Guys im 26 and need serious help!

neverdespairgirl

Did you have a residential mortgage from the start, then? I thought it was buy to let?

Credit-Crunched

If I went into a BMW dealership and they valued a Z4 at 60k I would step back, look at comparables, ask around, do my research, ask if the proverbial hits the fan can i afford this car? If i needed to sell it second hand how much would i get for it? Are there many cars like this around at the moment...

If after my research 60k seemed steep I would walk away or negotiate, not sign on the line and try to sue the dealership for selling me a car at too high a price.

Link my nice little analogy to this situation and ask yourself would you be so bitter to the valuer if your flat was now worth twice what you paid for it. Investments can fall as well as rise.

100% sure way to avoid negative equity, dont sell.

A little latin maybe

'caveat emptor'

nrsql

Credit-Crunched wrote: »

If I went into a BMW dealership and they valued a Z4 at 60k I would step back, look at comparables, ask around, do my research, ask if the proverbial hits the fan can i afford this car? If i needed to sell it second hand how much would i get for it? Are there many cars like this around at the moment...

If after my research 60k seemed steep I would walk away or negotiate, not sign on the line and try to sue the dealership for selling me a car at too high a price.

Link my nice little analogy to this situation and ask yourself would you be so bitter to the valuer if your flat was now worth twice what you paid for it. Investments can fall as well as rise.

100% sure way to avoid negative equity, dont sell.

A little latin maybe

'caveat emptor'

How about if you were sensible and didn't look to BMW for a valuation but went to the trouble of paying an independent valuer who made their living from valuing cars? You could say do more research but then you would never buy anything because there's always more research you could do.

Congrats to the OP - especially on the marriage, everything else is fairly minor in comparison.

elodieb9

OP... nice outcome.

Hope you live happily ever after.

I wonder if the person who valued your property lost his/hers job? One person's gain is another person's loss.

sharpy2010

poppy10 wrote: »

Nothing to say but...
PWNED! :money:

Sorry, no sympathy for someone who spent almost a quarter of a million pounds without doing even basic research on the purchase.

Either get repossessed or sell for whatever you can get, then spend the rest of your life paying off the negative equity. Enjoy.

Spiteful b1tch.