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RICS valuations on my home

Big thanks to housem8, but can I pick your brain again or any one out there? my home is quite unique with no comparisons as are most of the properties on my road, I now know that they they will use previous sold prices and also the property values at current, but will they use what a property as been on the market for but then taken off and not sold. Or can they only use sold prices or current values, e.g. my home was valued by 3 estate agents between £220,000 to £249,995, but to go for a quick sale I chose to put it on the market at offers over £200,000. After 8 weeks and no buyer and stupidly after chat with agent who only wanted there £3,500 fee, I agreed to drop to £189,995, which shortly after I withdrew of the market with this agent, but this value shows up on rightmoveplus as being on the market at this value, will this go against me as this is not it's true value? I'm selling to relocate due to family illness.

Asked on Oct 6 2010, General in Heywood | Report content

Answers (2)

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  • The surveyor will use comparables of sold property within the local area and will probably speak to the local agents, do your own research of similar priced property which are currently being displayed as sold on rightmove. Demonstrate to the surveyor you know what you are talking about, dig out your original valuation letters at the £220 - £249,950 to show to them.

    Answered on Oct 7 2010, Report content
  • I agree with Mark in terms of how the RICS valuation will be measured. You should choose an agent carefully and select from a range of them. You should look at how they market the homes (photographs and descriptions), and how widely the home is marketed on the web. For instance, we advertise our homes on 25 websites and the local press, some others only use one website. Meeting with the agent should give you a feeling of confidence, so again it is worth talking to a few of them until you find one you can trust. The valuation is important but be aware of the estate agent who deliberately over values your home to win your instruction, some estate agents' fees are based on the initial valuation not the actual selling price. Finally the fees can vary from as low as 0.4% (our fees) to as high as 2%.from other agents on the market. Based on the figures you quoted your original agent was charging close to this 2% level. If you feel we can help in any way please contact us.

    Answered on Nov 18 2010, Report content

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