I am interested in buying a house, and I have asked mReferral for valuation.
it was 3.1M, while asking price was 3.48M (I did not tell mReferral the asking price).
I told the real estate agent that asking price is too high based on this. Agent got back to me with reference number from BOC, that BOC values it at 3.5M. I checked with HSBC as well and they also value it at 3.5M (but BOC and HSBC asked asking price)
I asked mReferral why their valuation is low, and their response was “because they did not take into account the asking price”.
I am a bit confused. Shouldn’t the valuation be independent from asking price? What is the point of asking for valuation if they reiterate my asking price?
Thanks for reading