How can a valuation from one estate agent differ from another's by
£35K? I've got another agent coming tomorrow, so I'll get a third
opinion, but that is an enormous difference, don't you agree?

Noteworthy 1: The agent with the much higher valuation sold a house a
couple of streets away within about a week for the asking price, which
itself was at least £10K more than the cheaper agent has valued my
property at. That house was an end terrace by the way, whereas mine is
a semi. That house was on the main road; mine is in a very quiet side
road.

Noteworthy 2: The agent with the much lower quote on my property sold
a house also a few streets away in 24 hours last weekend (Saturday).
However, this agent had also recommended a (low) valuation, the owner
said, no, that's too low and added eight grand to the figure, then
sold for the increased asking price in 24 hours. And I know they're
not telling porkies, because I know the people involved.

What should I do? Try for a couple of weeks at the highest valuation,
then think again? That person who sold their house for eight grand
more than the agent had suggested reckons they could have upped the
price even more and got it.

MM

"Mike Mitchell" wrote in message
...
How can a valuation from one estate agent differ from another's by
£35K? I've got another agent coming tomorrow, so I'll get a third
opinion, but that is an enormous difference, don't you agree?

Noteworthy 1: The agent with the much higher valuation sold a house a
couple of streets away within about a week for the asking price, which
itself was at least £10K more than the cheaper agent has valued my
property at. That house was an end terrace by the way, whereas mine is
a semi. That house was on the main road; mine is in a very quiet side
road.

Noteworthy 2: The agent with the much lower quote on my property sold
a house also a few streets away in 24 hours last weekend (Saturday).
However, this agent had also recommended a (low) valuation, the owner
said, no, that's too low and added eight grand to the figure, then
sold for the increased asking price in 24 hours. And I know they're
not telling porkies, because I know the people involved.

What should I do? Try for a couple of weeks at the highest valuation,
then think again? That person who sold their house for eight grand
more than the agent had suggested reckons they could have upped the
price even more and got it.

MM


D.I.Y

Mike Mitchell wrote:

How can a valuation from one estate agent differ from another's by
£35K? I've got another agent coming tomorrow, so I'll get a third
opinion, but that is an enormous difference, don't you agree?

Noteworthy 1: The agent with the much higher valuation sold a house a
couple of streets away within about a week for the asking price, which
itself was at least £10K more than the cheaper agent has valued my
property at. That house was an end terrace by the way, whereas mine is
a semi. That house was on the main road; mine is in a very quiet side
road.

Noteworthy 2: The agent with the much lower quote on my property sold
a house also a few streets away in 24 hours last weekend (Saturday).
However, this agent had also recommended a (low) valuation, the owner
said, no, that's too low and added eight grand to the figure, then
sold for the increased asking price in 24 hours. And I know they're
not telling porkies, because I know the people involved.

What should I do? Try for a couple of weeks at the highest valuation,
then think again? That person who sold their house for eight grand
more than the agent had suggested reckons they could have upped the
price even more and got it.

MM


If your job is selling scads of houses for peple, and you make 1% on
each sale, would you rather

(a) show 80 couples round a 100k house and take 3 months to make a grand or

(b) have 15 couples fighting over it within minutes of it being listed
at 65k, and make 650 quid doing bugger all in about 3 hours flat?

The Natural Philosopher wrote:

If your job is selling scads of houses for peple, and you make 1% on
each sale, would you rather

(a) show 80 couples round a 100k house and take 3 months to make a grand
or

(b) have 15 couples fighting over it within minutes of it being listed
at 65k, and make 650 quid doing bugger all in about 3 hours flat?

But if you get 15 couples fighting over it then it won't go at the £65k
asking price will it? There is some merit in pitching the price low and in
effect having an open tender process with more than one interested party.
I am in the process of buying a house where precisely this has happened.
--
Take out the garbage to reply

Regards
Tony Hogarty

"Mike Mitchell" wrote in message
...
How can a valuation from one estate agent differ from another's by
£35K? I've got another agent coming tomorrow, so I'll get a third
opinion, but that is an enormous difference, don't you agree?


£35k over £1m is not a huge difference. £35k over £80k is a huge difference.

