Help House price de-valued by 30% in 3 months!!!

Errata

marty4sh wrote: »

I paid what the district valuer said it was worth which is not really the issue, The issue is how a property can lose 30% in 3 months:eek:

Why did a District Valuer value it? Is it ex council housing?

Dirk_Rambo

marty4sh wrote: »

!Help House price de-valued by 30% in 3 months!!!

round where l live i reckon prices are down 30 percent in the lasy year. but 30 per cent in only 3 months is realy going some. well done

ILW

Errata wrote: »

Why did a District Valuer value it? Is it ex council housing?

Must be, in the first post he said he got a 40% discount.

Bangerchick

marty4sh wrote: »

Wish I could go Back to the past! Dont think the delorian is up to it nowadays! :rotfl:

If it is a problem with the flux capacitor, I might have a spare one in the shed you can have for postage.

Very MSE :money:

Batchy

its a shame, but I think its more an example of this.

You ask a mortgage company to borrow you money.

You have 30k deposit so house value plus 30k = 105k

Now your asking to borrow more money, they still consider it to be 75k but your 30k deposit is SUNK its gone... Now its your job to pay off the loan, the 30k is their risk money, they giev you 75k you give them 30k illustrating you not a complete numpty with money and have something to lose, if you should ever decide to walk away. Which im sure whatever the valuation you would never do, since you would need to find a home somewhere else.

At the end of the day, mortgages are the Cheapest form of secured borrowing, you could get lending on top of this from a third party, just because you OWN a house, technically. They wouldnt even bother with a valuation, they know your not going to do a runner, they know you can save and deal with debts since you own a house.

I really dont know what your worried about, did the guy who valued your house, try to make you an offer to buy at 75k...

If you put it on the open market do you really think you could only market it at only 75k? Seriously, the guy has probably made a mistake... UNLESS you overpaid historically. You may well have a lovely house, but its only worth what someone else is willing to pay.

Try zoopla...

des_cartes

marty4sh wrote: »

Hello

I re-mortgaged with a well known high street bank 3 months ago and they valued my property at slightly more than The house was valued 3 years ago. We spent around 15000 refurbishing but because of the market drop only gained around 5000 which we understood....

We approached the bank requesting a secured loan as we had 30000 equity when they surveyed the property 3 months ago and they were happy as we have no adverse credit etc..

At the last moment they wobbled and said they would now require a re-valuation but it was not a problem as it was only valued 3 months ago. Guess what...they valued the property at 30000 less than 3 months ago????

Bearing in mind the firt valuation was 105K thats 30% or so less but the property is just the same as it was and I am lucky that I live in part of the country that Property valuations have only dropped by 1.2% since before the last valuation.

I have contacted the bank but they say they have to take the word of the surveyor but do find it a large drop and have spoken to the company who did both valuations and they gave me the Surveyors ombudsman phone number and said I had no complaint with them and take it to the ombudsman. I called the ombudsman who say they can not help as I did not directly employ them the bank did, so I have lost £30000 in 3 months or......they overvalued the property to get my business with the mortgage and then valued it correctly so they did not take any risks in lending more than the property is worth.

Each time the surveyor asked what the valuation was for and how much we paid etc... If I can not go to the ombudsman or to the company direct who can I go to?

I don't know what to do now as we just bought this place 3 years ago as a first step on the property ladder and when we bought it we had a 40% discount on the original local valuers valuation have spent 15K on it and now it is worth less than we paid for it after 40% discount!!!

Like so many unfortunate and some greedy people, it seems you bought into the property pyramid sheme scam just as it was about to collapse. You need to sit tight for 10 years in order to recoup your losses. Please do not panic as you see the value of your property fall further over the next 3 years, by 2020 your property should have returned to the 2007 less 40% valuation.

IveSeenTheLight

des_cartes wrote: »

Like so many unfortunate and some greedy people, it seems you bought into the property pyramid sheme scam just as it was about to collapse. You need to sit tight for 10 years in order to recoup your losses. Please do not panic as you see the value of your property fall further over the next 3 years, by 2020 your property should have returned to the 2007 less 40% valuation.

Take some of the information you receive in thsi forum as above with a huge pich of salt.

The last correction (early 90's) saw some areas fully recover within one year.

Do your own research into your specific area. Most are not doom and gloom set in stone as the above would like to depict.

des_cartes

:cool:

IveSeenTheLight wrote: »

Take some of the information you receive in thsi forum as above with a huge pich of salt.

The last correction (early 90's) saw some areas fully recover within one year.

Do your own research into your specific area. Most are not doom and gloom set in stone as the above would like to depict.

I have a large heap of salt that I sprinke liberally, I also expect salt to be sprinkled liberally on some of my posts. I like salt.:cool:

IveSeenTheLight

des_cartes wrote: »

:cool:

I have a large heap of salt that I sprinke liberally, I also expect salt to be sprinkled liberally on some of my posts. I like salt.:cool:

I can quite imagine that your better half / mother asking you at the table if you like chips with your salt

1984ReturnsForReal_2

IveSeenTheLight wrote: »

I can quite imagine that your better half / mother asking you at the table if you like chips with your salt

He wouldn't know what chips are, or any other foodstuffs.

Its a 100% diet of salt with the occasional splash of vinegar.