Online Estate Agent Valuation

[Jasper66]

Moved 2 years ago to the north of England from the East & bought house for £230k which I thought at the time was a fair price. I spent several months updating this spending over £10k .
During this time I had health problems meaning many tests & hospital visits.
I missed my family & friends & after less than a year decided to move back.
I contacted an online estate agent who rushed round to value my property at a much higher price than I thought (£260) & I said if I could get a return plus my extra money spent I would be happy. Signed up for 20 weeks with just one viewing & not much support.
Changed over the year to 2 more estate agents each time reducing it until I eventually found one that told me the truth. I had paid too much to begin with & I eventually had to sell for a loss at £210! They agreed with me it should never have been valued at £260 originally.
Emailed the original EA asking for some compensation to no effect saying I had agreed this price but not knowing the area I feel they conned me.
Sorry for such a long question but do I have any comeback with them?

[davebro]

I would say no. It would not have been difficult for you to find the selling prices of comparable properties against the £260k valuation and decide if it was realistic or not. What compensation could you expect - a return of their fee? Unlikely IMV.

[woofgang]

I doubt it....they gave you an opinion and it was up to you to decide what to do about it....I really am sorry for your circumstances.

[gingejbee]

Had you had several valuations, you may have seen for yourself that the £260k was an over-valuation and not gone with them?
In this case...."seller beware".

[4candles]

//I contacted an online estate agent who rushed round to value my property...//
Therein lies the error - a minimum of three agent quotes is the norm.

[Zacs-Master]

None whatsoever. There will be 'small print' covering this.

[teacake44]

We all make mistakes, some big some small, with house buying it really is imperative to do ones homework. Estate agents will most times over value to excite you into sighing up with them.

[twix123]

When you originally bought the house did you have a proper survey and valuation carried out, which would have highlighted that you were paying more than the property was worth ?

[fiction-factory]

There are two issues here.
Regarding the first house you either paid well over the market price for such a property or something has happened in the area which means prices have fallen even though prices elsewhere have risen. A mortgage type survey /valuation report would have helped.

Regarding the second house, yes you do need 2 or 3 valuations. Estate agents try to make you feel your house is wonderful and will try to make you feel even better by starting with a high price. Some just go for volume- get lots of properties on the books and by the law of averages some will sell and many won't unless the price is reduced. Overvaluing by 10-20% is common and then you have the problem that some potential buyers can suck you in and then knock you down again at the last moment using their survey findings as justification.

[Jasper66]

Thanks for all your thoughts, yes I had survey & valuation done but moving in several months after this due to holds up in completion I found a very similar property across the cul-de-sac being sold massively reduced by vendor for a quick sale. This did nothing to help my sale. Yes buyer beware!