On Mon, 22 Mar 2004 20:55:17 +0000, Mike Mitchell wrote:
How can a valuation from one estate agent differ from another's by
£35K? I've got another agent coming tomorrow, so I'll get a third
opinion, but that is an enormous difference, don't you agree?

Noteworthy 1: The agent with the much higher valuation sold a house a
couple of streets away within about a week for the asking price, which
itself was at least £10K more than the cheaper agent has valued my
property at. That house was an end terrace by the way, whereas mine is
a semi. That house was on the main road; mine is in a very quiet side
road.

Noteworthy 2: The agent with the much lower quote on my property sold
a house also a few streets away in 24 hours last weekend (Saturday).
However, this agent had also recommended a (low) valuation, the owner
said, no, that's too low and added eight grand to the figure, then
sold for the increased asking price in 24 hours. And I know they're
not telling porkies, because I know the people involved.

What should I do? Try for a couple of weeks at the highest valuation,
then think again? That person who sold their house for eight grand
more than the agent had suggested reckons they could have upped the
price even more and got it.

MM

If you are not desprate to sell, give the first guy 6 weeks at the top price, then
go with the second ........ I would agree a "minimum you will take" price with the
first guy, and also a no sell - no fee deal ......

Rick

On Tue, 23 Mar 2004 08:00:46 GMT, Rick Dipper
wrote:

If you are not desprate to sell, give the first guy 6 weeks at the top price, then
go with the second ........ I would agree a "minimum you will take" price with the
first guy, and also a no sell - no fee deal ......

I thought it was the norm, no sell, no fee? Are you saying that agents
can demand a fee if one decides to sack them?

MM

"Mike Mitchell" wrote in message
...
How can a valuation from one estate agent differ from another's by
£35K? I've got another agent coming tomorrow, so I'll get a third
opinion, but that is an enormous difference, don't you agree?

Noteworthy 1: The agent with the much higher valuation sold a house a
couple of streets away within about a week for the asking price, which
itself was at least £10K more than the cheaper agent has valued my
property at. That house was an end terrace by the way, whereas mine is
a semi. That house was on the main road; mine is in a very quiet side
road.

Noteworthy 2: The agent with the much lower quote on my property sold
a house also a few streets away in 24 hours last weekend (Saturday).
However, this agent had also recommended a (low) valuation, the owner
said, no, that's too low and added eight grand to the figure, then
sold for the increased asking price in 24 hours. And I know they're
not telling porkies, because I know the people involved.

What should I do? Try for a couple of weeks at the highest valuation,
then think again? That person who sold their house for eight grand
more than the agent had suggested reckons they could have upped the
price even more and got it.

I woudl be suspicious of both valuations if they are that far apart.
Getting a third and maybe even a fourth is a good idea. The more agents you
talk to the more negotiating power you have. Remember, you don't have to
take their fees as read, I have always managed to cut them in half, also you
don't have to agree to their minimum length of contract, don't go for any
more than 4 weeks, if they work well you can of course keep the property
with them, but if they don't you want to be able to get out. Also you want
an agent tp work hard for their money - try registering as a buyer with the
agents you are interested in, that will give you a good idea of their
service quality.

Angela

Mike Mitchell wrote:
On Tue, 23 Mar 2004 08:00:46 GMT, Rick Dipper
wrote:

If you are not desprate to sell, give the first guy 6 weeks at the
top price, then go with the second ........ I would agree a "minimum
you will take" price with the first guy, and also a no sell - no fee
deal ......

I thought it was the norm, no sell, no fee? Are you saying that agents
can demand a fee if one decides to sack them?

Possibly if you sack them during the contract period (commonly 8-12 weeks)
and you had them down as sole-agents.

David

"Mike Mitchell" wrote in message
...
On Tue, 23 Mar 2004 08:00:46 GMT, Rick Dipper
wrote:

If you are not desprate to sell, give the first guy 6 weeks at the top
price, then
go with the second ........ I would agree a "minimum you will take" price
with the
first guy, and also a no sell - no fee deal ......

I thought it was the norm, no sell, no fee? Are you saying that agents
can demand a fee if one decides to sack them?

