Something fishy

MrsGizzard

Just decided to get a full buildings survey on my own home. The first local surveyor I called was the company who (unbeknownst to me) did our buyer’s valuation survey, only they sent someone from Rutland (about an hour away), even though their local office is in town. (And the Beast from the East was choking the A1).

They share offices and services with an estate agent who happens to be representing the people opposite, who can’t shift their house. Ours was marketed at £305K (although EA recommended £315K) and got full price at £305K after one viewing. Theirs is on at £325K. Anyway, the valuation came in at £295K.

They’re RICS, so independent. But I think it’s all a bit fishy. But can’t think what the point of suppressing our property price would be. But when discussing it with them, (until they realised it was them who’d done the survey), they were bemused because there’s some kind of 8% tolerance, which seemed not to have been applied.

Any thoughts?

DaftyDuck

Your house might be worth somewhere in the region of £295,000.




Plus or minus 8%, or thereabouts.





More, if two people want it. Possibly....



Hope that's clear now! ... though I did find your post a little confused...


Conspiracy? No chance°


°But, then again, I might be your buyer :eek: or not :cool:

ashe

Why did you get a survey on your own home? Surely the buyer would be doing that?

eddddy

MrsGizzard wrote: »

Any thoughts?

Yes - two main ones...

1. It's strange to get a survey on your own house.
2. It's difficult to understand what you want people's thoughts on.

lincroft1710

As Rutland is England's smallest county and boasts not one but two reservoirs (Rutland Water and Eye Brook Reservoir) both well stocked with fish, you could be right that something could be "fishy".

Went to school with a lot of people from Rutland, they didn't have gills and only 4 fingers and a thumb on each hand.

MrsGizzard

So I know what it’s worth.

MrsGizzard

Never mind. I suppose I!!!8217;m a bit stressed out so not making much sense. It!!!8217;s so odd here in Grantham. House prices are inflated due to lack of supply. But people aren!!!8217;t actually completing on purchases.

I feel like I may as well get my own survey so I know roughly what a lender really considers it worth. All I can get out of the buyers is the £295K answer, but no reason. I suppose it doesn!!!8217;t really matter. Just got a v bad feeling. Should listen to my gut and start again in Spring.

Crashy_Time

MrsGizzard wrote: »

Never mind. I suppose I!!!8217;m a bit stressed out so not making much sense. It!!!8217;s so odd here in Grantham. House prices are inflated due to lack of supply. But people aren!!!8217;t actually completing on purchases.

I feel like I may as well get my own survey so I know roughly what a lender really considers it worth. All I can get out of the buyers is the £295K answer, but no reason. I suppose it doesn!!!8217;t really matter. Just got a v bad feeling. Should listen to my gut and start again in Spring.

There is a contradiction there somewhere, or maybe lack of supply isn`t the problem?

Gwendo40

Crashy_Time wrote: »

There is a contradiction there somewhere, or maybe lack of supply isn`t the problem?

I agree, some rather muddled thinking there... how can ''house prices be inflated'' if no one is able or willing to actually pay those prices?

Perhaps it would be more accurate to say that vendor's greedy, deluded expectations of what their houses are worth are inflated?

Crashy_Time

Gwendo40 wrote: »

I agree, some rather muddled thinking there... how can ''house prices be inflated'' if no one is able or willing to actually pay those prices?

Perhaps it would be more accurate to say that vendor's greedy, deluded expectations of what their houses are worth are inflated?

Cheap credit and herd sentiment inflated them, but they are suspended in mid air now, if Trump gets the rates and volatility up I can`t see it being good for bubble UK mortgages......


http://www.independent.co.uk/news/business/news/foxtons-profit-slump-latest-results-london-housing-market-sales-lettings-historic-lows-a8232051.html

John-K_3

You!!!8217;ve been posting the same rubbish for a lot of years now, with the reasoning changing each time.

May I ask, given how spectacularly badly you called it a few years ago, do you not think that you are perhaps not very well clued up when it comes to predicting house prices?

I leveraged up eight years ago, spending seven figures on a flat in London. I had no expectation of making money on it, and thought it likely that I!!!8217;d lose, but was aware that forecasting was probably foolish.

Here we are now, it!!!8217;s gone up in value half a million pounds, which I am about to cash out. You would have told me not to buy, and do not seem to have learned anything.