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Help!!! Suspect fraud in valuation
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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.
Eh, and where on earth does that come from - I don't do conveyancing, but surely the solicitor's obligation is to provide a report of all matters he considers material - the price being one of them if there's something material about it, whether it be 6 months or 60 years.... - why would the conveyancer acting for mortgagee and mortgagor (typically) have a clue why it's gone up in price....0 -
This thread shows the advantage of using a local solicitor rather than an online conveyancing firm. Local guy may twig that something is over priced.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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The property may have been sold with a price to ensure quick sale. Or it may have been an auction.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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i very good friend of mine has been a solicitor for 25 years. ANY house which has been sold within SIX months the solicitor HAS to inform the buyer AND lender if there is a " big difference " in price. indeed there are lots of reasons why this should be but the original poster mat be interested.0
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The problem is I get the impression the OP will say she was not told this in the hop of shaking the biggest piggy bank and won't realise where the blame really lies - it's not a conspiracy by lawyers, estate agents and valuers, it's her own decision to buy....0
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dunstonh wrote:The property may have been sold with a price to ensure quick sale. Or it may have been an auction.
Or, there is a mysoginist cabal that wants to defraud women called Helen, which has actively sought them out and systematically set the OP up with three dodgy professionals with the aim of taking her money off her and leaving her with less than nothing.....
or, she just bought a bum deal at the top.....0 -
I don't think Helen's coming back to this thread, folks.In a rut? Can't get out? Don't know why?
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OK here's the problem as I see it.
Helen - who I hope will come back and read this thread in due course - paid £250,000 for a house two years ago that is now "worth" £215,000.
She may be guilty of all the stupidity that she stands accused of but that does nothing to help her. What I have to say just might.
One or more of three things have happened.
1) The new valuation is wrong. It has been undervalued by the valuer.
2) The old valuation is wrong. It was overvalued by quite a high amount when she bought it.
3) There has been a houseprice crash in the area since she bought it.
Looking at each in turn -
3) can be discounted or confirmed quite quickly. The question is how other simliar properties have faired in recent years. Data is readily available for this.
2) is possible. Helen should get more valuations to confirm or debunk this valuation
1) is also possible. If the valuation was OTT it may not be fraud. The chances are that it isn't. It would not be the first time I have come accross silly prices and valuations for a house. Helen may have a civil case against the valuers and could make a claim on their Professional Indemnity Insurance.
It will have been valued by a surveyor who will have PII. in the first instance she should go back to her original valuer and ask them to provide evidence to back up their original valuation.
From this point here I am in the dark. Here's hoping that an RICS professional or similar can take it from here.........Behind every great man is a good womanBeside this ordinary man is a great woman£2 savings jar - now at £3.42:rotfl:0 -
MyUserNamesTaken wrote:I don't think Helen's coming back to this thread, folks.
Shame - I hoped she would.Behind every great man is a good womanBeside this ordinary man is a great woman£2 savings jar - now at £3.42:rotfl:0 -
MyUserNamesTaken wrote:I don't think Helen's coming back to this thread, folks.
maybe she doesnt have access to a computer at weekends...0
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