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Former MH valuation

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31 Jan 08 #12433 by unic
Topic started by unic
as x2b and I have got wildly different valuations of FMH Judge has directed that another estate agent should be paid to do a valuation.
Anyone got any experience of this? Are they likely to look at similar local properties they have on the market and value it close to these?
Any appeal if it feels inaccurate?
Thanks

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31 Jan 08 #12463 by Josh2008
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You don't say what the current valuations are

Wildly different in terms of money or %

If say EA1 says £250,000 and EA2 says £240,000 it might appear to be wildly different but in reality it's only a small percentage (4%)

You should have a gut feeling and a new valuation might not be as high as the highest and could be lower than the lowest, what do you do then

I should say that a gut feeling, bear in mind the current market and the marketability of the FMH and you should be able to come to a sensible value.

What I always say is if neither party can buy the other out, then put a % figure forward for any future sale, that way you both get exactly what was agreed, whether the market goes up or down

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31 Jan 08 #12467 by soulmanuk
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i had the MH valued and the estate agent said that is a starting point and as it wants repairs and updating i would have to spend on it to get that value (£75000) but as it stands i would be looking at £65000. a house on the street in similar condition went for £63000. when the solicitor asked if i wanted to take that valuation i said no. so i spoke to another estate agent about the valuation and they said that a judge can order a full survey as they do for mortgages and the cost is split between you both. but you are only responsible for your half of cost if you both agree to the survey. if you get one without the other halfs say so you will have to pay the full cost. i was shown a copy of another property and it is very detailed and compares the valuation with other properties in your area to show that it is a fair valuation. the %cost for a £75000 house is £240

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31 Jan 08 #12468 by soulmanuk
Reply from soulmanuk
i had the MH valued and the estate agent said that is a starting point and as it wants repairs and updating i would have to spend on it to get that value (£75000) but as it stands i would be looking at £65000. a house on the street in similar condition went for £63000. when the solicitor asked if i wanted to take that valuation i said no. so i spoke to another estate agent about the valuation and they said that a judge can order a full survey as they do for mortgages and the cost is split between you both. but you are only responsible for your half of cost if you both agree to the survey. if you get one without the other halfs say so you will have to pay the full cost. i was shown a copy of another property and it is very detailed and compares the valuation with other properties in your area to show that it is a fair valuation. the %cost for a £75000 house is £240

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31 Jan 08 #12485 by unic
Reply from unic
The valuations are v different. Mine was £300k, x2b got valuations at £230-£250k.
I asked about estate agents as the agent we have agreed on has a similar property in the local area at £339k

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01 Feb 08 #12513 by Josh2008
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What you need to do is think carefully about investing any more into the property unless you are reasonably certain that the repairs and renewals can at the very least realise some additional profit

Also I think that £240 is a bit over the top for a valuation ask 2 or 3 more agents what they would charge and in any event enquire with them if they will waive their fee in the event that you sell the property with them at some foreseeable date

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