"Mike Mitchell" wrote in message
news
On Wed, 01 Sep 2004 14:00:00 +0100, Andy Hall
wrote:

It's not a gentlemen's club.

You're dead right, there! In Scotland at least, it's a rip-off in
shark-infested waters! We are not talking about multi-million or
multi-billion pound contracts or tenders to build a bridge or a tunnel
under the Alps. We are talking about domestic dwellings which happen
to be, for most people, the one and only large asset they will ever
acquire. And it is simply not fair for the system to allow the kind of
practice to go on where the buyer simply does not know beforehand what
the vendor is willing to accept. You can dress it up any way you like,
but that is how I see it. Not only me, either.

MM

what you tend to ignore, or are perhaps not aware of is that the price that
properties actually sell for is very close to what they are valued at. If
you get a valuation done and pay way over the oddds then you are fully aware
of what you are doing, there is no direct rip off.

Of the two properties I bought one was for £500 less than the market
valuation, where there were no other interested parties, and one for £1000
more where there were about 5 bids. Now if it had been an open bidding
situation I'm pretty sure that I woudl have had to pay some more in the
second case to secure the property, as it was I won by about £100. Nobody
in their right mind is going to apay way over eth market valuation, and this
is generally reflected by the bids people place.

Now the occasional problem arises when a buyer not familiar with the system
is taken in by the estate agents marketing and then pays 10% over the
valuation price, which I've know to happen. This isn't a problem with the
system but a case of people not being advised properly or seeking out decent
advice from a good solicitor who would generally be familiar with the
market.

cheers

David