Avoid False Property Valuations

Have time constraints?  Need to sell your home quickly?  You have some options.  You can select an estate agent, sell your home at auction, or choose a property purchasing company.  Make sure whomever you select has experience and a good reputation.  You can also check online for valuation tools that could help give you an idea of what you are looking at in terms of the value of your home.

Professional Surveyor

You can hire a professional surveyor to assess your property. They should be able to give you a detailed report as to the property’s condition, age, and other significant factors.  If you choose a property purchasing company, they will provide a surveyor.  Some companies, such as Good Move, will arrange two valuations for your property.  There is no cost to the homeowner for this service.

Fraudulent Activities in the Housing Market

You can protect your home and land from fraudulent activities by registering it with the Land Registry.  You can also monitor your credit report for any suspicious activity.  Some scams in the UK housing market today include:

• Scammers send fake emails to thousands of people trying to gather personal information about them. Be vigilant.  Don’t fall for fake emails.  Don’t let them steal your identity.
• Scammers can also pose as fake estate agents.
• Verify the legitimacy of every transaction.

Find Qualified Estate Agents or Property Purchasing Companies

You want a reputable person or company handling the selling of your home to get an honest and fair valuation and sale of your home.  Tips to help you find the best person or team to sell your home include:

• Ask friends and family for referrals. Oftentimes, the best referrals come from those you know and trust who have perhaps used the services previously or know others who have.
• Research credentials. Ensure the agent or company you are considering is registered and licensed with the proper UK authorities.  Such an agency is RICS, the Royal Institution of Chartered Surveyors. This organisation is known for possessing high-quality standards to help enforce professionalism in the management of construction, real estate, land management, and infrastructure concerns.
• Research online. The internet is an invaluable tool for research. Check online to get an idea of services offered, the quality of those services, years of experience in that field, and reviews that can attest to their reputation.
• More than one interview. Interview a few different agents and companies to get a feel for who they are and what they offer before making a final decision.
• Look at the local area. Check to see if the agent or company has operated in your area before and what their success rate is.
• Always, but always, read the small print.  Don’t ever sign any contracts or documents unless you are clear on the content.
• How much are the fees?  What are the fees for?  Are there hidden fees?

Reasons for False Property Valuation

One of the most common reasons for a false property valuation would be to over-valuate property.  This would be when a property is valued more than it is worth.  Undervaluation can also occur.

Reasons for overvaluation could be related to the inexperience of the valuer, poor market analysis, or incorrect data regarding the property or location.  Reasons for undervaluation could be related to carelessness or inattention of the valuer, poor research, or lack of specific knowledge about the property.

Valuations can be complex.  A complete understanding of the property and the housing market is essential.  You want to choose a qualified company with experience to avoid false property valuations.