Selling Property Without a Valuation
Valuations are often a crucial part of the home selling process, and if you attempt to sell your flat or house without one then you could discover this creates some potential problems.
Your top questions when selling property without a valuation
✅ What is a valuation for the purposes of trying to sell any type of property?
When someone is attempting to sell a freehold or leasehold residential, commercial or other type of property, they’ll often get a valuation. This is an assessment of the property’s worth based on a number of important factors, and if you are trying to sell a home without having a valuation in place then you might find that this creates some additional barriers.
✅ What are some of the factors that will influence the valuation of a home?
Formal valuations are typically done by chartered surveyors who are accredited by the Royal Institution of Chartered Surveyors. They will consider a wide range of factors associated with a home when assessing it for the purposes of a valuation, and these can include its location, the age of the building, the overall size of the property and number of other important issues.
✅ Why might some owners want to sell their property without getting a valuation?
There are some homeowners that could have concerns about a valuation creating a permanent record against which their property asking price will always be judged, and want to avoid getting one for this reason. Another explanation could be that there’s some type of problem with the home that would reduce its value, and a valuation could uncover whatever the issue might be.
✅ Should I obtain a valuation for my flat or house before trying to sell it?
You definitely have the option of getting a valuation for your property before you start looking for a buyer, and this would certainly eliminate the complications that can be associated with trying to sell a home without a valuation. But you should be aware that valuations can take quite a long time to schedule and they can easily cost several hundred pounds or more.
✅ Could a buyer get approved for a mortgage to purchase a home without a valuation?
It’s unlikely, because almost all home loan providers will require that a prospective buyer obtain a valuation for the house or flat that they are looking to purchase, because the lender wants to make sure that the asking price is reasonable. A valuation can also alert mortgage providers to any problems with the property that could make them unwilling to approve the loan.
✅ How much will I pay in commission to sell my property lacking a valuation?
If you sell your home through an estate agent then the fee will usually be between 1.15 percent and 1.40 percent of the final property sale price, whilst auctioneers charge an average of 2.5 percent. But if you opt for selling your home without any third party help, or if you decide to sell to a no-commission quick buyer such as LDN Properties, then you won’t pay any fees.
✅ What is the speediest option for selling a home that doesn't have a valuation?
The swiftest method for selling your property will usually be getting in contact with LDN Properties or another quick buyer, as the timeline should only be a handful of weeks, and this covers exchanging contracts and paying you the sale proceeds. Expect the other methods of selling on your own, at an auction or via an estate agent to take several months or more.
We’re rated as Excellent
Reviews.co.uk provide independent reviews from other people just like you!
"Successfully sold two properties direct to LDN Properties in the last two years. Genuine and trustworthy people and the dealings were straightforward." – Thomas from London
LDN Properties Limited, Linen Hall, 162 Regent St. London W1B 5TD
Company No. 04636129. ICO No. Z7733416. Ombudsman No. D12463.
Copyright 2003 to 2024