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Debate House Prices
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MSE News: House prices 'to climb further'
Comments
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It's not the debt free wannabe forum with the helpful people.
This forum is about the people who make money due to house price increases, then laugh at the unfortunate people who can't get on the ladder.
They're truly gods amongst men, or so they like to think.
Unlike the people who rub their hands and laugh at those in negative equity or about to be repossessed and tossed out on the street :eek:'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Many buyers still buy properties based simply on a mortgage valuation which often takes about 10 minutes. A Homebuyers report will take about 2-3 hours and a full structal report much longer.
So we have gone from drive by valuation to standard valuation, I am glad you have now changed your stance.
Yes a full structural valuation is different but so is a standard valuation to a drive by.
You were trying to make out most houses were purchased on a drive by and that simply is not true.
A surveyor can pick up info on state of repair, wall moves (which may require building regs), possible structural failings and many other things in a standard report. They will bring them to the lenders attention and then the lender may want a solution.
They simply can't on a drive by and that is why drive by's are only really used in low LTV or remortgages.
A full structural is the most in depth you can get and is worth it if the house is older.0 -
Many buyers still buy properties based simply on a mortgage valuation which often takes about 10 minutes.
I don't believe they do. Before offering on a property a potential purchaser will have looked at prices in the open market and recent sale prices. In order to ascertain whether a particularly property is reasonably priced. At the end of the day the sale price is negotiated between the buyer and seller. A deal is struck when both parties are satisfied with the price.
In your example above it is little more than a rubber stamping exercise on behalf of the lender.0 -
exactly - why should everyone have a right to buy a house...
buying a house cannot be done everyone - only those that can afford it...
But this is the Labour utopia, where you can buy whatever you want on tick, then not be required to pay for it. That is someone else's resposibility.0 -
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Thrugelmir wrote: »Negative equity has nothing to do with affordability.;)
Who cares about that, there is no right to sell something at more than you paid for it.
If there was, we'd be living in caves and hunting each other.0
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