Market Price Determination

Hello to all forum participants,

we were presented with a so-called market price determination for a house we would like to buy by the real estate agent, which was done by an expert who, according to the stamp, is also a member of the association BDSF (Federal Association of German Experts and Specialist Appraisers e.V.).
At least.., even if it is just an association for now.

If you read through the appraisal, it seems basically serious. Paragraphs, stamps, formatting.. However, it is noticeable that the expert himself was not on site. He did not inspect the house and his information is based solely on the details provided by the seller and the real estate agent.

In addition, he refers to a building construction year class of 1987, although the house itself was built in 1969. Most of the documents we have received about the house date from 1978.

From our point of view, it itself has good substance, with cast concrete and sand-lime brick, and was completely insulated three years ago. The rest is unfortunately in need of complete renovation. Almost every room needs to be renovated because fundamental mistakes were made during previous work by the former owner. Roof, heating, radiators all from around 1998. There is also moisture at one spot in the basement on the measuring device. But only there.

The value assessment seems very high from our perspective. 134,000 for the two-family house, while each apartment has about 70 sqm. The expert bases his assessment on 200 sqm. Basement and attic are poorly converted from a craftsmanship point of view.

Any opinion on this would be helpful, especially regarding the building construction year class 1987 although it was built in 1969. Does anyone know anything about this?

Best regards
Hiro

Good day,

The valuation is, in our view, very high. 134,000 for the two-family house, each apartment being about 70sqm.

And that doesn't fit your expectations? What selling price do you consider appropriate, although that doesn’t matter at all ;)

Rhineland greetings

Hello, I would say the house has a value of approximately 90,000. I omitted that it concerns only the house. The land is leasehold and is not for sale. A leasehold tax is due here.

Regards back

You do not trust the appraiser (the man who deals with this daily) when evaluating the house without seeing the house first, but then you want to trust the forum, where mostly only laypeople are active? Above all, the appraiser at least certainly had some documents from the property, we only have your description.

Hello, I would say the house has a value of about 90,000. I left out that it exclusively concerns the house. The land is leasehold and is not being sold. A leasehold tax is payable here.

Greetings back

Then offer that to the seller, you can’t pay more if it’s not worth more to you.

It doesn’t matter then whether you or the appraiser is right.