How do valuers sleep at night????

SecondLegDownIsTheBigOne

HAPPY_BEING_A_YUMMY_MUMMY wrote: »

we need all the money to enable care home fees of 35k a year!!

Think about it, you are expecting a buyer to take out mortgage debt to pay more than what your house is worth in order to pay for care home fees. That's not how it works, sweetie. If I were your buyer, I wouldn't want to pay your care home fees. What next? I need £20K more for a nice car? I need £10K for a holiday? I need £15k to clear my debts?

Whatever happened to a house is worth what someone is willing AND ABLE to pay and they feel they are more than able to pay this amount borrowed. But they are still paying off student loans and starting a family etc so even though high potential earners have other outgoings at the mo!

A house's "price" is what someone is willing to pay. After three years, unsuccessfully, on the market, you have found buyers that are ready to overpay (they may be unsavvy), your buyers are clearly not typical of the buyers in your market. The surveyor is protecting the lender, telling the lender what is the house's value so that the lender knows what it's risk is.

The house was priced at 450k by estate agents

Most EAs are clueless. They do not value houses, they give a "market appraisal". Initial asking price £450K, offer of £360K, surveyor's valuation of £275K ... Your EA's knowledge of his/her market is so distant of the mark that we should ask the Voyager probe to send telemetry when it passes it.

Ps - own brother is a chartered surveyor and in that profession not many people go to uni with the intention of being a residential valuer - they just end up as one!!!

Irrelevant, much?

sonastin

HAPPY_BEING_A_YUMMY_MUMMY wrote: »

This post was more a gripe about the power one valuer can have on circumstances and now they feel the power because they have the BS and banks over a barrel - they have to agree or else!

Not strictly true though it is? Your buyers could challenge the valuation and/or go elsewhere for their mortgage. It isn't the valuers fault that they are too busy being professionals and starting a family to try an alternative. Or perhaps they are happy enough with the valuation seeing as you're willing to drop the price to accomodate them...

propertyman

Translation of post #1

" I have decided to do something - after several years, I have found a mug to do it with.

I am therefore right; everyone else must accede to my demands

How dare a two bit valuer stop me?

How dare the lender decide who gets their money?"

It's the rally call of the middle class yummy mummy "hedge fund of home-ownership" and all its strident "opinion as fact" and selfish entitlement.

The 2010's are all about waking up and realising that it was all a fantasy-
welcome to the long morning after. :eek:

Transient_2

!!!!!! me Im back on HPC

jimpix12

Transient wrote: »

!!!!!! me Im back on HPC

Nothing like a good dose of realism.

Transient_2

spunko2010 wrote: »

Nothing like a good dose of realism.

Agreed but it could be administered with a little more tact

jimpix12

Transient wrote: »

Agreed but it could be administered with a little more tact

The OP blurted onto the forum not-so-subtly insinuating that everyone else was at fault and that the valuer was phony. IMO she is the one who needs some tact...;)

*assuming OP is a she.

the_flying_pig

HAPPY_BEING_A_YUMMY_MUMMY wrote: »

WE HAVE HAD A HOUSE ON THE MARKET FOR THREE YEARS NOW - BELONGED TO MY PARENTS WHO HAD TO MOVE OUT AFTER 55 YEARS AND WE HAD THE WHOLE HOUSE REFURBISHED BEFORE PUTTING ON MARKET.

IT FIRST WENT ON THREE YEARS AGO FOR £450,000 - WE KNEW THAT WAS OPTIMISTIC BUT AS IT WAS IN AN AREA WITH ITS OWN LITTLE MICRO CLIMATE OF VALUE WE TRIED TO BE OPTIMISTIC WITH THE ADVICE FROM THE ESTATE AGENT.

OVER THE THREE YEARS WE HAVE HAD LOST AND LOTS OF VIEWINGS AND A FAIR FEW OFFERS BUT THE MARKET HAS GONE COMPLETELY STALE HERE WITH HOUSES IN THIS PRICE BRACKET (ITS BEEN ON A GRADUAL REDUCTION OF PRICE IN THE THREE YEARS TOO) SO WHEN WE ACCEPTED AN OFFER FROM SOMEONE WE KNOW FOR 357,000 WE ACCEPTED AND WE AGREED TO PAY THEIR STAMP DUTY.

THEY ARE DESPERATE TO MOVE IN AND ARE BOTH IN HIGHLY PROFESSIONAL TOTALLY SECURE JOBS (IF THERE IS SUCH A THING!!) BUT WHEN THEY HAVE GONE TO THE BUILDING SOCIETY WHO HAVE AGREED A MORTGAGE OFFER WITH THEM BASED ON THEIR INCOMES ETC THE BUILDING SOCIETY HAVE ARRANGED A VALUATION WHO HAS COME BACK WITH A VALUE OF £275,000!!! :mad::mad::mad::mad:HE HAS GOT TO BE KIDDING - THE BRICK HOUSE NEXT DOOR SOLD EARLIER THIS YEAR FOR 290,000 AND THAT IS A THREE BEDROOM (WAS ORIGINALLY A TWO BED) WITH ONE BATHROOM - THIS IS A LARGE VICTORIAN STONE WITH FIVE BEDROOMS AND THREE BATHROOMS TOTALLY REFURBISHED - ELECTRIC, PLUMBING, BATHROOMS, KITCHEN - THE LOT!!!

