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  • FIRST POST
    • MrsGizzard
    • By MrsGizzard 7th Mar 18, 4:07 PM
    • 8Posts
    • 2Thanks
    MrsGizzard
    Something fishy
    • #1
    • 7th Mar 18, 4:07 PM
    Something fishy 7th Mar 18 at 4:07 PM
    Just decided to get a full buildings survey on my own home. The first local surveyor I called was the company who (unbeknownst to me) did our buyer’s valuation survey, only they sent someone from Rutland (about an hour away), even though their local office is in town. (And the Beast from the East was choking the A1).

    They share offices and services with an estate agent who happens to be representing the people opposite, who can’t shift their house. Ours was marketed at £305K (although EA recommended £315K) and got full price at £305K after one viewing. Theirs is on at £325K. Anyway, the valuation came in at £295K.

    They’re RICS, so independent. But I think it’s all a bit fishy. But can’t think what the point of suppressing our property price would be. But when discussing it with them, (until they realised it was them who’d done the survey), they were bemused because there’s some kind of 8% tolerance, which seemed not to have been applied.

    Any thoughts?
Page 1
    • DaftyDuck
    • By DaftyDuck 7th Mar 18, 4:32 PM
    • 4,154 Posts
    • 8,657 Thanks
    DaftyDuck
    • #2
    • 7th Mar 18, 4:32 PM
    • #2
    • 7th Mar 18, 4:32 PM
    Your house might be worth somewhere in the region of £295,000.




    Plus or minus 8%, or thereabouts.





    More, if two people want it. Possibly....



    Hope that's clear now! ... though I did find your post a little confused...


    Conspiracy? No chance°


    °But, then again, I might be your buyer or not
    • ashe
    • By ashe 7th Mar 18, 5:24 PM
    • 530 Posts
    • 367 Thanks
    ashe
    • #3
    • 7th Mar 18, 5:24 PM
    • #3
    • 7th Mar 18, 5:24 PM
    Why did you get a survey on your own home? Surely the buyer would be doing that?
    • eddddy
    • By eddddy 7th Mar 18, 6:03 PM
    • 6,305 Posts
    • 6,170 Thanks
    eddddy
    • #4
    • 7th Mar 18, 6:03 PM
    • #4
    • 7th Mar 18, 6:03 PM
    Any thoughts?
    Originally posted by MrsGizzard
    Yes - two main ones...

    1. It's strange to get a survey on your own house.
    2. It's difficult to understand what you want people's thoughts on.
    • lincroft1710
    • By lincroft1710 7th Mar 18, 7:41 PM
    • 10,653 Posts
    • 8,895 Thanks
    lincroft1710
    • #5
    • 7th Mar 18, 7:41 PM
    • #5
    • 7th Mar 18, 7:41 PM
    As Rutland is England's smallest county and boasts not one but two reservoirs (Rutland Water and Eye Brook Reservoir) both well stocked with fish, you could be right that something could be "fishy".

    Went to school with a lot of people from Rutland, they didn't have gills and only 4 fingers and a thumb on each hand.
    • MrsGizzard
    • By MrsGizzard 7th Mar 18, 10:46 PM
    • 8 Posts
    • 2 Thanks
    MrsGizzard
    • #6
    • 7th Mar 18, 10:46 PM
    • #6
    • 7th Mar 18, 10:46 PM
    So I know what it’s worth.
    • MrsGizzard
    • By MrsGizzard 7th Mar 18, 10:51 PM
    • 8 Posts
    • 2 Thanks
    MrsGizzard
    • #7
    • 7th Mar 18, 10:51 PM
    • #7
    • 7th Mar 18, 10:51 PM
    Never mind. I suppose I!!!8217;m a bit stressed out so not making much sense. It!!!8217;s so odd here in Grantham. House prices are inflated due to lack of supply. But people aren!!!8217;t actually completing on purchases.

    I feel like I may as well get my own survey so I know roughly what a lender really considers it worth. All I can get out of the buyers is the £295K answer, but no reason. I suppose it doesn!!!8217;t really matter. Just got a v bad feeling. Should listen to my gut and start again in Spring.
    • Crashy Time
    • By Crashy Time 8th Mar 18, 8:22 PM
    • 6,058 Posts
    • 2,345 Thanks
    Crashy Time
    • #8
    • 8th Mar 18, 8:22 PM
    • #8
    • 8th Mar 18, 8:22 PM
    Never mind. I suppose I!!!8217;m a bit stressed out so not making much sense. It!!!8217;s so odd here in Grantham. House prices are inflated due to lack of supply. But people aren!!!8217;t actually completing on purchases.

