Nearly £60k down-valuation by lender

Davesnave

It could be that lenders are beginning to price-in a bit of caution now, given that 'Pandemic' has only a limited time to run now and eventually the $h1t will really HTF?

AdrianC

Davesnave said:

...given that 'Pandemic' has only a limited time to run now...

You reckon?

The Kent variant, our Xmas wave, is now 40%+ of global infections.

Will the next variant be protected against by the current vaccines?

Davesnave

AdrianC said:

Davesnave said:

...given that 'Pandemic' has only a limited time to run now...

You reckon?

The Kent variant, our Xmas wave, is now 40%+ of global infections.

 Oh yeah, Supervariant, or to give it its full name, the Clark Kent.

No idea. I live in Devon, where we shoot anything that moves and it seems to be working for us. Never stopped snogging either.

But to be more on topic, I was just suggesting that we can't carry on money printing and paying people to do sod- all forever without there being consequences.

MobileSaver

Crashy_Time said:

MobileSaver said:

Over 50% of homeowners are aged 55 or above so I would hazard that the vast majority of those are in a property they want to spend the rest of their lives in.

Of course I was talking about people trying to buy into this ridiculous bubble now, not people who got basic property at a low price years ago!

This thread is about a house with an initial asking price of £705,000 so why you would suddenly start talking about FTBers trying to buy into the market and expect people to realise that was what you meant is beyond me...

Crashy_Time said:

MobileSaver said:

Is it smarter to spend the rest of your life in a bedsit in an undesirable part of Edinburgh

Could you tell us the most desirable part of Edinburgh in your opinion, and the least, and give reasons why they are so? You seem to know the city well?

All I know about the Edinburgh property market is from what you have told us which was that landlords were struggling as there were so many empty flats both in your block and the surrounding areas.

Crashy_Time

MobileSaver said:

Crashy_Time said:

MobileSaver said:

Over 50% of homeowners are aged 55 or above so I would hazard that the vast majority of those are in a property they want to spend the rest of their lives in.

Of course I was talking about people trying to buy into this ridiculous bubble now, not people who got basic property at a low price years ago!

This thread is about a house with an initial asking price of £705,000 so why you would suddenly start talking about FTBers trying to buy into the market and expect people to realise that was what you meant is beyond me...

Crashy_Time said:

MobileSaver said:

Is it smarter to spend the rest of your life in a bedsit in an undesirable part of Edinburgh

Could you tell us the most desirable part of Edinburgh in your opinion, and the least, and give reasons why they are so? You seem to know the city well?

All I know about the Edinburgh property market is from what you have told us which was that landlords were struggling as there were so many empty flats both in your block and the surrounding areas.

I didn`t mention FTB, I was talking about people trying to buy in the ridiculous bad for society bubble now, at this moment in time, they don`t need to be FTB. People are not always going to get the price they need to move for the house they are selling, especially so if they are up against a deluded seller. That is completely different to your example of someone deciding to stay in the house they already live in.

I`m guessing you imagine the "desirable" parts of Edinburgh don`t have any rental voids at the moment?

MobileSaver

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

MobileSaver said:

Over 50% of homeowners are aged 55 or above so I would hazard that the vast majority of those are in a property they want to spend the rest of their lives in.

Of course I was talking about people trying to buy into this ridiculous bubble now, not people who got basic property at a low price years ago!

This thread is about a house with an initial asking price of £705,000 so why you would suddenly start talking about FTBers trying to buy into the market and expect people to realise that was what you meant is beyond me...

I didn`t mention FTB, I was talking about people trying to buy in the ridiculous bad for society bubble now, at this moment in time, they don`t need to be FTB. People are not always going to get the price they need to move for the house they are selling,

Keep digging that hole!

Anyone who is not a FTB does not need to try to buy into the market because they are already in it. You're just getting desperate by trying to suggest most won't get what they want for their property but miraculously their sellers will.

Crashy_Time

MobileSaver said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

MobileSaver said:

Over 50% of homeowners are aged 55 or above so I would hazard that the vast majority of those are in a property they want to spend the rest of their lives in.

Of course I was talking about people trying to buy into this ridiculous bubble now, not people who got basic property at a low price years ago!

This thread is about a house with an initial asking price of £705,000 so why you would suddenly start talking about FTBers trying to buy into the market and expect people to realise that was what you meant is beyond me...

I didn`t mention FTB, I was talking about people trying to buy in the ridiculous bad for society bubble now, at this moment in time, they don`t need to be FTB. People are not always going to get the price they need to move for the house they are selling,

Keep digging that hole!

Anyone who is not a FTB does not need to try to buy into the market because they are already in it. You're just getting desperate by trying to suggest most won't get what they want for their property but miraculously their sellers will.

"Trying to buy in" means you are already part of something, a participant, "Buying into" means you are trying to enter, to become a participant. I am suggesting that most won`t get enough for their property to satisfy deluded sellers, but that bank valuations will let deluded sellers know that they are...well deluded.

Crashy_Time

Davesnave said:

It could be that lenders are beginning to price-in a bit of caution now, given that 'Pandemic' has only a limited time to run now and eventually the $h1t will really HTF?

Do you mean that without Covid things like furlough/SD holiday etc. have to end and economic reality be faced up to? Do you think jobs/lending will come back if this ends soon?

Davesnave

Crashy_Time said:

Davesnave said:

It could be that lenders are beginning to price-in a bit of caution now, given that 'Pandemic' has only a limited time to run now and eventually the $h1t will really HTF?

Do you mean that without Covid things like furlough/SD holiday etc. have to end and economic reality be faced up to? Do you think jobs/lending will come back if this ends soon?

I mean that no economy has ever printed its way out of trouble. I don't do the whole Mystic Meg thing saying when exactly the SHTF, but it will.

Crashy_Time

Chappaz said:

davidmcn said:

It would be a problem for many buyers, but I think you're underestimating the number who do have enough cash to make up the difference between the bank's valuation and the price they want to pay. That's how it works in a rising market. Whether this particular market is a rising one which justifies the price is of course a different question.

Yes you may be right. In all honesty this doesn't look like it'll be a rising market in the near term (post-Covid and SDLT holiday etc), so there's probably merit in riding that out considering that I have no intention to sell in the near term.

ele_91 said:

We had a downvaluation of around £15k (on a cheaper house) but the bank agreed to lend as we have a big deposit. We thought about negotiating but we are in a fast moving market, were the first to view and really want the house. The reality is if we try and negotiate they’ll probably put it back on and get asking price. You need to weigh up what the property means to you.

Same here. We're leaning towards just getting it as it is a house we really like and any fluctuations in value will probably smooth themselves out in the long-term. I just wanted to make sure that I wasn't missing anything and that I'm not deemed utterly insane for even considering the purchase.

Have you decided to go ahead with the purchase?