Do you have any advice on getting valuations?

The first thing you need to bear in mind is that valuing property is not – and never can be - an exact science. In the end, your home is worth precisely what someone is actually prepared to pay for it - and that can be hard for any agent to predict with absolute accuracy, whatever the state of the market. 

That said, some agents do tend to be over-cautious in their valuations. Others, meanwhile, routinely over-value - with every intention of talking the vendor into accepting a price reduction almost as soon as they have won the instruction! 

The standard response to this conundrum, of course, is to get a number of valuations (normally three) from different agents, and then simply eliminate the highest and lowest in favour of the one in the middle. Nevertheless, it is not impossible that one of the other valuations is actually nearer the mark. 

So, how do you tell?  The important thing is to understand how each agent arrived at his or her figure. What did they base their opinion on? You need to see evidence of the prices achieved for similar properties in the area – known in the trade as comparables. And you need to understand not only the similarities the agents have taken into account, but also the differences. Is your home in better or worse condition? Does it possess additional features? Does its location compare more or less favourably? Also, you need to know the age of these comparables. Precisely how long ago did those properties actually sell for those prices? If it was a while, you need the agents to explain what has changed since, and what adjustments they have made in order to take account of those altered circumstances. 

These days, of course, you can do quite a lot of checking yourself, online: websites like www.myhouseprice.com and www.ourproperty.co.uk provide data on sale prices gleaned from the Land Registry. However, you really shouldn’t need to. Any agent worth his or her salt should provide you with all the evidence to support their valuation, without you having to ask for it. 

So – my advice is to go for the agent who makes the most convincing case for their valuation – whatever the figure they arrive at! 

I put my home on the market recently.One couple showed some initial interest, but they don’t seem in any hurry?

There has long been a belief among some people that when it comes to striking any kind of a deal, displaying too much enthusiasm is a bad negotiating tactic. This is a belief by no means limited to the property market – as you will know only too well if you’ve ever advertised a car for sale and had to endure a succession of people walking round it shaking their heads, kicking the tyres and bemoaning the fact that it’s pale blue instead of just about any other colour! 

Nevertheless, given the way the property market in particular has been over the last four or five years, buyers “playing it cool” have certainly become increasingly commonplace. This is partly due to the fact that during this period, they have been somewhat spoiled for choice – and the good news here is that this is now beginning to change, with reports from across the industry suggesting that demand is starting to outstrip supply once again. 

At the same time, however, there are those buyers who deliberately choose to play it cool, even when they have actually found a property that they really like! 

It’s hard not to regard this sort of behavior as more than a little cynical, since as often than not it is predicated on the assumption that if they hang on long enough, the poor vendor will cave in and accept a lower offer. 

Needless to say, if a buyer ever asks for my advice on this issue, I always say the same thing: when you find a place you really like, don’t mess around. Be decisive, make your best offer right at the outset – and make sure that all the parties involved know that you are genuine. If you act unconcerned, you can hardly complain if neither the vendor nor their agent takes you seriously. Other offers, sometimes even lower ones, are quite likely to be preferred to your own, if the people concerned simply act positively.   

Obviously, I don’t know the precise details of your circumstances – or that of the couple you mention, come to that – so I probably shouldn’t comment. Suffice it to say, however, that if they aren’t showing any real commitment, then I would definitely look elsewhere!

Since my house went under offer, my agent has continued to send me other offers – one of them actually lower than the one I have already accepted! Why?

This is one of those issues often raised as an example of how unprofessional estate agents can sometimes be. However, the plain fact is that your agent is actually legally obliged to pass on all formal offers right up until contracts are exchanged. Remember, it is only then that anything becomes legally binding on either party. Up to that point, your buyer is perfectly entitled to change his or her offer at any time – and by the same token, you are equally free to accept another offer altogether. Hence the legal obligation on your agent to continue passing offers on. 

Now, this might make sense in the case of higher offers. But why on earth would an agent continue to pass on any that are lower? Isn’t this just a case of taking the legalities a little too literally? 

Not necessarily. In certain circumstances, a slightly lower offer may actually be in your best interests. Imagine, for example, that you absolutely must move by a certain date. You’ve already accepted an offer, but your buyer is trapped in a slow-moving chain (a not-uncommon state of affairs at the moment), and time is starting to run out. Under those circumstances, a marginally lower offer from, say, a cash buyer – someone who can effectively guarantee completion within your time frame – may well be worth considering. 

