Bank valuations

Thanks Rixxy that would be great.

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Sent to you

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Hi Rixxy, phoned the second number for a full valuation and they dont speak English at all. 

Told my son how much you said the apartment was worth (roughly) and he was surprised as last year when he got his mortgage in April it was valued at 259,000 euros.  I think he was expecting it to be around 280,000 which the private buyer (his girlfriends father) then wanted him to take off the CGT which would be around 11,000, giving a selling price of 269,000.

Dont wont to frighten the buyer off and wondered if anyone had any opinions of whether to sell at 269,000 because of the state of the property market or get a full valuation and go from there.  Rixxy thought the property would be worth around 320,000 which works out at 2,700 sq m.

Would really appreciate any opinions at all. 

Also i think whatever price we agree on the buyer should also take into account that he is saving money and perhaps come up a bit.  He is going to keep the mortgage in my sons name, daughter and son are going to have a private contract and son is selling the right to use half the property (Usufruct) to his girlfriend. This is going to cost the buyer around 10,000 compared to the normal costs of buying a house and organizing a mortgage.  Does anyone have a rough idea what his costs would be on a 'normal' resale.

Thanks Janis

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Hi Janis sorry about the valuer. Just to clarify when I worked out the valuation I did state this depended on the internal use area which would be measured by a valuer whereas the details you sent me are more likely the constructed area - therefore the apartment may be a little smaller than the measurements. Also valuations have been stated to have increased by 10% form the last year (goodnes knows why but this is from valuers mouth) and also every valuation panel values differently, hence varying prices.

You know my opinion of the market and even if it values at 320k, it does not mean anyone is going to actually pay that.. I have properties sitting around at 70% of their bank valuation with no takers, so if you want to sell then personally I would take the offer as it sounds fair.

The rest of the message Im sure someone would be able to answer as its a bit out of my league - perhaps a lawyer could help? Costs on a normal resale would come in around 12-13% of the total purchase price

Good luck with whatever you do.

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Yet again she is spot on and not a lot to add but gotta have my two pennorth - bank valuations are exactly as they state - a value given on a specific cost per sq metre to build in a designated area - this is the principal line of the formula - while views will be a positive factor and the tyre factory next door a negative factor they will not be as crucial to value as you might think. Just because that is the banks assessment does not mean that is the open market price at which sales are transacting. It is worth what someone is willing to pay - nothing could be truer than that in the current climate.If all parites have a price at which everyone is happy then the deal should be struck

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Aw thanks Smiley. Nice to hear the comments - its important to me that people realize Im trying to be straight and tell them straight rather than feed people what they prefer to hear.

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Just say it how it is And thats despite you wanting to turn me into shoes and bags!! OLD CROC indeed - make me sound like I am due for recycling - into leather goods.

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Weeell I did see one in the shop once which I quite fancied, nice markings on it and I have to tell you but my watch stap could be your sister!   Sorry!!!

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Look better on your wrist than they ever did in the flesh - never liked sisters - always trying to keep me away from my mum!

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Thanks for both your comments x

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