition your property will be up against which should give you a feel for what is the right price. Unless your property is very unusual in the area this is what EA do before they come to see you. You are right that most agents want to get your property on their books but they do also want to sell it to get their commission so a good one should suggest a marketing price as well as an expected achievable price which will be somewhat lower. Buyers will always try to get a property at a lower price so be prepared to be flexible on price.

Sorry ive given you a backwards sort of suggestion as you will be buying, but the same principles apply - you get to offer what you think its worth compared to other properties around. You are in a strong position.

You can pay a RICS qualified surveyor to do a valuation.

I would also recommend RICS surveyor. Most likely his/her valuation will be lower than EAs but then your argument could be that this is how lender will value as well

Thanks for all comments - thinks the rics surveyor sounds like a great option.