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catmandu

House Report Valuations

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There are loads of houses up in my area (Scotland, where House Reports are still compulsory as far as I'm aware) where the EA lists the house as being e.g. 30,000 below report valuation!! (usually though with many more exclamation marks).

For me this shows that the valuations are too high for the current market in many instances. Since these reports are only valid for 6 months (correct me if I'm wrong) then the longer people are waiting, the less these valuations are going to be.

So someone selling a house for 250,000 and claiming the report shows it's worth 280,000 is probably in for a nasty shock at the end of their 6 months period when the next valuation comes in at 230,000 (though I do appreciate that in many cases similar houses are probably coming on the market for this price so homeowner should be expecting it).

I just wonder if you lot think this will have any impact on the market in terms of realistic expectations.

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There are loads of houses up in my area (Scotland, where House Reports are still compulsory as far as I'm aware) where the EA lists the house as being e.g. 30,000 below report valuation!! (usually though with many more exclamation marks).

For me this shows that the valuations are too high for the current market in many instances. Since these reports are only valid for 6 months (correct me if I'm wrong) then the longer people are waiting, the less these valuations are going to be.

So someone selling a house for 250,000 and claiming the report shows it's worth 280,000 is probably in for a nasty shock at the end of their 6 months period when the next valuation comes in at 230,000 (though I do appreciate that in many cases similar houses are probably coming on the market for this price so homeowner should be expecting it).

I just wonder if you lot think this will have any impact on the market in terms of realistic expectations.

You still have HIPs in Scotland?

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You still have HIPs in Scotland?

In September 2009 a property came on the market in Scotland that we had viewed before it sold in 2007. The Home Report valuation was 29% higher than the 2007 selling price. I emailed the Serious Fraud Office and mentioning mortgage fraud suggested that Scottish Valuers were pricing properties too high which could cause problems for banks. I never received a reply from them. I also contacted RBS and Bank of Scotland who "forwarded my email to the relevant department".

The property is still on the market at the same price.

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In September 2009 a property came on the market in Scotland that we had viewed before it sold in 2007. The Home Report valuation was 29% higher than the 2007 selling price. I emailed the Serious Fraud Office and mentioning mortgage fraud suggested that Scottish Valuers were pricing properties too high which could cause problems for banks. I never received a reply from them. I also contacted RBS and Bank of Scotland who "forwarded my email to the relevant department".

The property is still on the market at the same price.

christ on a bike! you wasted your own time getting in touch with the serious fraud squad because someone valued their property at more than you were prepared to pay? i think you've been on this site toooooooo long if you now feel that over-optimistic pricing is on a par with drugs, prostitution and murder. you need to get out more... or at least temper your indignation by visiting a few fun sites once in a while...

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christ on a bike! you wasted your own time getting in touch with the serious fraud squad because someone valued their property at more than you were prepared to pay? i think you've been on this site toooooooo long if you now feel that over-optimistic pricing is on a par with drugs, prostitution and murder. you need to get out more... or at least temper your indignation by visiting a few fun sites once in a while...

Have you missed the news about the millions upon millions lost in mortgage fraud?

Enjoy your higher taxes, less public services and devalued pound that results from it.

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Have you missed the news about the millions upon millions lost in mortgage fraud?

Enjoy your higher taxes, less public services and devalued pound that results from it.

While you are correct about all the financial crimes, I think the previous poster is right in that there are not going to be any prosecutions.

Iceland has the right idea though.

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christ on a bike! you wasted your own time getting in touch with the serious fraud squad because someone valued their property at more than you were prepared to pay? i think you've been on this site toooooooo long if you now feel that over-optimistic pricing is on a par with drugs, prostitution and murder. you need to get out more... or at least temper your indignation by visiting a few fun sites once in a while...

In my book it is a moral crime to try to sell on a house that the seller, the estate agent and the surveyor all know it over-priced. If it hadn’t been for my obsession reading HPC (thanks everyone) and studying other websites like nethouseprice.com and home.co.uk I would have already made the most costly mistake of my life. Remember surveyor’s learned a great deal at university – words like “might be” “could be” “seems like” etc in their survey reports. Don’t trust their valuations on the Home Report because in the next 5 years they “might be” a lot lower when you try to sell it.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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