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House Price Crash Forum

bear1

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About bear1

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  1. bear1

    Home Report Survey Value

    Home reports are currently not worth the paper they are written on. Surveyors simply reflect market conditions at the end of the day. If there is no market they have nothing to go on. The facts are these: The surveyor comes to do the report before the house goes on the market. Under the previous system they came afterwards and knew the interest levels in the property. An example is that we had to get a further valuation carried out due to the 3 month motgage rule (watch for the timing when you go to you bank or BS for the money). The value of the house we were buying simply went up because the property went to a closing date. Good news in terms of what we could borrow. Watch for this trap with home reports The banks now require a survey to be only 3 months old before they require and you to pay for an update. My bank tried to charge me £400 for this. A home report commissioned proir to going to the market will be at least a month old by the time a sale is agreed if you have a good property and even longer if the house takes longer to sell. The old system meant you had more time to sort out a favourable financial deal as the survey would have been commissioned only days before an offer being accepted.
  2. bear1

    Home Reports For Properties Marketed Since Dec '08

    My home report cost about £350, I saved by getting this indepenently, not via EA, even though it was same surveyor who did report. Home reports have definitely had effect of bringing property prices down. I sold house in Glasgow south side recently, got few thousand over home report valuation. Property was only on market for 2 weeks before going to closing date. I reckon the home report valuation was realistic in this market, approx 10% down on peak 2007 prices. Two work colleagues have also sold in last 2 months, both got offered home report valuations and they accepted and properties were only on market short time. Another 3 work colleagues however have had properties on market for 1 year+ and no sign of sale - probably combination of location, on market prior to home report so probably not realistically priced.
  3. bear1

    Home Reports For Properties Marketed Since Dec '08

    I acknowledge this view but don't know if it would work quite so easily in practice as I did phone a lot of surveyors before picking one and none of them were willing to budge on price. Maybe I need to go on negotiating skills course! Ultimately, I went with surveyor quoting cheapest price as I don't rate home reports at all. I am realistic enough to know that I will get significantly less than peak price so what use is it getting inflated valuation as market forces will dicate selling price at end of day.
  4. bear1

    Home Reports For Properties Marketed Since Dec '08

    Regarding price of revaluations of home report valuation, I have information sheet from One Survey (who I note a few estate agents are now using to host home reports) and the price listed for a revaluation will be £100+vat. Regarding getting a home report done, I found there was a difference of up to £400 depending on how you commission the report and these figures are based on the same firm of surveyors carrying out the survey each time. The estate agents are charging more for a home report than if you went direct to the same surveying company and commissioned it yourself, and this in turn is more expensive than if you use a third party to commission it on your behalf. The situation is crazy! I agree with Hamish McTavish on his point that no-one will speculatively put their house on the market now but totally disagree with him on the point that sellers will shop around for a surveyor who will give them the highest valuation. On what basis do you judge which surveyor will give you the highest valuation as you won't know this figure until you have paid for the survey!
  5. bear1

    Home Reports For Properties Marketed Since Dec '08

    Agreed. I am no fan of home reports as I don't think it solves the previous situation of multiple surveys. My understanding is that the only requirement for the surveyor who carries out the home report is that they are a member of RICS - this does not necessarily mean that they will on on all lenders panels, particularly if they are in a smaller practice. Good luck when you come to buy, have you found somewhere yet?
  6. bear1

    Home Reports For Properties Marketed Since Dec '08

    Pyracantha This is further extract from scottish government site (Dec 08 bulletin) Mortgage Lenders There has been speculation in the press recently that mortgage lenders will not use the valuation provided in the Home Report and will require a separate valuation to be commissioned by the buyer. Some press articles even suggested that lenders are boycotting the Home Report. This is not the case. The Council of Mortgage Lenders has said that all major lenders for house purchase in Scotland will accept valuations based on the Home Report, in line with their policies, with most requiring that the surveyor is on their panel and the valuation is not more than 3 months old. I suppose the next issue however is whether the surveyor used for the home report is on the mortgage lenders panel....
  7. bear1

    Home Reports For Properties Marketed Since Dec '08

    This is extract from Scottish Government website about home reports so answer is 'depends on circumstances' - however you want to interpret that. Q4 - Does the Home Report have a 'shelf-life' which means that I need to obtain a new Home Report after a certain period of time has elapsed? The legislation does not impose a set shelf life or validity period for any of the Home Report documents. Decisions as to whether any aspects of the Home Report need to be refreshed/updated are for sellers, buyers and their professional advisers to take, depending on the circumstances of each case. The refresh is not an additional survey, but usually a simple re-inspection.
  8. bear1

    Glasgow

    Only just found this site yesterday and have been reading all previous posts with interest as I am also looking to buy in southside. I have seen lots of mention of Giffnock and Clarkston but not Mearns. Can anyone enlighten me or is the view that Mearns is even more overpriced than the other areas?
  9. bear1

    Glasgow

    Pyracantha I'm new to site but was interested in your comments above re property o/o £295. I was also of view that in current market it was 'normal' to bid below not above o/o price. I can't access link that you posted by doubleclicking- does it have spelling mistake or am I doing something wrong?
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