Remortgage and stupid valuation report.

Datasafe_2

Yossarian wrote: »

Wow first post and I get flamed, Life goes on!

Better get used to it if you are going to post things like that

Yossarian wrote: »

I gaurentee if you get 3x local EA valuations and take the average you have been undervalued.

Ah yes, Estate agents are well known for pricing houses realisticly.

Therein lies the problem. The surveyor is more likely to price realisicly whereas an estate agent ( with a vested interest in ramping up property prices because they take a percentage cut ) will give an high figure every time I think.

dunstonh

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

They are not taking the supply away. They are buying it and making it available for people to rent. Ownership of a house is not a right.

In some areas I may agree with you. We have some North Norfolk villages that have been killed off because of people buying up the homes to use as holiday homes. It has killed the local economy of these villages, priced out the locals and turned the villages into ghost villages taking away the character that the people who bought the second home were seeking.

beecher

dunstonh wrote: »

They are not taking the supply away. They are buying it and making it available for people to rent. Ownership of a house is not a right.

In some areas I may agree with you. We have some North Norfolk villages that have been killed off because of people buying up the homes to use as holiday homes. It has killed the local economy of these villages, priced out the locals and turned the villages into ghost villages taking away the character that the people who bought the second home were seeking.

I took it to mean the banks who've made massive profits out of selling loans/mortgages which were unsustainable.

I must admit to being quite happy to see a reset in thinking over debt - too many people have overstretched themselves to aquire things they think they need, and too many have made those who are prudent with their money feel as if they should be ashamed for failing to keep up with them. I look forward to going back to a time when you saved up for things and understood the value of money (god I sound old - but this is the way I was brought up)

Gambler

Gambler wrote: »

Expecting my homebuyer report in the post tomorrow. I have agreed to pay £250K for a property. Should I expect valuation to show similar value?

If less am I paying too much?

The valuation has come back at £200K..................help

beecher

Gambler wrote: »

The valuation has come back at £200K..................help

You're going to have to renegotiate and I certainly wouldn't be paying more than the valuation in this present climate. I'd walk away if they won't accept such a big drop.

stillill_2

Gambler wrote: »

The valuation has come back at £200K..................help

Negotiate down below 200k. Or have +50k cash on top of the mortgage.

If it's valued at 200k now, think what it'll be valued at in 2 or 3 years and start there I would suggest. If you're going to live in it for 5-10 years it's not so bad.

Or if you really really like it and they won't take less than 250k, realise that you're overpaying by a massive amount for an asset with a value that is plummeting.

toonfish

this is inevitable in today's market but it sad so see the HPC'ers gloating at other's misfortune.

Says more about them than it does about estate agents or mortgage brokers.

49clare

"Surveyors are covering their backsides due to a falling market. There is not much you can do as he will not budge."

I totally agree. Our house was valued a few months ago by an estate agent for £175,000. We have just remortgaged and now a valuer has valued it as £160,000. Must be due to the slow down in selling etc.....

wriggly

chivers1977 wrote: »

I work for a lender and are having loads of customers contesting their valuations at the moment. What we state is to appeal, we need three sold prices in the immediate area of similar properties sold within the last three months. The surveyor will also use his RICS Red Book which has comparables (you will not be given these prices). Most customers are not getting their valuations increased.

That's pretty useless. I have just moved, and own 2 houses at the moment. The last sale of a comparable property to our old house was in 2006. For our new house, the last sale of a similar property in the area was in 2001!

Our surveyor came back with a valuation "in the current market conditions" that was £8000 less than our offer. We stuck with our original offer, and are more than happy. If we had reduced our offer, I have no doubt we would have been opening ourselves to being gazumped on a unique property.

dunstonh

Our surveyor came back with a valuation "in the current market conditions" that was £8000 less than our offer. We stuck with our original offer, and are more than happy. If we had reduced our offer, I have no doubt we would have been opening ourselves to being gazumped on a unique property.

House prices are only worth what someone is willing to pay. You were willing to pay that price so its worth it in your mind. You decided to pay more than the anticipated market value to prevent being gazumped. However, you may not have been and may have paid more than needed. You will never know.

You are happy with that decision and you have your own funds to be able to make that decision. Somone borrowing money up to the limits has largely got away with it in the last 8 years because of rising markets and expectations of continuing rises. That isnt the case any more and it is quite correct that it should be the case.