It can be very frustrating for an agent when a property is placed under contract, which is when an agreed price between buyer and seller is obtained and the contract is signed, normally conditional on the buyer completing their due diligence on the property. In some instances in order for the buyer to obtain finance they are required to get a Registered Valuation - the Valuer comes along (often not from the area and haven’t been in a lot of homes in the area to make a true comparison of value other than the stats they can look up in the sales data which let’s be honest is all history not the market at that time) the valuers put their opinion of the price on the property and wella the deal falls on finance as the Valuer didn’t see it 'in their opinion' as being worth what the buyer was prepared to pay. Surely to a degree what a buyer is prepared to pay MUST count for something to do with a valuation right - well in the opinion of a registered Valuer NO, only their opinion counts along with the past (previous sale stats)! In the market the way it is I would have thought fair market price is what someone will pay, if they didn’t want to pay that much for it - normally it’s because they don’t think it’s worth it, Never the less I have had a situation like that this week. I must be doing something right working for the vendor to obtain them the best price?? |
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