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A brief follow up to Scott hoping to clarify valuations for family law/property settlement purposes.
In many instances one or more of the parties may not want to sell the proeprty, but it is almost always valued on the standard basis as previously discussed. The actual owners personal situation or wishes does not effect the instructions, and the property would not be valued under a forced sale situation unless specifically requested (which is highly unusual).
Forced sale valuations are usually used for mortgagee in possession purposes and the like (and even mip jobs usually always also require a valuation figure based on standard instructions in the same report)
Lastly, valuers are liable for the information they provide to clients (both verbal or written), be it a bank, private client or anyone else.
Hi,
In theory a valuer should give you the same figure for any purpose if the property is valued at the same date, asssuming the instructions are always the same (ie: on the basis that the property needs to be sold within 90 days, arms length, willing buyer/seller etc).There is a difference in the time a valuer would spend on a private valuation of your property for family law purpses etc. and a bank valuation for instance, and that extra time may make a difference to the outcome.
A valuation is an opinion on the value of a particlar property, at a specified date, after an inspection and assessment of the property has been conducted.
As for inflating owners estimates with bank instructions, any good valuer will see straight past this and ignore it. Being honest is the best policy.
Hi There,
Buyers agents charge a fee, whether fixed or a percentage of the purchase price, with the deciding factors usually being what type of property you are looking for, in which area/s, and the value. There is also usually a sign on fee which needs to be paid, and is deducted from any fee for the succssful purchase of a property.
A good buyers agent will know the market in the area you are interested in, and has the time to do all the legwork for you, which can be very time consuming. Working full time in any industry or job gives you knowledge and experience cannot be fully replicated by people dipping in and out on an occasional basis.
The cost of any service should be looked at with the bigger picture in mind, and that buying the right property for a fair price is vitally important in setting up any future gains.