WE HAVE HAD TO AGREE A PRICE OF 311,000 (THEY HAVE BORROWED 275,000 AND GOT 36,000 ON A PRIVATE LOAN) BECAUSE THEY ARE DESPERATE TO BE IN AND OF COURSE WE WANT TO SELL - THE SALE SHOULD BE GOING THROUGH ANYTIME SOON - FINGERS CROSSED.

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.

I KNOW PEOPLE ARE GOING TO COME BACK AND SAY -

- WHY DIDNT THEY GO SOMEWHERE ELSE - THEY LITERALLY DONT HAVE THE TIME AS TWO BUSY PROFS AND THEY HAVE A YOUNG BABE AND ANOTHER ON WAY!

- WHY DIDNT WE ACCEPT ANOTHER OFFER - BECAUSE HOW DO WE KNOW THE VALUER :mad::mad::mad:ON THE NEXT OFFER WONT COME BACK PLAYING SILLY DEVILS - IT COULD EVEN BE THE SAME VALUER:mad::mad::mad:.

ANOTHER INTERESTING POINT THOUGH IS THIS VALUER :mad::mad::mad:COMES FROM OUT OF THE AREA!!

Crikey.

If, as you say, a considerably smaller house next door sold for £290k then it does seem to make sense that yours as you describe it might fetch, well, maybe up to half as much as that again [e.g. around your £450k figure], or at what seems like a fairly conservative estimate somewhere around halfway between the two. But from what you've said you've had no bids around this kind of level so that can't be right somehow. Obviously not possible to say why without detailed local knowledge.

Some of the comments on here are a bit insensitive given that the sums of money involved are of a reasonably life-changing magnitude, but I would agree with the sentiment that, really, you probably don't have a very strong case to feel aggrieved. The house is only worth what you can sell it for really. Three years is a wholly ample amount of time to winkle out the right buyer.

Your buyers are no doubt delighted by the way that things have worked out since they're getting a huge discount from a price they were prepared, in theory, to pay. Did you consider that they might be cynically/dishonestly 'gazundering' you, knowing that it's been on sale for ever & that you want to sell? Have you seen the surveyor's report? I find it a bit odd that you know so much about their finances &, I suppose, that they [seemingly] don't have a deposit.

If it's any consolation I doubt your parents paid much more than about £5k for the house so north of £300k isn't such a bad return really.

Mealyn

hi
it was interesting reading about your valuers down grading of your property as only two days ago this is exactly what has happened to us. We too feel astounded especially as this house has gone 3 times to contract exchange to find somebody has pulled out on the day. The first time it happened the buyer had borrowed the money from his father in India and then because of delays the father asked for his money back. The good son sent it. So, when it came to exchange day we were told they didn't have the money. Anyway the house has been valued by three different valuers and no problem with the house price. In fact one valuer hinted that we were underselling the house. Now for the fourth time it has been valued and the surveyer we learnt was derogatory about the house and knocked £7000 of the price. The house has been dropped in price to reflect the market conditions and we can barely afford to have it knocked down from the asking price agreed between ourselves and buyer. He pointed out things like the artexed ceiling 'could' contain asbestos. The tree in the garden 'could' affect the foundations and other might, maybe , possible problems which are just not in existance. Of course now our buyer is only wanting to pay the valued price as by the surveyer. We are up against the wall as we do not want to lose another buyer. We cannot understand this valuation compared to the other three who all accepted the agreed price as reasonable. For us the experience of selling our house has been an absolute nightmare, but we have to sell as hubby has new job 100 miles away. As for estate agents they only work for themselves to get commision. We don't feel that they have been honest with us and we just feel cheated by everyone, buyers, estate agents. and valuers!

tbs624

Mealyn wrote: »

this house has gone 3 times to contract exchange to find somebody has pulled out on the day. ........ Now for the fourth time it has been valued and the surveyer we learnt was derogatory about the house and knocked £7000 of the price.

The house has been dropped in price to reflect the market conditions and we can barely afford to have it knocked down from the asking price agreed between ourselves and buyer. He pointed out things like the artexed ceiling 'could' contain asbestos. The tree in the garden 'could' affect the foundations and other might, maybe , possible problems which are just not in existance. Of course now our buyer is only wanting to pay the valued price as by the surveyer.

my bolding. Of course the most recent valuation would have to reflect the current market conditions as already mentioned to the OP, any lender has to be able to recoup as much as they of if a mortgagee defaults and they won't be able to achieve that if they agree to lend more than the market can currently stand. They haven't "knocked 7k off the price" - they've revalued it appropriate to the housing market *now* not as it was on the previous 3 occasions on which you agreed a sale STC.

He is absolutely right to point out the possibility of issues arising from artex, tree roots and so on -- he is covering his behind in the event of one of those issues actually arising and him being sued for failing to point the possibility (however small/remote) out to the Lender.

As for the comments about your buyer - s/he probably cannot afford to pay more than the valuation if s/he is reliant on a high LTV mortgage. Would you pay more than a property was professionally judged to be able to realise on the open market? I'd guess that t he majority of people wouldn't, even if they were able to buy mortgage free, unless the property was one of those truly unique "chance in a lifetime to purchase" dream properties.

Mealyn wrote: »

As for estate agents they only work for themselves to get commision. We don't feel that they have been honest with us and we just feel cheated by everyone, buyers, estate agents. and valuers!

There may be the odd altrusitic EA out there but of course they work to get commission, so they bend the truth sometimes. ( I have no love for EAs btw)

You have obviously had a stressful time of it - house buying and selling is rarely a pleasurable experience - but I don't think your current buyers are "cheating" you just because the valuer has put a lower figure on the property than you would have preferred.