Valuation on a 'project' house

[StinkyDora]

Brother and I are selling Mum's house as she has gone into a nursing home. It was built in the late 60s and has had nothing done for the last 15 years at least and is pretty tatty. It needs re-wiring, new kitchen, bathroom, total redecoration, potentially a new boiler. If I was buying I would want to make some structural changes e.g. knocking toilet and bathroom into one. Two estate agents have valued it at £140 000 and £150 000. The same house, in a good state, next-door-but-one sold last summer for £142 500. AIBU to think that the price should reflect the amount of money that will be needed to be spent on it or am I missing something?

It depends. Has the market risen there? Is there a bigger garden or better parking? I’d ask the estate agents why they think that’s reasonable given the other sale price

It could be the agents trying to get your business and overinflating the price to hook you in.

Or he prices might have risen locally.

Did you see the house that sold? Sometimes the pictures can look ok with neutral decor and tidiness but the property might need everything too.

The estate agents will want your business
How long was it on the market for?
How quickly do you need this one sold?

If the market isn't increasing where you are, then perhaps put it on for 135 and see what happens? Perspective buyers are likely to check out previously sold property near by.
Too many properties needing full upgrading but wanting the same price as a good spec/already updated property. Who knows, a good price may even start a bidding war

Thanks everyone - lots of useful thoughts and ideas. It looks like the lovely neighbour knows someone who is interested so I'm going to hang on and see what they offer before signing up with an agent.

Ask for a realistic/honest valuation, not what they think you want to hear.
My mother's house had to be sold for the same reason, and also needed quite a lot of modernisation.

Brother who was handling the sale asked the EAs as above.

One gave 3 valuations. One, could take 6 months plus. Two, maybe 3 months. Three, I'll sell it in a week.
Brother opted for 3, and he did.

There was not actually an enormous difference between highest and lowest..
None of us lived nearby and we didn't want it sitting empty for long, esp. during a winter - insurance can be a problem, plus keeping the garden presentable, etc.

The work you list is quite considerable and it’s difficult to see how the house can be worth what the agent says. It’s so difficult to handle these sales when there is so much with to do and the value of a property is relatively low. Most buyers will want to break even but will expect not to for the first few years. If house prices are going up, that approach tends to work, but right now it might not be achievable.

I hope the contact comes through for you. If not, get several agents to look at it and do a bit more research about sold prices in the area. Has any other house sold that needs work?

We brought a project house in May. It was priced to sell and within 24 hours had multiple offers. We went over the asking price to secure it, I feel we ended up paying a fair price. One a couple of doors down has also come up, slightly better condition but at a higher price and hasn't had much interest. If I wanted to sell I would price to sell, you don't have to accept an offer if you feel it is too low. But you can't sell it if no one views.