Remortgage and stupid valuation report.

owitemisermusa

Griptool wrote: »

Hi Becks
Please be aware you are becoming a HPC superstar.

The funniest post was from indebted
Please take note of the comments made by Dunstonh, he seems to be giving sound advice. At last the lenders can now see the future, and it doesn't look pretty.

It might be a good time to reappraise your overall finances and consider if taking on additional debt at the moment is the best option.

I'm ashamed that there are people who would derive so much pleasure from others' difficulties. The tone of the forum thread on the HPC website is totally disgusting, if they are hoping to make any money from their site - I am sure they will crash and burn. I couldn't even read on and explore their website (very unusual as I love to explore internet sites), nothing for me from those sort of people.

I know certain members of this forum must be stalwarts and I wish them well - what goes around comes around, one way or another.

I am well and truly disgusted.

owitemisermusa

Griptool wrote: »

..... and it doesn't look pretty......

Is that price a typo? Unbelievable!
A house for $500? Not true.

God help us.

jedimonkey

Yossarian wrote: »

Wow first post and I get flamed, Life goes on!
I gaurentee if you get 3x local EA valuations and take the average you have been undervalued.

I gaurentee [sic] if I got 3x local EA valuations done - they would all be nice and shiney to try and get my business...... the chap with the clipboard who comes out to survey the house may see thing cheaper....... which one does the lender listen to?

Dan_Collins_2

Yossarian wrote: »

Couple of people I work with have had the same problem, It seems surveyors have been spooked by the news headlines of late.

Both own really nice flats in london commuter belt, one bought in 2002 and one bought in 2005 in the same block.

Both are being told by new valutaions that thier flats are worth less than they paid for them, and it is simply not true. It is a really up and coming area and a short commute from London, there is no way they have lost value!

I suggest getting another valutaion or even getting a local estate agents view on value as if they know the local area they are more likely to be correct.

You dont need EA reports, EA's give you a guide price to market a property at. New builds are going down in value and some flats are, we have to many flats. The two agents I work with are telling people to cut prices to get interest. To turn a valuation figure you need comparables from property that has sold not on the market. You will find these figures are very different, but an agent cant advertise a sold price!

poppy10_2

owitemisermusa wrote: »

Is that price a typo? Unbelievable!
A house for $500? Not true.

God help us.

Hideously overpriced. For $399 you can get this detached 2-bed home, and if you can't manage that, then this 3-bed house ideal for investors can be yours for just $100.

Griptool

owitemisermusa wrote: »

Is that price a typo? Unbelievable!
A house for $500? Not true.

God help us.

Sorry no typo, in fact its over priced, you can can buy a whole street for 500 bucks if you know where to look. (not that you'd want to own)

It would be fair to say that the US market is not the same as the UK, their average house price to average earnings ratio was alot better before their crash - also their personal debt per head was aspirational in UK terms.

owitemisermusa wrote: »

I'm ashamed that there are people who would derive so much pleasure from others' difficulties. The tone of the forum thread on the HPC website is totally disgusting, if they are hoping to make any money from their site - I am sure they will crash and burn. I couldn't even read on and explore their website (very unusual as I love to explore internet sites), nothing for me from those sort of people.

I know certain members of this forum must be stalwarts and I wish them well - what goes around comes around, one way or another.

I am well and truly disgusted.

Save your disgust for those that have profited from the exploitation of the financially naive.

owitemisermusa

Griptool wrote: »

Sorry no typo, in fact its over priced, you can can buy a whole street for 500 bucks if you know where to look. (not that you'd want to own)

It would be fair to say that the US market is not the same as the UK, their average house price to average earnings ratio was alot better before their crash - also their personal debt per head was aspirational in UK terms.

OMG, those are repos? Why doesn't a wealthy entrepreneur buy up the houses and hand them back? I'm sure people/previous owners are dying in the streets (seeing as it is America).

I'm sure there is a catch, maybe you buy the debt owed and the $399 is the nominal value. It must be, buy for pennies, take over the mortgage debt.

Otherwise the government should do something. Lose your house over a lousy $100??

Griptool wrote: »

Save your disgust for those that have profited from the exploitation of the financially naive

To be fair, a lot of the information about what's going on now simply hasn't been available.

All that was out there was people predicting doom and gloom but no real education about the dangers of silly mortgages!

No one to explain the facts clearly, people with financial knowledge just didn't tell their clients the truth. Of course, there is the issue of naivete......

donkeyman18

Yossarian wrote: »

Couple of people I work with have had the same problem, It seems surveyors have been spooked by the news headlines of late.

Both own really nice flats in london commuter belt, one bought in 2002 and one bought in 2005 in the same block.

Both are being told by new valutaions that thier flats are worth less than they paid for them, and it is simply not true. It is a really up and coming area and a short commute from London, there is no way they have lost value!

I suggest getting another valutaion or even getting a local estate agents view on value as if they know the local area they are more likely to be correct.

:rotfl::rotfl::rotfl::rotfl::rotfl:Funniest thing I read in ages.

donkeyman18

owitemisermusa wrote: »

I'm ashamed that there are people who would derive so much pleasure from others' difficulties. The tone of the forum thread on the HPC website is totally disgusting, if they are hoping to make any money from their site - I am sure they will crash and burn. I couldn't even read on and explore their website (very unusual as I love to explore internet sites), nothing for me from those sort of people.

I know certain members of this forum must be stalwarts and I wish them well - what goes around comes around, one way or another.

I am well and truly disgusted.

As stated, you are being disgusted at the wrong people.

Those who have seeked to make vast profits from the basic human need of a home are the ones to vent your anger at.

Twopints

bandraoi wrote: »

The OP said the surveyor had found a big problem.
What was the problem he came back with?
It may be nothing to do with market conditions.
The surveyor may have actually saved the OP from making a very costly mistake.

I took the OP to mean that the "big problem" was the valuation itself, not that there was any specific problem with the property itself