What if an Executor doesn’t agree with our Valuation?
Valuing the property in an Estate is a key milestone in the probate process and it is important to get it right as the implications for getting it wrong can be severe. Our comprehensive Property Valuation Report lays out our opinion as to the value of the property along with local comparable evidence to support it. So how we do form our opinion on the value of the property?
Firstly, we get the valuation right. We ask up to three local estate agents visit the property and tell us what they think the home is worth. We then take a look at similar properties in the area that are on the market and we look at recently sold houses to see what they actually sold for. And then we examine the postcode in the Land Registry to see what the neighbours have achieved and if there are any local market trends we should be aware of. We consider the condition of the property compared to others on the market and we look at the location of the property to see if it has something special to offer. One of our property experts takes all that information and produces an in-depth Property Valuation Report, using their considerable experience to suggest a realistic, achievable price.
Then we present a full copy of that report to the Executor so that they can see the steps we’ve taken to reach the value we’re proposing. We’re happy to discuss our findings and, if we’re made aware of any details we didn’t previously have access to, we are happy to revisit the report.
But the most important thing to consider is that the valuations we suggest are just that; suggestions. The price we market the property at is entirely up to the Executor; we can advertise it at the price of their choosing. Either way, our Premium Service operates on a no sale – no fee basis, so if they want to try to achieve more for the beneficiaries, we’ll be happy to do that for them.
Our weekly marketing reports will give feedback on how many enquiries and viewings have taken place and what prospective buyers have to say about the property. With that information, the Executor can choose to make improvements to the property to increase its appeal or adjust the price if necessary. They are in control at all times and will have our full support whatever they decide.
To find out more about how we put our Property Valuation Reports together and to see a sample click here or call us on 0808 164 6390.