    I feel like I may as well get my own survey so I know roughly what a lender really considers it worth. All I can get out of the buyers is the £295K answer, but no reason. I suppose it doesn!!!8217;t really matter. Just got a v bad feeling. Should listen to my gut and start again in Spring.
    Originally posted by MrsGizzard

    There is a contradiction there somewhere, or maybe lack of supply isn`t the problem?
    • Gwendo40
    • By Gwendo40 9th Mar 18, 6:32 AM
    • 101 Posts
    • 95 Thanks
    Gwendo40
    • #9
    • 9th Mar 18, 6:32 AM
    • #9
    • 9th Mar 18, 6:32 AM
    There is a contradiction there somewhere, or maybe lack of supply isn`t the problem?
    Originally posted by Crashy Time

    I agree, some rather muddled thinking there... how can ''house prices be inflated'' if no one is able or willing to actually pay those prices?

    Perhaps it would be more accurate to say that vendor's greedy, deluded expectations of what their houses are worth are inflated?
    • Crashy Time
    • By Crashy Time 10th Mar 18, 11:22 AM
    • 6,058 Posts
    • 2,345 Thanks
    Crashy Time
    I agree, some rather muddled thinking there... how can ''house prices be inflated'' if no one is able or willing to actually pay those prices?

    Perhaps it would be more accurate to say that vendor's greedy, deluded expectations of what their houses are worth are inflated?
    Originally posted by Gwendo40

    Cheap credit and herd sentiment inflated them, but they are suspended in mid air now, if Trump gets the rates and volatility up I can`t see it being good for bubble UK mortgages......


    http://www.independent.co.uk/news/business/news/foxtons-profit-slump-latest-results-london-housing-market-sales-lettings-historic-lows-a8232051.html
    • John-K
    • By John-K 10th Mar 18, 11:31 AM
    • 654 Posts
    • 1,009 Thanks
    John-K
    You!!!8217;ve been posting the same rubbish for a lot of years now, with the reasoning changing each time.

    May I ask, given how spectacularly badly you called it a few years ago, do you not think that you are perhaps not very well clued up when it comes to predicting house prices?

    I leveraged up eight years ago, spending seven figures on a flat in London. I had no expectation of making money on it, and thought it likely that I!!!8217;d lose, but was aware that forecasting was probably foolish.

    Here we are now, it!!!8217;s gone up in value half a million pounds, which I am about to cash out. You would have told me not to buy, and do not seem to have learned anything.
    • Crashy Time
    • By Crashy Time 10th Mar 18, 11:36 AM
    • 6,058 Posts
    • 2,345 Thanks
    Crashy Time
    You!!!8217;ve been posting the same rubbish for a lot of years now, with the reasoning changing each time.

    May I ask, given how spectacularly badly you called it a few years ago, do you not think that you are perhaps not very well clued up when it comes to predicting house prices?

    I leveraged up eight years ago, spending seven figures on a flat in London. I had no expectation of making money on it, and thought it likely that I!!!8217;d lose, but was aware that forecasting was probably foolish.

    Here we are now, it!!!8217;s gone up in value half a million pounds, which I am about to cash out. You would have told me not to buy, and do not seem to have learned anything.
    Originally posted by John-K

    Let us know when you actually cash out
    • buggy_boy
    • By buggy_boy 10th Mar 18, 1:27 PM
    • 403 Posts
    • 268 Thanks
    buggy_boy
    Let us know when you actually cash out
    Originally posted by Crashy Time
    Let us know how much not buying years ago has cost you so far?
    • AdrianC
    • By AdrianC 10th Mar 18, 2:39 PM
    • 17,360 Posts
    • 15,701 Thanks
    AdrianC
    I'm baffled. You seem to be suggesting some kind of conspiracy between the EA who can't sell an identical house for £325k and the surveyor, to downvalue yours from £305k to £295k.

    Wouldn't that just make the more expensive property even harder to sell...?
    • LittleMax
    • By LittleMax 10th Mar 18, 3:03 PM
    • 1,279 Posts
    • 1,918 Thanks
    LittleMax
    Just decided to get a full buildings survey on my own home.
    Originally posted by MrsGizzard
    Why did you get a survey on your own home? Surely the buyer would be doing that?
    Originally posted by ashe
    So I know what it!!!8217;s worth.
    Originally posted by MrsGizzard
    But you knew what it was worth? It was worth whatever your buyer's valuation came back with. Which is the one figure you have omitted to tell us.

    Did your buyer's survey come back at £295k and you had a survey to try to show it was higher? And that is where you feel the conspiracy lies?

