MSE News: House prices 'to climb further'

Emy1501

Thrugelmir wrote: »

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.

The last 2 properties I have sold have been based on mortgage valuations only. You know when someones only had a mortgage valuation as the surveyor is in and out within 10 mins if he comes in at all.

The above were pre crash of course. The last place the buyer came around offered full asking price and that was that. Do not forget that back them many people getting 100% mortgages etc could not afford homebuyers reports, full structual surveys etc and therefore many just got the cheapest report they could.

Thrugelmir

abaxas wrote: »

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.

Of course. But no one buys a house in the expectation that it will fall below the price they paid for it.

The only outcome of this though is a long term wealth transfer. As for every loser there is a winner.

chucknorris

Emy1501 wrote: »

Many buyers still buy properties based simply on a mortgage valuation which often takes about 10 minutes.

I don't know any buyers that did that!

Are you sure that you didn't mean:

Many Lenders provide mortgages based simply on a mortgage valuation which often takes about 10 minutes. The lenders would probably have checked out their customers credit worthyness too (in most cases)

Really2

Emy1501 wrote: »

The last 2 properties I have sold have been based on mortgage valuations only. You know when someones only had a mortgage valuation as the surveyor is in and out within 10 mins if he comes in at all.

You mean the one where they checks the state of repair of all the rooms and outside the property, all the walls are in the correct places and there is no obvious signs of structural failure.

Not the one where they drive up the road and checks the property is there and worth about the same as the others in the road.

brixham

Can anyone explain what a Feudal tenure is (from the halifax house price indices on Baileysbattlebus post ) ?
Have googled it and worked out it is something to do with the Crown but can't see how it would apply today.

Emy1501

chucknorris wrote: »

I don't know any buyers that did that!

Are you sure that you didn't mean:

Many Lenders provide mortgages based simply on a mortgage valuation which often takes about 10 minutes. The lenders would probably have checked out their customers credit worthyness too (in most cases)

No I'm honest enough to admit I bought my first 3 properties based on valuation reports only. As far as I was concerned these reports were there to protect the buyer as well as the lender. It wasn't until I moved into my 3rd property and noticed the big crack in ceiling and the cracks in a couple of the bedroom walls that I realised exactly what a mortgae valuation report was. Luckily for me when I sold the buyer got the same type of report and I will never know what the cracks were all about.

Also know a fair few people who have bought based on these types of reports also.

StevieJ

abaxas wrote: »

Why should people have rights to something they cant afford?

You mean the people that Nembot mentions

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.

chucknorris

Emy1501 wrote: »

No I'm honest enough to admit I bought my first 3 properties based on valuation reports only. As far as I was concerned these reports were there to protect the buyer as well as the lender. It wasn't until I moved into my 3rd property and noticed the big crack in ceiling and the cracks in a couple of the bedroom walls that I realised exactly what a mortgae valuation report was. Luckily for me when I sold the buyer got the same type of report and I will never know what the cracks were all about.

Also know a fair few people who have bought based on these types of reports also.

Whenever I am about to offer on a property I am fairly certain of it's value at that moment in time regardless of what the estate agent, vendor or surveyor think.

But surely by the time you got a valuation, you were confident it was worth what you were offering, based on your own research?

Emy1501

Really2 wrote: »

You mean the one where he checks the state of repair of all the rooms and outside the property, all the walls are in the correct places and there is no obvious signs of structural failure.

Not the one he drives up the road and checks the property is there and worth about the same as the others in the road.

Shame the one who did mine failed to notice the crack in the ceiling and the cracks in the bedroom walls. He also failed to notice that the ceiling in the kitchen was falling down. Luckily for us the buyers when we sold got the same type of report.

I have no idea if the suveryor when we bought even went into the house.

Really2

Emy1501 wrote: »

Shame the one who did mine failed to notice the crack in the ceiling and the cracks in the bedroom walls. He also failed to notice that the ceiling in the kitchen was falling down. Luckily for us the buyers when we sold got the same type of report.

I have no idea if the suveryor when we bought even went into the house.

TBH I saw a house with a crack in the wall going into ceiling. I would not touch the place but if you notice something like that you are fairly mad not to get a structural report if you were buying.

You would not buy a car that has an oil leak or will not start without a technician checking it over, so why do it with a house?

I think for the biggest purchase of you life you have to clue yourself up at least a little.