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House Price Crash Forum


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About mayonessie

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  1. Hi Siskin, I agree totally with your comments looks like youve been burnt by Countrywide and the associated valuers as have I, see my comments also!!!
  2. OMG my eyes hurt!!! All it needs is one buyer, preferably with white stick and labrador!!
  3. Jie, Haha, wasnt my choice, was dragged up here three years ago from London, got to be honest, I love the area, much better than London. I've been back 'down' a couple of times to visit rellies and the traffic and crowding does my nut in. Glad we made the move. Friends can't believe some of the big houses weve looked at which are cheaper than their flats or two bedroom terraces!!! It also means we can have a house for life with little or no mortgage.
  4. Right, got to the bottom of it, the lenders are borrowing the ftb'rs up to 85% of the valuation figure, this was fine at 90K valuation that they could buy at 75K (in other words 100% mortgage on 75K, based that the value of the property is 15% more). This is called a concessionary deposit/vendor gifted deposit, some lenders do do this!!!!! With the new valuation at 82K, then the max they could offer/get from the bank would be £69.7K. Weve gone for it as buyers round here are like hens teeth and I bought in 2003 for 34K so relativly happy that doubled in price and also had rental income in the 8 years, would have liked more but as its always said the value is only what someones willing to pay for it.
  5. Thanks Guys, Will speak to EA and see if they can supply this. Its with a smaller EA but certainly not remax (don't like them at all)
  6. Hi Bailey, Thanks for the comments, you can prob tell I am a bit pi$%ed off. I think they overvalued in the first place, when they first valued I thought 85K but they said no 90K Spoke with agent yesterday and as the new valuation is at 82K then to keep the sale going thru i need to drop the price to 69700, the buyers are FTB's with no deposit so the bank basically take the 15% difference as equity (think its halifax). Seeing as we had it on sale at 80K thats a 13% discount theyve got off us. But as everyone says, a house is only worth what someones willing to pay for it.
  7. A further twist in this sorry tale is that the surveying company is owned outright by an nationwide estate agency co??????? (the same company that I originally went to sell with as they told me the approx property value was 90K or thereabouts) (I did book another co to do the survey but the EA at the time said that may not be on the lenders panel (maybe right)), but I quote from the T&C of the home report " The ultimate holding company of (surveying co ) is (estate agency group). A full list of estate agents owned by or under franchise to (estate agent) is available on request. Surveyor trades as an entirely separate company and has no financial interest whatsoever in the disposal of the property being inspected. (yeah right!!!!!!) Interestingly I also note from their original online instruction from the EA to book the valuers,: Price From: ??85,000 - ??90,000 will have chq at appt for costs, arrange appt with clients Update SS & EPC entirely separate and independent or maybe telling the valuer what price they want????? I did change from the original EA in July as they wernt doing a lot of marketing that I could see, including not changing the "prominent advertising" in the window with a price drop that I had instructed 3 months earlier, (only noticed when I went to cancel contract) they also charged a cancellation charge of 150+vat for wishing to terminate with them (outside the contract period of 12 weeks) and move elsewhere (this is standard within the group BEWARE) Maybe if I was still with the same agent then as its all "in house" I wouldnt be in this predicament, maybe coz I changed to a different EA they want to make it as difficult as possible. As I said before I have emailed the valuer with proof of other properties around the area valued at 90K, I cant see prices dropping from 90-82K in 10 months, ROS shows price inc of 2.4%, I know there will be areas that have seen drops but by 8%???. I have have also sent a second email for the valuer of other properties that this group of EA's are advertising which are equivelent properties to ours that they have valued in the last 6 months(i assume they will do by the same valuing company as in house) with prices around the 90K figure they originally gave to me!!!
  8. Thanks Fflump Got a house to buy if this goes thru and need to get it down from 160K to 110-130K for it to work as needs about 65K worth of work, so any money saved counts!!!
  9. Hi fflump, Not sure if anything to do with the Scottish market. I'll have a word with the agent on Monday, ive sent the valuer details of properties that have sold recently from the Land Reg details, i've also given him 5 properties that are being marketed at present at about 75-80K by different agents adviertising that the home report is valued at 90-105K and asked him to contact the agents to discuss who valued the properties. (these are all recent additions to Rightmove in the last 3 months). Not much else I can do, I don't want to further drop the price to 69K just so the buyers can get it by their mortgage company!!! If the agents lose out on this one they lose the commision on the sale and also the mortgage so (although it hurts me to say it) I think they are doing the best they can as well!!!
  10. Got the Home Report through valued at £82K Spoke to the agent and the buyers will have a problem getting mortgage agreed as they are FTB'ers and offer/mortgage was based on the property being 90K. I suppose its the banks looking to make sure that they have further equity (if the house valued at 90k has been bought at 75K, then they have 15K equity should things go tits up, compared to the 7K they have now with the new valuation). The Valuer says that if I can supply details of properties in the area that have gone for a higher price then they will look at it again!!
  11. £100+ VAT for 5 mins poke around, there was a score of 2 in electrics for cracked socket plate and old bakerlite socket which was dead, got them both fixed in the past months. He didn't want to even look for these, I made him to make sure that score was changed to 1!!!
  12. Hi fflump, From speaking to my agent yes it is. Im so stressed out with all of this, any sign of a problem and i worry
  13. Doccy, Thanks for that blood pressure starting to lower!!! Had a fecking panic when he said that Value price had gone down, almost kicked him out the door!!
  14. Had an offer on our house a couple of days ago, Was valued in Feb 2010 by Valuer under Home report as £90K. We had some time going on this figure and basing our prices on this, originally on at 87k then 83k. Moved agents and have now found a house that we really want so wanted the house sold (priced to sell at 80K) and sold for 75k As the Hr needs to be under 3 months old for sale just had the a valuer from the same company back in and asked me what the sold price was, I told him, and he said that the HR valuation would have to come down to be in line with this figure and could be up to max of 10% away from the sold price!!!!! So that means that the valuation is now looking to be about £82500. Will this mean that the buyers mortgage figures will be effected. LTV will be different from a house at 90k to a house at 82500K Surveyor that came said that original valuer was no longer working for the company as was pricing properties on the 'highside'!!!!!!! Do you think if this effects the sale that I should go to the HR company and complain??? I mean, if the 1st value had been 85k or lower we would have priced accordingly to that figure and probably had a sale a lot quicker. I was an **** to tell him the sold price (he did say that if I hadnt told him then he would have just called the agent and most offer the info)!!!! How can they amend the valuation price based on whats been accepted, I could have been really deperate and sold at 30K so would their valuation be £33K??? Maybe Im just panicking, the new HR will be available later today. Any advice
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