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About wurdoomed

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  1. wurdoomed

    Edinbugh Latest

    Hi, so I have been living under a rock for while awaiting the promised crash, when can I get a 2 bedder in the New Town for £150K ?
  2. I think you are being a little harsh there. Having experienced both buying and selling pre and post HR reports I definitely feel they are the preferred system, however they went properly thought through. Clearly though there is an incentive for surveyors to value on the high side, to win the sellers business. Regrettably this leads to unrealized expectations, and no downside for the surveyor. Now that there is some data built up, I wonder if there is a need for an 'accuracy index' , to enable sellers to rank surveyors. Not hard to set up and if i we a surveying company i would want something like this to differentiate my service. Each surveyors report is measured against the eventual sales price. Provided the sample size is 30+ then should be a reasonable measure of how accurate that surveyors reports have been. Anyone consistently over-valuing, beware, anyone consistently on the button, they get the business. Simple surely ?
  3. This pretty much sums it up. Until we get valuations done by multiple and financially independent bodies all these represent are someones viewpoint on a particular day subject to all the human biases going and based on some pseudo empirical data. The only valuations that really matter and that have real skin in the game are the lender (assuming there is a loan involved) and your goodself. Is the property really worth what you are thinking about paying and are you confident that you won't be kicking yourself in 6 months / 1year thinking 'if only I had waited I would have had x' if these two boxes are ticked then you have the 'valuation'. Only other comment would be 'beware of the 3s'. These are cop outs and if minor would probably be addressed by the sellers prior to the HR report going public. Good luck Wd
  4. Unless this property is the only property you would ever consider ( eg a street that you really 'must' live in), then it looks like you should tell them to stick it. I have always worked on the premise that in a rising market you should consider renovations but in a market like this there are surely plenty of properties that are all 1s, maybe some minor 2s, but you should not consider any 3s whatsoever, unless the price clearly reflects them. Why pay the price ad gre of upgrading when soon has already done it for you! Wd
  5. Its easy, the number is just a combination of the following : for You What price will leave you feeling you have got a good deal and can move in and move on in your life What are your views on where house prices are headed What can you afford without feeling that your life will be dominated by your repayments (a little tension is to be expected, but not so much you can no longer live) For the Sellers What number do you think will force them off this 12 month wait How much are they looking at spending What mortgage remains (just cos they are antiquities doesn't mean to say they haven't taken out a few secured loans) how much have they promised their offspring for the market At what point does the house become a bargain to the BTL vultures invariably waiting in the wings, you want to offer just above that subject to the bullet points above Oh and last thing, as there does not seem to be a plethora of buyers out there make sure you come at it from the low side, and work up Good luck WD
  6. http://www.rettie.co.uk/sales/EDI120068 Nice wee 1 bedder for someone....125 m2, oo 565
  7. I think you are being a little harsh here, I mean: tandem parking space : 75K uninterrupted view of the castle : 25K ceilings custom made for lop-sided hobbit : priceless
  8. CCC, I really hope you do find the property of your dreams, I genuinely do, however I can't help but think that your plan is somewhat flawed and the perfect storm that needs to exists before you do will never take place. Lets look at the scenario that would have to develop to tempt you to prise open the piggy-bank : Right property, area, street, floor, configuration Right timing (when you have your cash pile ready, when you think markets at bottom and when you are emotionally ready to commit to a purchase) Right seller – desperate, financially stretched, no alternative options, not willing to rent, open to rational economic argument, willing to let you slag their beloved home to pieces and ultimately able to accept your low ball offer, Right Conditions – i.e. no one else looking for a similar, ‘perfect, reasonably priced’ property (BTL vultures ?) for the extended period your hardball tactics will most likely take Heck, ….and at the end of all that, just when you are about to write that cheque for six figures you’ll probably think, ach a better one will be along soon and take cold feet. I'd suggest you need to be more realistic, and accept that like most things in life some compromise is inevitable.
  9. Not a surveyor but reasons for me have been : their profession is surveying, they are qualified, trained, experienced, insured (sueable) and overseen by a trade body as surveyors; its custom and practice, i.e. wouldn't like to be serial no. 1 of someone trying out a new methodology; its expected, indeed demanded by lenders/insurers etc Reasons against getting a series of quotes from some builders would be : Absolutely no comeback for errors (intentional or otherwise) ; Unhealthy dynamic to have the guy advising you potentially doing the work also (poacher and gamekeeper?) If you dont trust surveyors why trust builders In practical terms CCC, do you really think that a prospective seller is going to let you and potentially a gang of gypsies clamber all over their lovely house pointing out flaws ?
  10. Personally I wouldn't read too much into such an insignificant amount, and would view that as just noise in the numbers. I mean surveys are pretty much a stab in the dark and I believe that too much store is set by them. Arguably it's the surveyors of the world that are dragging out this standoff by consistently over valuing properties ( to get the business) rather than sitting the sellers down and explaining the harsh realities of the market and how even though johnny down the road got more in 2007, that market has gone, never to return we suspect,
  11. CCC- getting expert evaluations is, on paper at least, a hugely sensible precaution on such a significant purchase. My experience has been however that it's amazing how few people get any survey done over and above the basic. It's amazing how once you find somewhere you really like, it is very easy to get caught up in the excitement of the whole affair, and caution goes out the window. Once you've set your heart on somewhere anything that undermines that decision is most unwelcome. Wet rot becomes a few hundred quid to rentokill, decoration is only superficial and so on. Personally it's only been subsisdence and dry rot that have killed my interest. I guess it's also impacted by the fear that someone else is going to sneak in and beat you to it, in a bull market that is a very real fear, in today's market it should be a lot better, but I suspect there will always be that niggling doubt, especially given the time you have waited thus far. That is where your solicitor should come in useful. As someone more detached from the decision they can hopefully give you sound advice, and stop you getting either too gung ho, or indeed too paranoid.
  12. Not really, and thats why I have recently purchased. There were a number of factors, in no particular order : the prices in the nice areas we were interested in are not crashing, indeed in some niches are actually increasing; We are buying for the long haul , so fluctuations over the next 5 year are not really an issue the risk of those areas accelerating forever out of reach outweighed the benefit of the slow grind down getting on with our lives, as opposed to it being on hold, whilst everyone from HMG down sought to prop up prices not having a big wedge in a bank that could fold overnight is a big weight off the mind sometimes you just have to make a decision and get on with it, rather than wait for years just to prove a point it was good to buy in a soft market, and avoid the usual frenzy of boom times That was our view, maybe not relevant for everyone, but on the whole it still feels like the right move for us.
  13. Its a lethal mix, ....putting public sector workers in charge of spending the private sectors money, with insufficient oversight and the opportunity for personal gain of the conspirators.....surprising its taken so long to surface when you think about it
  14. Dont confuse the pre-Home Reports world with todays situation. In the old days, the typical Aberdeen lawyer convinced their client to price artificially low, to draw them in and get a closing date, hence the nonsense of regular 35% over asking prices. There was never any intention of selling at the O/O asking price. With Home Reports, prospective buyers have the valuation to hand before they start forming their view on what its worth, hence there is a lot more reality involved. That said there are still some surveyors appointed on how high they will value, rather than valuing at the crucial point i.e. what someone is willing to pay (and able to get a mortgage for). Until surveyors are appointed for this then we have this slow downward grind.
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