There is a broader point here, too. Particularly in the kind of market we are currently experiencing, when buyers are rather spoilt for choice, offers of any kind are not necessarily that easy to come by. This is not to say that you should instruct your agent to continue actively marketing your home. But, it does mean that you shouldn’t be too quick to turn your nose up at any serious offer that happens to come your way. 

However…if when all’s said and done you really are set on accepting a particular offer, irrespective of any others that might materialise, then you can always absolve your agent of his legal duty by confirming your wishes in writing.

Increasing the opportunities to bid helps Tudor Estates Network Auctions achieve another excellent sale

Tudor Estates Network Auctions auction held in Central London on 1^st May achieved a sales success rate of 74% and saw bidders from across the UK and Europe getting involved.

Prior to the auction, a record number (418) of legal packs had been downloaded from the Network Auctions website. 

The May auction was the first time that Tudor Estates Network Auctions had provided an online bidding facility and, whilst none of the online bidders were successful, it kept auctioneer Guy Charrison busy as he juggled online bids with bids in the room and telephone and proxy bidders.

There were some notable sales at the auction including: 

Lot 1:  A flat requiring modernisation in Milton Keynes which carried a reserve of £62,500 was sold in the room at £79,000. 

Lot 25: A fire damaged house in Powys requiring a total re-build. This property had a reserve of £10,000 but with three telephone bidders as well as bids in the room, eventually sold at £26,000, a significant 160% uplift on the reserve figure. 

Lot 26: A commercial property in Leicester which was reserved at £160,000. In total there were three bidders in the room and one telephone bidder from Germany. The gavel eventually came down at £252,000. An excellent price especially considering that the property had previously been available at £225,000 on the open market.

Guy Charrison said after the auction: “With lots for sale from all corners of England, Scotland and Wales it is important that we create the opportunity for potential buyers to bid by whatever method they choose. By adding online bidding we have improved the opportunities for our seller clients to sell and our buyer customers to buy. An undoubted success” 

Network Auctions operate across the UK with a network of partner agents and therefore provide local expertise with national exposure. 

Tudor Estates Network Auctions next auction is scheduled for 3^rd July and will, once again be held at the Glaziers Hall near London Bridge. 

David Kirkman of Tudor Estates Network Auctions can be contacted on 01702 346818 or by email at davidkirkman@tudorestates.co.uk or via their website at www.trustintudor.co.uk/auctions

I’m what you might call a first-time seller. Can you give me some general tips on how to go about it?

Choosing the right agent is the best place to start. Don’t simply go for the one who values your home highest (they’re just trying to buy your business), or the one who quotes the lowest fees (in estate agency, as in most things, cheap rarely equals good). Basically, you want an agent who really knows the local market and will give you reliable, professional advice and quality personal service at all times. Personal recommendation is always preferable, but failing that, your best bet is to go for a well-established, owner-operated local agent – one whose whole business depends on delivering quality service, rather than hitting arbitrary targets set by “head office.” If you really want to keep stress levels to the minimum, then it also helps to choose an agent who can offer a complete “one-stop” service, including things like conveyancing. Your asking price is obviously hugely important in determining how quickly and smoothly your sale proceeds. But it’s not easy to get it right. You naturally want the highest possible price, yet at the same time you don’t want to scare away the buyers, which you certainly will do if you ask too much – particularly in the current market. In reality, there’s a lot more involved in pricing than simply looking in other agents’ windows and adding a few grand on top just in case there’s a real sucker on the loose. So, my best advice here is, listen to your agent. Next, you yourself can make a big difference by ensuring that your home is presented in the best, most saleable condition. A neat garden; fresh paintwork inside and out; clean and tidy rooms; sparkling windows and pleasant smells can all work wonders. Finally, I would strongly recommend that you take the time to gather together any planning consents and/or building regulation approvals for work you’ve had done on the property, together with all relevant guarantee certificates (for things like gas and electrical installations, woodworm, damp-proofing, double glazing and so on). Much less stressful to do it in advance than in a last-minute panic!