Mortgage valuation £20k lower than agreed price

Crashy_Time

AdrianC wrote: »

I think you're getting confused with the "house price debate" board. That's full of fruitloops and conspiracy theorists - like you.

This is the "house buying/selling/renting" board, which mostly contains grown-ups.

I would have thought most grown ups considered price as being intrinsic to buying/selling/renting, whereas children would put their fingers in their ears and chant "La La La...prices can`t drop, prices can`t drop!" over and over until they are sick Maybe not though on second thoughts, or we could never have got to the economic mess we are in If you think interest rate rises are the domain of "Conspiracy Theorists" then please remind me never to take economic advice from you

AdrianC

Crashy_Time wrote: »

I would have thought most grown ups considered price as being intrinsic to buying/selling/renting, whereas children would put their fingers in their ears and chant "La La La...prices can`t drop, prices can`t drop!" over and over until they are sick

Yes, you're absolutely right.

The grown-ups are perfectly realistic about price variation, about how houses are not primarily investments, and how economic cycles fluctuate, in full acceptance of the reality of decades.

The children stick their fingers in their ears and chant... from very fixed positions on both sides, denying the reality of decades.

Crashy_Time

AdrianC wrote: »

Yes, you're absolutely right.

The grown-ups are perfectly realistic about price variation, about how houses are not primarily investments, and how economic cycles fluctuate, in full acceptance of the reality of decades.

The children stick their fingers in their ears and chant... from very fixed positions on both sides, denying the reality of decades.

You are not seriously suggesting that economic "reality" or economic cycles are being allowed to play out like they should are you?? The problem with massive intervention by central banks is that a) No one knows how unwinding it will play out, as it hasn`t been done before, and b) Everyone agrees it can`t be unwound without pain, we are already seeing the political fallout from too much support for bankers and debtors, and it looks like one of those consequences (Trump) is hell bent on a global trade war and higher interest rates to show that his country is leading the way again, really not a backdrop you want to be owing huge mortgage/other debt against IMO.

AdrianC

Crashy_Time wrote: »

You are not seriously suggesting that economic "reality" or economic cycles are being allowed to play out like they should are you??

Ah, this is the "but it doesn't fit my preferences and preconceptions, so it must be a giant conspiracy" bit, isn't it?

Crashy_Time

AdrianC wrote: »

Ah, this is the "but it doesn't fit my preferences and preconceptions, so it must be a giant conspiracy" bit, isn't it?

No, this is the bit where we just accept that there has been massive central bank intervention to prevent the debt bubble unwinding, and that now seems to be ending/unravelling (take your pick) and everybody and their dog knows it. Not sure why you would exclude this from your thinking? We are definitely not in a normal economic cycle!

kah1019

Renegotiate with the sellers use the valuation and recent sale price as the reason and consider there is work to do. Also consider how long was the property on the market before you cam along? If it was a short time it may not help you but if it has taken months then are they really willing to wait months for another possible buyer? If they wont accept this they are likely to get the same issues with another buyer who needs a mortgage.

Crashy_Time

Good advice.

MobileSaver

Crashy_Time wrote: »

You are not seriously suggesting that economic "reality" or economic cycles are being allowed to play out like they should are you??

Seriously?!?!? So you are saying that "economic reality" is not what is actually happening but what you think should be happening? Do you actually read what you write? You really are losing the plot. :rotfl:

Crashy_Time wrote: »

really not a backdrop you want to be owing huge mortgage/other debt against IMO.

So your expert advise is to keep on renting and paying off your landlord's mortgage instead? Can you remind everyone how that has worked out for you over the last ten years or so?

Crashy_Time

MobileSaver wrote: »

Seriously?!?!? So you are saying that "economic reality" is not what is actually happening but what you think should be happening? Do you actually read what you write? You really are losing the plot. :rotfl:



So your expert advise is to keep on renting and paying off your landlord's mortgage instead? Can you remind everyone how that has worked out for you over the last ten years or so?

No, I simply said that central banks are heavily involved in the market, hence the " " around reality, do you honestly think the housing market would still be standing if interest rates hadn`t been cut to near zero :rotfl: My expert advice is that there is a lot of volatility coming, and some rate rises. The real interest rate fun will start when the EZ fractures. lets see how the Italian election plays out first

hazyjo

ARGHHHH why does every bloody thread seem to end up like this. It belongs on the debate board - not on every thread which mentions price.


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I also want to know why you offered over asking price in the first place. I always advise against that if not bidding against someone else, especially if a FTB with a low deposit as they often get down-valued.


The market has generally slowed so I can understand why lenders are jittery re lending 85-90% of the price on something which needs a lot of work. You have no experience of owning a property, and can't prove you're capable of doing a house up, and it may prove a bit of a money pit if it needs that much work (or more than you're anticipating).