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sirmartin

Huge Valuation Discrepancy

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Hello all, new to the forum, so please be gentle :blink:.

It's 20 years since we bought or sold a house, so we're out of date. Sooo, we wheeled in two estate agents, both well-known and respected locally, with recommendations from friends. Our house is unusual and difficult to value, but the difference between the two is staggering: agent no. 1 valued it at 300,000 - 350,000, agent number 2 at 450,000 - 460,000, a whopping difference of £150,000.

We really haven't a clue about the value, and this hasn't helped. Any suggestions please, and has anyone else come across such a huge difference in valuation?

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Hello all, new to the forum, so please be gentle :blink:.

It's 20 years since we bought or sold a house, so we're out of date. Sooo, we wheeled in two estate agents, both well-known and respected locally, with recommendations from friends. Our house is unusual and difficult to value, but the difference between the two is staggering: agent no. 1 valued it at 300,000 - 350,000, agent number 2 at 450,000 - 460,000, a whopping difference of £150,000.

We really haven't a clue about the value, and this hasn't helped. Any suggestions please, and has anyone else come across such a huge difference in valuation?

Welcome to the forum :)

Why don't you just get a few more agents in to value it? Even if it is difficult to value, some sort of pattern should eventually emerge if you get enough valuations done.

Good luck.

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Hello all, new to the forum, so please be gentle :blink:.

It's 20 years since we bought or sold a house, so we're out of date. Sooo, we wheeled in two estate agents, both well-known and respected locally, with recommendations from friends. Our house is unusual and difficult to value, but the difference between the two is staggering: agent no. 1 valued it at 300,000 - 350,000, agent number 2 at 450,000 - 460,000, a whopping difference of £150,000.

We really haven't a clue about the value, and this hasn't helped. Any suggestions please, and has anyone else come across such a huge difference in valuation?

Many agents criminally misrepresent their clients by making them think that their house will sell at much more than they actually do.

Look at www.houseprices.co.uk, and look at similar properties in your area that have sold in recent months. Look at rightmove with a firefox browser and propertybee installed. This will tell you about agents in your area who have lots of stale properties on their books. They do this to make it look like they are busy.

These days, asking prices and selling prices are separated by up to 20% gaps.

Good luck!

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Guest KingCharles1st

Its always a good idea to post a link to the EA's web site so we can view the house details. HPC members offer a good free and impartial valuation service..

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Hello all, new to the forum, so please be gentle :blink:.

It's 20 years since we bought or sold a house, so we're out of date. Sooo, we wheeled in two estate agents, both well-known and respected locally, with recommendations from friends. Our house is unusual and difficult to value, but the difference between the two is staggering: agent no. 1 valued it at 300,000 - 350,000, agent number 2 at 450,000 - 460,000, a whopping difference of £150,000.

We really haven't a clue about the value, and this hasn't helped. Any suggestions please, and has anyone else come across such a huge difference in valuation?

so logically, ask a third agent.

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so logically, ask a third agent.

So, logically, we did (and a fourth): Agent number 3 gave guide price £425,000 to £450,000. Agent number 4 - guide price £300,000 to £350,000. It is impossible to check anything in the area that has sold recently, as the property is unique. Our thoughts are to pitch it at around £400,000 and see what happens - any advice from anyone most welcome.

Can't post a link as, for obvious reasons, it's not yet on the market.

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I suspect you're being given two different sorts of prices: the lower price is coming from EAs who believe that they *will* be able to sell it for that in the current market. The higher price is from EAs who either a) need your business and intend to knock your price down significantly after it fails to sell initially or B) is the price that it *might* achive.

Every market has a bid/offer spread. It may well be that the EAs who have given you quotes are effectively telling you what the bid/offer spread is in your current market: you can either offer high & wait for someone who needs to buy to turn up, or offer low and accept the current 'bid' offer.

If that's the case, then much depends on how long you're prepared to wait (and whether the market changes in the meantime).

Equally, it could simply be that as you have admitted, the house is hard to value, which in and of itself will widen the spread of prices.

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