Apartment price estimation

9 posts in this topic

Dear TT, 

 

My landlord offered to sell me the apartment in which I am currently living. The price is, in my judgement, under the market value. 

 

Of course, I am interested in a professional's opinion so when I went to the bank to discuss loan options, I also asked if they offered such service. The "Berater" was more than willing to help by sending the bank's specialist who charges a fee of 1500-2000 Euros. Considering that we are talking about a 32 sqm apartment, the service seems to me quite expensive. 

 

Does anyone know any decent priced online real estimate agent? 

 

What I am expecting to provide: 

- I fill some form with which includes all the apartment details 

- I upload some photos for the agent to have a rough idea of the apartment state 

- I pay via debit transfer < 150 Euro 

 

What I am expecting to receive: 

- A range of ~20k of the real state (e.g. 150k - 170k) 

 

I saw an option on immowelt.de but I am not sure how good it is.

 

Is my expectation unreal? 

Any recommendations? 

 

Thank you.

 

Edit: The real estate is in Munich

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I think you sometimes need to pay a decent price in order to get peace of mind.

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So you think that 2 grand is too much to save you from the possibillity of a 170 grand error?

 

 

 

 

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Think about the savings you are making by purchasing direct and not through an agent.  This would cost more than 2K!

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On 5/28/2019, 7:44:37, SpiderPig said:

So you think that 2 grand is too much to save you from the possibillity of a 170 grand error?

 

 

 

 

No, but paying someone 1500 Euro for 1-2 hours of his/her time seems a lot to me. 

 

I mean, if you apply this logic, you would have to sell the house when you go to a doctor consult. At the end of the day it's not worth risking death for money. 

 

A decent lawyer costs 300 euro/hour. I don't see why a real estate agent , who needs a fraction of a lawyer's knowledge, would charge 3-5 times more. On top of that, a lawyer is liable for his actions. A real estate agent can make mistakes at your expense. 

 

Found out that one of my neighbours on the same column as me bought the apartment last year. Of course is not the same thing, but got a reasonable estimation. I am rather curious than concerned. But not that curious ...

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Real estate appraisal in complex metropolitan markets takes longer than 1-2 hours. The appraiser may spend that much time at the location taking measurements and making pictures. Analysing recent completed sales, checking on the current for sale market, and tracking historical market changes round out what can be a full day of work or more for one person. Then, you add in costs for certification and any guarantees the bank offers with this service such as valuation insurance.

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