What factors should one have when wanting to do valuation?

Discussion in 'Landlord & Rental Property Questions' started by dianethare, Apr 27, 2015.

  1. dianethare

    dianethare Senior Investor

    Joined:
    May 2014
    Posts:
    987
    Likes Received:
    9
    Since am 'green' in all matters real estate and am learning as i go...what factors should i put in place when wanting to value/do a valuation process on my property...?! or my real estate agents would advise me better in that regard?...still i'd appreciate your views, comments and opinions :)
     
  2. JR Ewing

    JR Ewing Super Moderator Staff Member

    Joined:
    Feb 2014
    Posts:
    4,950
    Likes Received:
    39
    I've always hired an appraiser myself.

    Or you can let a realtor do a market analysis. Cheaper in the short run, but I'm sure strings will be attached with this option. :D
     
  3. dianethare

    dianethare Senior Investor

    Joined:
    May 2014
    Posts:
    987
    Likes Received:
    9
    Thanks for the input in that regard...so let me get this correctly, an appraiser might cost an arm and a leg..right?!... i guess i'll have a sit down with my real estate agent and see the way forward :) ...thanks all the same JR Ewing :)
     
  4. missbishi

    missbishi Well-Known Member

    Joined:
    Jan 2015
    Posts:
    347
    Likes Received:
    2
    I've always let the realtor do the valuation as part of the selling package. It's just one less thing for me to worry about and whilst you are tied to using that particular realtor, I've never had any issue with the one I currently use so am happy to give them my business, especially as it costs me less.
     
  5. crimsonghost747

    crimsonghost747 Senior Investor

    Joined:
    Mar 2014
    Posts:
    1,722
    Likes Received:
    6
    Usually real estate agents have a pretty good idea of the prices in the area. That is if they do it for a living, I wouldn't really trust those "went to school for 3 weeks and now I'm a part time real estate agent" to get this done correctly. Hiring an appraiser is always a good option too, yes it will cost a bit but if you are even a bit unsure then I think it's worth it.
     
  6. My401K

    My401K Well-Known Member

    Joined:
    Dec 2014
    Posts:
    221
    Likes Received:
    3
    You can have an actual appraiser come in and do a valuation or you could hire a home inspector to come and do a work-up. You do not say why you want the valuation done, if you are thinking of selling it does not hurt to do the home inspection rout. Usually a buyer will have a home inspection done before they close, if you have already done this you can be better prepared at covering the items that could mean perhaps thousands of dollars on an asking price. Many times the things that are mentioned are rather minor to begin with and it might be better for you to address them prior to a sale . The amount of haggling that happens at a closing can be diffused by being proactive, it also cuts down the selling time.
     
  7. JR Ewing

    JR Ewing Super Moderator Staff Member

    Joined:
    Feb 2014
    Posts:
    4,950
    Likes Received:
    39
    If I have tens or even hundreds of thousands or more at stake on valuation of a property I am selling or perhaps even buying, I see it as no big deal to spend $350-400 on an appraisal to get what I would consider a thorough evaluation of the value. I like to use the appraisal as a bargaining tool - buyers often have an unrealistically low opinion of what they should pay for a property, and sellers often have an unrealistically high opinion of a property's value.
     
  8. Glcameron

    Glcameron Well-Known Member

    Joined:
    Aug 2014
    Posts:
    96
    Likes Received:
    1
    I very much agree with you. I think sellers have an ideal of what they want to sell the property for so highly because they are connecting or putting a monetary value to their memories in the location instead of carefully considering the true compariables. That's alot to deal with especially since those who are in the market to purchse tend to go overboard with taking the property apart with what they assume is a reasonable value for the property
     
  9. dianethare

    dianethare Senior Investor

    Joined:
    May 2014
    Posts:
    987
    Likes Received:
    9
    I happened to have come across a worn newspaper...actually yester-year and it was talking about valuation of properties and the whys and importance of doing so, hence i came up with the query, i guess i'll have to really dig a goldmine and extract cash for this...for i understand hiring an appraiser does cost money, now that i have the advice i need, thank you very much, the quest begins; looking for an appraiser :)
     
  10. dianethare

    dianethare Senior Investor

    Joined:
    May 2014
    Posts:
    987
    Likes Received:
    9
    That's what am thinking of doing... darn! am so green in this area, i'll let the real estate agents advise me accordingly in this regard as i know of no appraisers in that area where the property is at!
     

Share This Page