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Buyers' mortgage company valuation 30% below asking price!
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kingstreet wrote: »Zoopla, Rightmove etc source the sold prices they show from the Land Registry data.
Just don't use Zoopla valuation estimates.
Do they, or do they do some creative counting like some of the other property price statistics providers seem to do in order to get bubbly "feel good" results?0 -
Why don't you randomly sample some sales and then look at the Land Registry, Rightmove and Zoopla sold prices.Crashy_Time wrote: »Do they, or do they do some creative counting like some of the other property price statistics providers seem to do in order to get bubbly "feel good" results?
You can then report back and tell us if your theory is correct.
FWIW I've just compared all three sites for the sixteen properties in my postcode and they match every single time over the twenty-three years they have existed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Why don't you randomly sample some sales and then look at the Land Registry, Rightmove and Zoopla sold prices.
You can then report back and tell us if your theory is correct.
FWIW I've just compared all three sites for the sixteen properties in my postcode and they match every single time over the twenty-three years they have existed.
Why do some posters say that they (Zoopla) get valuations wrong by as much as 100k? Are the posters deluded?0 -
This is happening more and more - and as a buyer on the property I currently in process of, if the valuation came back at 30% below, I would have withdrawn my offer.
I knew this wasn't going to happen though, as my deposit is 60% of the value of the property - leaving little or no risk to the bank if there is a downturn in prices.
Basically the banks are lowering their valuations when the deposits are lower. It's a trend.
You may well lose this buyer, but since you had other offers, you will get more and it's worth a independent valuation to ensure you're correctly priced0 -
Crashy_Time wrote: »Why do some posters say that they (Zoopla) get valuations wrong by as much as 100k? Are the posters deluded?
Zoopla do estimated valuations which uses sold price data and other statistics but in reality they are fictitious- a bit like credit scores.
Sold prices are just that and are factual based on data supplied to land registry.0 -
I did say not to use the valuations!!!Crashy_Time wrote: »Why do some posters say that they (Zoopla) get valuations wrong by as much as 100k? Are the posters deluded?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Why don't you randomly sample some sales and then look at the Land Registry, Rightmove and Zoopla sold prices.
You can then report back and tell us if your theory is correct.
FWIW I've just compared all three sites for the sixteen properties in my postcode and they match every single time over the twenty-three years they have existed.
Sold prices can still be steady, or even rising as transactions (and any notion of a functioning market) tank. That is the nature of statistics, and there are ways to massage the figures to always show rising prices (until you just can`t any more)0
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