MM

Things to watch out for are advertising costs, etc. Depending upon the
contract you may have to pay these whether there is a sale or not - if they
are separated out then the "no sell no fee" wouldn't be an inaccurate
description.



--
Richard Sampson

email me at
richard at olifant d-ot co do-t uk

"Mike Mitchell" wrote in message
.. .
How can a valuation from one estate agent differ from another's by
£35K? I've got another agent coming tomorrow, so I'll get a third
opinion, but that is an enormous difference, don't you agree?


Remember the good salesman's golden rule:-
"Always go in with a high price."
"Putting prices down is easy, any fool can do it, up is much more
difficult."

I always increase the agents price by around 20%, based on my own valuation
in the marketplace. If they don't like it, they don't have to take the job
on.

Ensure the agent always leaves the house on the market until
contracts are exchanged, it makes the buyers chase their dawdling solicitors
and gives you a chance of another buyer at a higher price.

Agents are normally motivated by an instant sale, this means that
they like to underprice and avoid serious efforts to shift a property.

Regards
Capitol

On Tue, 23 Mar 2004 23:28:03 -0000, "Capitol"
wrote:


"Mike Mitchell" wrote in message
. ..
How can a valuation from one estate agent differ from another's by
£35K? I've got another agent coming tomorrow, so I'll get a third
opinion, but that is an enormous difference, don't you agree?


Remember the good salesman's golden rule:-
"Always go in with a high price."
"Putting prices down is easy, any fool can do it, up is much more
difficult."

I always increase the agents price by around 20%, based on my own valuation
in the marketplace. If they don't like it, they don't have to take the job
on.

Ensure the agent always leaves the house on the market until
contracts are exchanged, it makes the buyers chase their dawdling solicitors
and gives you a chance of another buyer at a higher price.

Agents are normally motivated by an instant sale, this means that
they like to underprice and avoid serious efforts to shift a property.

Regards
Capitol

Cheers, Capitol. I decided earlier today, after further consultation
with a few people, including the agent inquestion, to chance my arm
and go with the highest valuation. I don't expect to achieve it, but
if I get anywhere in the ballpark I shall be over the moon. And if
not, well, what have I got to lose?

MM

In message ,
Mike Mitchell wrote:

? I decided earlier today, after further consultation
with a few people, including the agent inquestion, to chance my arm
and go with the highest valuation. I don't expect to achieve it, but
if I get anywhere in the ballpark I shall be over the moon. And if
not, well, what have I got to lose?


As someone else said, that spread of valuations would seem more odd
depending on the actual figures... FWIW when our house went on the
market 9 months or so ago we had valuations differing by about £35k, and
that was on a spread from £95k to £130k!

The lowest valuation was by the (national, bank-linked) agent had who
sold the (smaller) house next door for exactly the same price some six
months earlier, in a rising market. We told her we thought she was being
silly, and she put it up to £99k :-/

The highest valueation was by a (small, local) agent who had only been
in business for a year or so and seemed almost desperate for the work.

We went with a middle-ish figure from an agent who came down to 1% (inc
VAT - watch that) comission, all costs included, no sale no fee, no
post-contract lock-in etc.

The only thing to watch with the no sale, no fee is that if you start
the process with one set of buyers and then they or you pull out for
some reason there *will* be money to pay somewhere, usually to your
solicitor.

Capitol's advice about leaving the house on the market until exchange
*can* work in a low-supply situation, but you will have to read the
local conditions for yourself. IME it can also make buyers less likely
to put in firm offers - in return for coming close to your valuation
they often need the security of being sure there's no-one else after
the same property. After all, if they have stretched their budget right
to the limit to offer a certain price, they will not want to waste
money on solicitors fees only to have the house snatched from under
them. If the house is to stay on the market they may well offer less to
guard against this.

Hwyl!

M.

--
Martin Angove: http://www.tridwr.demon.co.uk/
Two free issues: http://www.livtech.co.uk/ Living With Technology
.... Divers do it deeper.

In message , Martin Angove
writes
Capitol's advice about leaving the house on the market until exchange
*can* work in a low-supply situation, but you will have to read the
local conditions for yourself. IME it can also make buyers less likely
to put in firm offers - in return for coming close to your valuation
they often need the security of being sure there's no-one else after
the same property. After all, if they have stretched their budget right
to the limit to offer a certain price, they will not want to waste
money on solicitors fees only to have the house snatched from under
them. If the house is to stay on the market they may well offer less to
guard against this.

