Posts Tagged ‘Divorce Settlements’

Firstly, let’s dispel a myth: if you ask an Estate Agent to give you a Valuation what do you get? They call them a Free Market Appraisal and some might not put that opinion in writing. Why? Because what you get is simply an opinion: it is not a professionally binding opinion and liability does not stem from that opinion (you cannot sue them).

Secondly, let’s dispel another myth: if you request a Loan Company mortgage Valuation what do you get? One – the valuation is prepared for loan purposes and the sum quoted may be lower than market value for in-house Loan Company reasons unrelated to your needs. Two – if you are buying a brand New Home the chances are that in this post-recession world the loan company will have instructed their Panel Valuer to down-value your purchase because the security offered (the new home) is in its re-sale value when it is not “new”.

Football in the sun: before the rain.

Valuations can be needed for Court purposes eg: divorce settlements, Probate and Capital Gains tax purposes, Tax Planning purposes, to advise of whether alterations may be wise and economic, for sale or purchase etc……. The circumstances that surround the request may lead us to consider other market and property aspects that alter our opinions of worth.

So, what is the definition of market value?

The only way to get a professional opinion of value, one where you can sue the Valuer if he/she is wrong, is if you request that report yourself. The wise purchaser does this via either a request for a private valuation or asks for a private survey that includes an opinion of market value. The most popular form of survey product can fits this description is the R.I.C.S. Homebuyer Report (for details see elsewhere on this site).

PROinspect can provide Market Valuations. We would need to inspect the property and complete market research, including a analysis of price-paid data (that is historic) and take into consideration the market and the property.

Why would you need a professional opinion of value? This depends on why you need advice and whether you agree that independent opinion is of worth. Some might say that a Loan Company valuer can provide an impartial opinion – conversely, the credit-crunch has told us that millions of mortgagees are out of pocket because of the Banks and of home buyers had taken advice from professionals outside of the Estate Agency and Loan Company then perhaps the hole they are now in wouldn’t have been so deep.

If you believe that a Sellers’ Estate Agent and your own Loan Company place your best interests over their own then you do not need PROinspect.

If you don’t believe this then use the CONTACT FORM to ask for help and advice once you believe the time is right for you. Initial advice is free so what have you got to lose?