I do not doubt the story you gave was a one off, just as the incident I referred to was not a one off. As I said people paying well over what an asset is actually worth is very common during a boom
as for valuers asking real estate agents for thier input I do not know about that but they do access as part of their valuation details of what simialr properties have sold for as do agents.
end of the day an agent has a vested interest in talking up the value of a property a valuer does not.
I am often called on to value businesses for potential purchases and vendors. the valuation I come up with is almost in all cases less than the business broker/real estate agent.
My valuations are based on things like what the owner can earn from the business, what the assets are worth and future earning potential.
the business brokers/real estate agents values are based on very dubious figures to say the least.
