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ILW

Hornsey wrote: »

If I am told that the property is valued at £299,999 and I borrow this amount only to be told a month later that it is only worth £275,000 a month later (2004/5 is pre bust) something is not right.

Why would I spend almost £25k more that I needed to? You have a very strange definition of dodgy.

In fact the kind of dodgy selling I have outlined is the reason why the banks crashed and almost dragged the rest of down too.

Any sensible comments please.

H

It was worth £299,999 to you or you would not have bought it. In the end it was yourself that set the value so you cannot blame others.

roonaldo

http://www.rightmove.co.uk/house-prices.html/svr/1701;jsessionid=F9EF0C11C181625DB35704A8866C047C

put your postcode in and see what they are all selling for. as yours was a new development you will probably find all the 2 bed ones were sold at about £299k.

really only one person can decide how much you want to pay for a property....you.

Hornsey

Look,

buying a hgouse or flat depends on a degree of transparency and honesty at a particulalry high level. This is one of the most significant transactions most of us are likely to to undertake. The seriousness of this transaction is reflected in the fact that most of us are strongly advised to involve chartered surveryers, lawyers etc at the top end and builders and estate agents at the bottom.

The buyers and sellers are in the middle. If any of these trusted parties is dishonest or corrupt in anyway the buyer or the seller (or both) gets squeezed. The decisions made and consequent actions by sellers and buyers are at the mercy of the authorities and their agents.


The flat was never worth £299,999 and given how much this nation's housing stock has been over valued in the recent past (plus the increasingly marginal status of the UK to global economy) it is unlikely that it ever will be worth this figure.

I did not pay £299,999 for the property but I was told that it was worth this figure. I based my calculations on what I can only describe as fraudulent figures.

The figure of £299,999 was a benchmark for me. It seems that this figures was completly wrong and consequently the figure I paid for it was wrong. If I had been given a higher or lower figure I would have made a different decision.

Those of you who think this is fair and just should take a look at the mess that this approach to business/finance and house buying, leads to: high repros, bankruptcies and the immediate problem of negative equity).

Given that we are in the midst of a terrible mess I am surprised at these smug and complacent responses.

If we cannot learn from such recent mistakes god help us all

H

ILW

Why can you not understand that the price of anything is ultimately set by the buyer, it's the same for cars, houses, works of art or anything else. Valuations are purely an esimate.

Hornsey

ILW wrote: »

Why can you not understand that the price of anything is ultimately set by the buyer, it's the same for cars, houses, works of art or anything else. Valuations are purely an esimate.

Either you are incredibly naive or incredibly corrupt. Buying a house is not comparable in any way to any of the items you have outlined. I will make a note of your details and avoid you and your advice. You are basically saying that it is OK to lie about prices and costs. It is not.

Any economist will explain to you that the market creates the price. Not buyers. Any economist will also explain to you about the corruption of competition. Inside information is something that people are sent to prison for. This would not happen if we had perfect competition. I suggest that you keep your weak opions to yourself. You are helping no one.

What you are doing is perpetuating dodgy practices by ignoring them.


H

dunstonh

The flat was never worth £299,999 and given how much this nation's housing stock has been over valued in the recent past (plus the increasingly marginal status of the UK to global economy) it is unlikely that it ever will be worth this figure.

So why did you buy it?

I did not pay £299,999 for the property but I was told that it was worth this figure. I based my calculations on what I can only describe as fraudulent figures.

Your description is not one that a court would consider.

Those of you who think this is fair and just should take a look at the mess that this approach to business/finance and house buying, leads to: high repros, bankruptcies and the immediate problem of negative equity).

One assumes that you are young and this is your first recession. If it isnt then you should recall that the levels now are lower than the last recession.

Given that we are in the midst of a terrible mess I am surprised at these smug and complacent responses.

You mean the usual mess that we get into after recession?

Your problem is that you dont like the responses which are correct.

What you are doing is perpetuating dodgy practices by ignoring them.

What you are doing is thinking a fraud exists on a valuation that is around 10% different to what you thought. You would be laughed out of court for that.

If you want to prove fraud then find the price tag for the house and show us what it really is worth.

ILW

Hornsey wrote: »

Either you are incredibly naive or incredibly corrupt. Buying a house is not comparable in any way to any of the items you have outlined. I will make a note of your details and avoid you and your advice. You are basically saying that it is OK to lie about prices and costs. It is not.

Any economist will explain to you that the market creates the price. Not buyers. Any economist will also explain to you about the corruption of competition. Inside information is something that people are sent to prison for. This would not happen if we had perfect competition. I suggest that you keep your weak opions to yourself. You are helping no one.

What you are doing is perpetuating dodgy practices by ignoring them.


H

True, and the market consists of buyers and sellers getting together and agreeing a price, which is exactly what happened.

If a buyer cannot be found to pay the asking price, the item will either fall in price or not sell.

And there really is no need to throw your toys out of your pram when faced with a few truths.

magpiecottage

Hornsey wrote: »

Either you are incredibly naive or incredibly corrupt.

Stop trolling just because you don't like the fact that the answer is not what you want to read. That is not going to win you any friends or help your cause.

Any economist will explain to you that the market creates the price. Not buyers.

What exactly do you think the market consists of if it is not people wanting to sell and people wishing to buy?

The market in property, gold, potatoes and anything else that can be traded is dependent on supply and demand. It can fluctuate, sometimes quite wildly.

I don't see how you can equate that to a mortgage misselling.

catfish50

Hornsey wrote: »

In 2004 I bought a nice 2 bed new build flat in North London. It was valued at £299,999. In early 2005 ( a few months after purchase) I had need to sell. I spoke to a number of estate agents who said that 299,999 was unachievable. It was suggested that I wait a few years to achieve that value. I put it on the market with a big chain and failed to recieve a single inquiry. I decided to rent it out. A few years (2007) later I did the same and again no inquiries.

It is now on the market for the third time and I am hearing a lot of talk that builders/developers colluded with dodgy valuers to inflate the price at which it was sold to me. Is this misselling and how do I go about following this up?

Buyer beware. Don't buy a property just because the guy who is trying to sell it to you says it is a good deal. Surely you got an independent valuation?

ILW

I get the impression that this was a "flipper" who now feels very hard done by that it did not pay off. Selling within 3 months of buying and expecting to get the same price (or it does appear more) on a SH place as a new build sounds a little optimistic. But then again around that time many did and made a few quid.