The Estate Agents Act requires agents to continue to market a property
until exchange of contracts unless the vendor instructs them to the
contrary in writing.

This was designed to protect vendors against "ring fencing", i.e. the
agents selling to a "mate". However, it also actively encourages
gazumping.

I wonder how many agents actually get their clients instructions "in
writing" before withdrawing a property from the market when an
acceptable offer is made?


--
Richard Faulkner
Faulkner & Faulkner
Tel: 0161 881 6087 Fax: 0161 861 7636 web: www.estate.demon.co.uk

On Wed, 24 Mar 2004 10:50:44 +0000, Richard Faulkner
wrote:

In message , Martin Angove
writes
Capitol's advice about leaving the house on the market until exchange
*can* work in a low-supply situation, but you will have to read the
local conditions for yourself. IME it can also make buyers less likely
to put in firm offers - in return for coming close to your valuation
they often need the security of being sure there's no-one else after
the same property. After all, if they have stretched their budget right
to the limit to offer a certain price, they will not want to waste
money on solicitors fees only to have the house snatched from under
them. If the house is to stay on the market they may well offer less to
guard against this.

The Estate Agents Act requires agents to continue to market a property
until exchange of contracts unless the vendor instructs them to the
contrary in writing.

This was designed to protect vendors against "ring fencing", i.e. the
agents selling to a "mate". However, it also actively encourages
gazumping.

I wonder how many agents actually get their clients instructions "in
writing" before withdrawing a property from the market when an
acceptable offer is made?

Regardless of what the agent may or not want later on, I shall not be
gazumping any firm buyer whose offer I have accepted in writing. I am
not a lawyer. Also, if they try to gazunder me, they will learn the
hard way not to try it ever again.

MM

In message , Mike Mitchell
writes
On Wed, 24 Mar 2004 10:50:44 +0000, Richard Faulkner
wrote:

In message , Martin Angove
writes
Capitol's advice about leaving the house on the market until exchange
*can* work in a low-supply situation, but you will have to read the
local conditions for yourself. IME it can also make buyers less likely
to put in firm offers - in return for coming close to your valuation
they often need the security of being sure there's no-one else after
the same property. After all, if they have stretched their budget right
to the limit to offer a certain price, they will not want to waste
money on solicitors fees only to have the house snatched from under
them. If the house is to stay on the market they may well offer less to
guard against this.

The Estate Agents Act requires agents to continue to market a property
until exchange of contracts unless the vendor instructs them to the
contrary in writing.

This was designed to protect vendors against "ring fencing", i.e. the
agents selling to a "mate". However, it also actively encourages
gazumping.

I wonder how many agents actually get their clients instructions "in
writing" before withdrawing a property from the market when an
acceptable offer is made?

Regardless of what the agent may or not want later on, I shall not be
gazumping any firm buyer whose offer I have accepted in writing. I am
not a lawyer. Also, if they try to gazunder me, they will learn the
hard way not to try it ever again.

MM

Why the angst? I was stating the law, along with a concomitant of it.

If you have confirmed to the agent, (in writing), that you are happy
with an offer and do not want them to market for the time being, they
will do as you ask.

If someone wants to gazunder you, what are you going to do to make them
never try it again - the most you can do, without resorting to violence,
is say no.

If they are serial gazunderers, they will withdraw and move onto the
next.

If they are just asking, on the basis that if you dont ask you dont get,
they will either negotiate, or carry on at the previously agreed price -
unless, of course, at an attempt to gazunder, you withdraw and refuse to
sell to them under any circumstances. In which case they may have shot
themselves in the foot, but so may you.

--
Richard Faulkner
Faulkner & Faulkner
Tel: 0161 881 6087 Fax: 0161 861 7636 web: www.estate.demon.co.uk

On Wed, 24 Mar 2004 22:50:45 +0000, Richard Faulkner
wrote:



Why the angst? I was stating the law, along with a concomitant of it.

