How do valuers sleep at night????

pioneer22

House is worth what someone will pay for it not just a fantasy number but what the bank is willing to lend and what the valuer says the full circle. Sorry about that but your better off waiting and selling when prices level off.

BitterAndTwisted

Imagine, as I am, that the 'rents bought that property back in around 1956 for about £500 or so. Getting all stressed out about THREE HUNDRED GRAND OF CASH IN THE BANK quite soon would be making me very, very happy indeed. Jubilant, even. I doubt that I'd be getting my knickers in such a twistarooni about a mere forty-odd grand.

poppy10_2

The buyers will have to declare the source of the £36,000 "private loan" - unless its a gift rather than a loan, the mortgage lender may balk at accepting it as a deposit. Your troubles may just be beginning.

GDB2222

poppy10 wrote: »

The buyers will have to declare the source of the £36,000 "private loan" - unless its a gift rather than a loan, the mortgage lender may balk at accepting it as a deposit. Your troubles may just be beginning.

Yes, I agree. That's the big issue here.

BitterAndTwisted

Maybe the op will be back ere long shouting about a sale falling through at the eleventh hour?

googler

BitterAndTwisted wrote: »

Imagine, as I am, that the 'rents bought that property back in around 1956 for about £500 or so. Getting all stressed out about THREE HUNDRED GRAND OF CASH IN THE BANK quite soon would be making me very, very happy indeed. Jubilant, even. I doubt that I'd be getting my knickers in such a twistarooni about a mere forty-odd grand.

Exactly; as folks would say around my way - "It doesn't owe you anything", and it sounds like you wouldn't be out of pocket if you sold it at £300k, £250k or even less.

cr1mson

I live where there is also a micro climate but 5 beds do not sell well and they often stay on the market for ages. When they do sell it is often for less than smaller properties.

C

BitterAndTwisted

googler wrote: »

Exactly; as folks would say around my way - "It doesn't owe you anything", and it sounds like you wouldn't be out of pocket if you sold it at £300k, £250k or even less.

To try and be charitable the OP said the 'rents "had" to move out so the reason for the sale now could be to pay for residential care fees or something similar. £450k wouldn't necessarily go that far these days in half-decent private one.

I suspect that some of the disappointment could be due to the money spent on improving it. It used to be "normal" that for every grand you spent it increased the value of such work several-fold but that is not necessarily the case now.

Combine all that with property-price drops even in a favourable micro-climate and you could have a very unpalatable situation

propertyman

HAPPY_BEING_A_YUMMY_MUMMY wrote: »

BUT I AM STILL ABSOLUTELY LIVID THAT A TWO BIT VALUER CAN COME ALONG AND COMPLETELY WRECK THE HOPES OF TWO FAMILIES WHEN THEY KNOW THE HOUSE IS SO SUBSTANTIAL IT CAN HOLD THE AGREED FIRST PRICE AND THE COUPLE WHO ARE BUYING IT ARE GOOD FOR THE MONEY.

Ahem in defence of Valuers there is up to 5 years at degree level training followed by further 2 years professional training and practice before getting the "MRICS" and let loose on you.

Do they get it wrong yes- but with the amount of ready comparables available on databases it is much harder to do so.

Some factors will reflect what seems like your house has been substantially enlarged from similar properties in the road which while providing the accommodation of similar 5 bed properties, does not attract a similar value, nor is as saleable.

Once in a while the right buyer comes along and agrees, but in simple terms
- what you and they agree is not what it is worth to the average buyer in current market conditions
- which is the criteria that the lender is interested in ie
if it goes wrong can we sell it and get out loan back?

To do otherwise wrecks the hopes of the other borrowers who lose out when money to lend drops, to make up for a loss through overvaluing.
With that I'll go back to my coffin:eek:

GDB2222

To be frank, valuers sleep better at night if the they value low!