    Otherwise this doesn't make any sense.
    • Crashy Time
    • By Crashy Time 10th Mar 18, 10:08 PM
    • 6,058 Posts
    • 2,345 Thanks
    Crashy Time
    Let us know how much not buying years ago has cost you so far?
    Originally posted by buggy_boy

    As I said, betting on a house to pay out is just that, a gamble, especially now. Savings and investments pay out at the click of a mouse, no years of waiting around while prospective buyers bid your price down
    • buggy_boy
    • By buggy_boy 11th Mar 18, 9:07 AM
    • 403 Posts
    • 268 Thanks
    buggy_boy
    As I said, betting on a house to pay out is just that, a gamble, especially now. Savings and investments pay out at the click of a mouse, no years of waiting around while prospective buyers bid your price down
    Originally posted by Crashy Time

    I think your deluded, very few people are betting on a house to pay out, those that did that in the past are being found out by the new tax on interest relief in the BTL sector. There is a reason people say safe as houses. Prices are not rising at the moment, so far all ive seen is that means way less houses for sale, people are not needing to sell. You need people to be losing their jobs and a recession for houses to decrease, then of course the problem is yes house prices are cheaper but do you really want to buy such a massive asset with debt when your job is not secure..

    So come on how many years have you been spouting about a crash? in that time how much rent have you paid and how much have prices gone up... I feel sorry for you, you took some really bad advice and now your stuck and you think your only chance is for prices to crash... Think is will you really buy at the bottom, calling the bottom is impossible just like calling the top.. Show me someone that can and ill show you a liar.
    • AnotherJoe
    • By AnotherJoe 11th Mar 18, 9:13 AM
    • 9,374 Posts
    • 10,340 Thanks
    AnotherJoe
    According to Crashy;
    Rising house prices means it's a bubble and they will crash imminently.
    Stagnant house prices mean the peak has been reached and they will crash imminently.
    Falling house prices, however little, however localised, however short the period, mean the crash is happening right now .
    An actual crash in houses prices means they will crash even more and you shouldn't buy yet.

    There are actually no circumstances when Crashy doesn't think a crash is either imminent or we are at the start of one or if in one, that it wont get even worse. The worst kind of delusion, since whatever happens the theory comes ahead of all evidence and evidence is bent to fit the theory.
    Last edited by AnotherJoe; 11-03-2018 at 10:25 AM.
    • Crashy Time
    • By Crashy Time 11th Mar 18, 7:51 PM
    • 6,058 Posts
    • 2,345 Thanks
    Crashy Time
    According to Crashy;
    Rising house prices means it's a bubble and they will crash imminently.
    Stagnant house prices mean the peak has been reached and they will crash imminently.
    Falling house prices, however little, however localised, however short the period, mean the crash is happening right now .
    An actual crash in houses prices means they will crash even more and you shouldn't buy yet.

    There are actually no circumstances when Crashy doesn't think a crash is either imminent or we are at the start of one or if in one, that it wont get even worse. The worst kind of delusion, since whatever happens the theory comes ahead of all evidence and evidence is bent to fit the theory.
    Originally posted by AnotherJoe

    Too complicated. Near zero rates were needed to keep the property market afloat, moving away from those rate levels sinks the market, it isn`t that difficult to suss out.
    • Crashy Time
    • By Crashy Time 11th Mar 18, 7:57 PM
    • 6,058 Posts
    • 2,345 Thanks
    Crashy Time
    I think your deluded, very few people are betting on a house to pay out, those that did that in the past are being found out by the new tax on interest relief in the BTL sector. There is a reason people say safe as houses. Prices are not rising at the moment, so far all ive seen is that means way less houses for sale, people are not needing to sell. You need people to be losing their jobs and a recession for houses to decrease, then of course the problem is yes house prices are cheaper but do you really want to buy such a massive asset with debt when your job is not secure..

    So come on how many years have you been spouting about a crash? in that time how much rent have you paid and how much have prices gone up... I feel sorry for you, you took some really bad advice and now your stuck and you think your only chance is for prices to crash... Think is will you really buy at the bottom, calling the bottom is impossible just like calling the top.. Show me someone that can and ill show you a liar.
    Originally posted by buggy_boy

    "People are not needing to sell"? How do you know what people are needing up and down the country? If you can`t sell your house when you need to move you would have been as well renting, that way your life isn`t on hold until you find a buyer. Collapsing sales volumes show that more and more people are stuck with property they can`t sell, or to contradict your point above, the house isn`t going to "Pay out" what they expected so they take it off the market.
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