I'm selling a property and recently had a low ball offer from a buyer. They are miles from an acceptable price, and I doubt they have the cash to give me a priice I will accept.
They have now asked if they can do a valuation to base their offer on this.
I have asked if they want to do a bank valuation or a private valuation. I'm inclined to allow a private valuation (provided I can see the report) but not a bank valuation (unless they want to make an unconditional offer. Currently offer is subject to finance, so I figure they will get to do a bank val through their finance process). I don't want to have sale price "set" by a fire-sale bank valuation. The property is unique in size, features and development potential in the area so their are not comparable sales to get a decent valuation figure, they tend to compare it to neighbouring smaller properties with no development potential.
Is it normal to do a val prior to purchase? Am I being precious? If these buyers can't at least offer something in the ballpark I consider I don't really feel like wasting my time with it. I've already put in a counter offer and won't accept anything much lower, so feel like the discussion is just about over. Plenty more fish in the sea.
Cheers
Dallas
They have now asked if they can do a valuation to base their offer on this.
I have asked if they want to do a bank valuation or a private valuation. I'm inclined to allow a private valuation (provided I can see the report) but not a bank valuation (unless they want to make an unconditional offer. Currently offer is subject to finance, so I figure they will get to do a bank val through their finance process). I don't want to have sale price "set" by a fire-sale bank valuation. The property is unique in size, features and development potential in the area so their are not comparable sales to get a decent valuation figure, they tend to compare it to neighbouring smaller properties with no development potential.
Is it normal to do a val prior to purchase? Am I being precious? If these buyers can't at least offer something in the ballpark I consider I don't really feel like wasting my time with it. I've already put in a counter offer and won't accept anything much lower, so feel like the discussion is just about over. Plenty more fish in the sea.
Cheers
Dallas