House Valuation
Discussion
Hi all, my Dad passed away around 2 months ago and he has left the house to myself and my sister. I am considering buying my sister out of the property and renting/keeping it in my family to hand it down to my kids.
My main question is how do I go about getting a house valuation when I don't actually intend to put the house on the market as it will be a private sale?
Do I just tell a white lie to the estate agents and then say that we have changed our mind after we get the valuation?
Other questions are; do I need to get more than one valuation? And when we do get a valuation, do I just accept that price or do I put an offer to my sister? Are houses going for what people are asking these days, or do people put in offers still?
I've never sold a house and I haven't bought one in almost 20 years!
Thanks.
My main question is how do I go about getting a house valuation when I don't actually intend to put the house on the market as it will be a private sale?
Do I just tell a white lie to the estate agents and then say that we have changed our mind after we get the valuation?
Other questions are; do I need to get more than one valuation? And when we do get a valuation, do I just accept that price or do I put an offer to my sister? Are houses going for what people are asking these days, or do people put in offers still?
I've never sold a house and I haven't bought one in almost 20 years!
Thanks.
The "right way" to do it is to get 5 valuations, discard the highest and lowest and then take an average of the remaining 3.
Any Estate Agent you're getting out to do a valuation knows that they're not guaranteed the instruction. You could go with a different agent, or you could decide the numbers don't work for you.
Any Estate Agent you're getting out to do a valuation knows that they're not guaranteed the instruction. You could go with a different agent, or you could decide the numbers don't work for you.
OP, sorry to hear of your loss. You perhaps need a valuation for probate anyway, and any estate agent will do this for a small fee. You then have something official on paper, should HMRC or a family member decide to argue about it in future - ask me how I know! It can be a difficult time. Good luck with sorting it all out.
my limited experience is both agent and surveyor were completely useless at valuation, and 'way' off the final selling price.
The agent was closer than the surveyor. I guess knowing recent agreed prices is a better indicator than stale land register values. and unless there is really major issues not obvious on a casual viewing, what advantage does the surveyor have over the agent?
The only real way to know market value is to get a couple of offers.
The agent was closer than the surveyor. I guess knowing recent agreed prices is a better indicator than stale land register values. and unless there is really major issues not obvious on a casual viewing, what advantage does the surveyor have over the agent?
The only real way to know market value is to get a couple of offers.
Condolences on your loss. Irrespective of whether your thinking of keeping the house or selling it, you would need a valuation for probate purposes. The usual routes would be via estate agent or a surveyor who might spot issues with the building that affect value that an estate agent won't. You can be honest with an estate agent - they're likely happy to value as sometime people change their minds and sell. Also you would need to persuade your sister to sell her share too 
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