If you have confirmed to the agent, (in writing), that you are happy
with an offer and do not want them to market for the time being, they
will do as you ask.

If someone wants to gazunder you, what are you going to do to make them
never try it again - the most you can do, without resorting to violence,
is say no.

If they are serial gazunderers, they will withdraw and move onto the
next.

If they are just asking, on the basis that if you dont ask you dont get,
they will either negotiate, or carry on at the previously agreed price -
unless, of course, at an attempt to gazunder, you withdraw and refuse to
sell to them under any circumstances. In which case they may have shot
themselves in the foot, but so may you.

Quite.

We recently had a prospective buyer try this game with our sale of
late MIL's house. They came initially with an offer close to the
asking price, claimed to be a cash buyer and even had a survey done.

They then dropped the offer by exactly £100k and claimed that that was
what they offered in the first place.... We expect that they assumed
that we would be wanting to dispose of the place rapidly, but they
were told to take a hike.

Further enquiries by the agent revealed that they are indeed serial
gazunderers and had been moving from place to place and agent to agent
in the area. It ****es off the agents as well because it's a waste of
everybody's time.



..andy

To email, substitute .nospam with .gl

In message , Mike Mitchell
writes
How can a valuation from one estate agent differ from another's by
£35K? I've got another agent coming tomorrow, so I'll get a third
opinion, but that is an enormous difference, don't you agree?

Noteworthy 1: The agent with the much higher valuation sold a house a
couple of streets away within about a week for the asking price, which
itself was at least £10K more than the cheaper agent has valued my
property at. That house was an end terrace by the way, whereas mine is
a semi. That house was on the main road; mine is in a very quiet side
road.

Noteworthy 2: The agent with the much lower quote on my property sold
a house also a few streets away in 24 hours last weekend (Saturday).
However, this agent had also recommended a (low) valuation, the owner
said, no, that's too low and added eight grand to the figure, then
sold for the increased asking price in 24 hours. And I know they're
not telling porkies, because I know the people involved.

What should I do? Try for a couple of weeks at the highest valuation,
then think again? That person who sold their house for eight grand
more than the agent had suggested reckons they could have upped the
price even more and got it.

MM

Mike,

"Valuation" is not a precise science. If you think about it, we are
trying to forecast the short term future, as well as the sellers
patience in terms of time to sell.

In a rising market, (and, for example, I have seen 3 bed terraces rise
from £110,000 to £140,000 between November and now), it is a matter of
judgement as to how much to suggest as an initial asking price. I always
tend to suggest a price based on values "now", and a price based on
possible values in a few months time. This gives the vendor a wide band
in which to set a price with us, and it should eventually depend on how
much they need to sell immediately, or how relaxed they can afford to be
in terms of time.

Many agents work on the principle that if they give the highest
"valuation", they are most likely to get the business, so they suggest a
figure which is higher than the highest sensible figure, (see above),
and keep their fingers crossed that one of a few things happen:

1) the market rises to accommodate the price before the vendor gets fed
up and goes to another agent.

2) the vendor accepts a lower offer than the asking price, if one is
made.

3) over a period of time, the vendor agrees to reduce the asking price,
and the market rises, to a point where asking price meets the market.

4) The vendor gets fed up and withdraws the property from the market
completely - i.e. doesnt sell.

Some agents work on the principle that people want to sell now, and only
suggest a price at which the property will definitely sell.

All of the scenarios which fall at the extremes, or between, the
possible asking prices, leave the general public and the media quite
free to spin the situation so as to give agents a positive or negative
press, (usually the latter).

e.g. it sold too quickly, so they must have priced it cheap.

it took ages to sell - they dont know what they are doing

all they do is put a board up, a picture in the window, and sit back and
wait for the money to roll in.

or

It sold really quickly - they were great.

The asking price seemed quite high, but it sold in 6 months, (or a year,
or whatever), for £20,000 more than the other agents suggested - the
easiest £20,000 I've ever made!.

etc..

It is therefore quite easy to see where the variations arise. My own
system tries to ensure that we work in partnership with a seller.



--
Richard Faulkner
Faulkner & Faulkner
Tel: 0161 881 6087 Fax: 0161 861 7636 web: www.estate.demon.co.uk