When thinking of selling a property people usually ask an agent to give an idea of the correct price at which to market it. However, you may want a more formal valuation to get a better idea of what the sale price is likely to be rather than the asking price – there is often a large gap between the two.
When buying a property the law of the land offers no protection to a purchaser, insisting on the maxim “let the buyer beware” (caveat emptor). Usually, the mortgage valuation acts as a comfort to the buyer, but if you are a cash buyer then you may want to instruct a formal valuation to give you comfort that the price you have agreed to pay is not excessive.
It may be that the property is unusual or has significant defects that you find difficult to quantify in money terms. Recently, one client was looking to buy some offices in a town centre. We discovered the property had been put into commercial auctions twice in the previous year, each time failing to sell. On top of that, we did a building survey at the same time which identified a lot of very expensive repairs were needed. The deal that had been agreed was at least 50% more than the property was really worth.
Call CSD now if you feel you need any reassurance regarding any deal that you are about to enter into.
Call Kate or David now for a chat now on 08081698881.