Help!!! Suspect fraud in valuation

magyar

david29dpo wrote:

interesting titbit from my solicitor friend, if a house has been sold within six months, the solicitor has to tell the buyer and lender if there is a big difference in price, and explained to both if necessary.

I don't know about has to, but certainly I was told when we bought our house that the price had gone up recently; the previous occupants had done a lot of work on it - they had more or less bought it to "do it up" and sell it.

This was fine with us, as I'm really not DIY-minded enough to do that sort of thing, and it was in a terrible state of repair before, apaprently, and we bought it spic and span. Pays your money and takes your choice.

magyar

meanmachine wrote:

A lot of forum members seem keen to express compassion for those who have stupidly taken on vast amounts of debt, often with dodgy lenders in the blind belief that property only ever goes up in value.

And yet, those of us who warn about the market and refuse to play the game have opprobrium heaped on us, are called scaremongers and are constantly belittled.

Rank and utter hypocrisy.

As others have pointed out, shouldn't those who sold a property for, say, 10K back in the 1970s be compensated for financial and emotional distress?

Get real.

Property is a HIGH risk investment.

Like anything, there's money to be made in property if you know what you're doing. Trouble is, most people don't.

I don't know much about property development, so I bought a house to live in.

BettiePage

http://forums.moneysavingexpert.com/showthread.html?p=3600215#post3600215

nelly_2

BettiePage wrote:

http://forums.moneysavingexpert.com/showthread.html?p=3600215#post3600215

yeah I saw that post too says quite a lot really doesnt it.

Tassotti

Can't work out here what's going on. Is the OP for real or just a HPC antagonist?

If you are for real, Helen, we will try and help.

I can consolidate all your loans for less than you're paying monthly at the moment.

The only problem is it will take you 167 years to pay me back (but you can pass this to your children)..It's all legit..I know Carol Vorderman..int rates 85% flat rate.

Oh christ..I don't know

Tass

lynzpower

yeah I saw that post too says quite a lot really doesnt it.

Yeah nelly, it suggests that this is a woman who finds herself in grave financial difficulty. God forbid.

I thought the whole point of this site was to inform and educate and share knowledge on financial issues, not mock people for falling on hard times especially when we have no idea WHY they are having problems.

It can be so bullish in here sometimes :wall: Negative equity doesnt just effect the skint you know.

pennylane99

I just wondered that if in a panic...she had contacted these buy your house quick people...and thats where the current low valuation of the property comes from.

Tassotti

right..where has this new valuation come from? (still think it's a wind up from a new poster)

Cara79

Helen_Samuels wrote:

On learning about mouseprices.co.uk, I checked and the property I bought for 250,000 in september 2004 was sold for 178,000 in june 2004!!! I think even if work was done or so on the property, it couldn't have had a value of 72k extra in 3 months, 250,000 was also not the value of similar properties in the area at the time.[/B][/COLOR]

I'm confused about this. When did you first view the house? On average it can take about 12 weeks / 3 months to go through the process of buying a house. I'm presuming when you say you bought in September 2004, this is when you moved in?

So, how did you not know the property had only just been sold in the June? Unless it was bought by a company or maybe it was a part exchange or something. That could explain the drop in price.

When you were viewing houses, presumably you would have received alot of similar sized houses in and around the area. This again would have given you comparables. For example, if you were looking at 4 bed properties and they were all £78k lower than the one you actually bought, you wouldn't have gone for the one you did. This makes me think, that there must have been others that you viewed and compared.

Anyway, it looks as though Helen has not been back to the thread which is a shame. But it does highlight the problem with going interest only and then getting into difficulty.

I wish you the best of luck but don't believe any fraud has been committed.

x

nelly_2

lynzpower wrote:

Yeah nelly, it suggests that this is a woman who finds herself in grave financial difficulty. God forbid.

I thought the whole point of this site was to inform and educate and share knowledge on financial issues, not mock people for falling on hard times especially when we have no idea WHY they are having problems.

It can be so bullish in here sometimes :wall: Negative equity doesnt just effect the skint you know.

i didnt mock