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Mancunian284

Halifax valued the flat I’m buying at 12k less than I offered

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1 minute ago, A third of everything said:

That is the best article I've ever read on the Fail... lovely bit of reading before bed!

I do my best!  Really enjoying the DMs change of tune over the past couple of months.

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Well as fast as they went up they can go down. When they were rising no one argued that they could not have gone up that fast and tried to find comps at lower prices in their block or other blocks close by. Happy times ahead. 

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So what's the deal here?

Did the fellow 'Lee' contact the newspaper to complain about maybe having to pay a few more quid on his mortgage on renewal... or that his valuation was being subjected to perhaps a new risk management process within Halfiax... or is this just a puff piece?

I appreciate most of the crappy newspapers in the UK will write about anything, but this situation is going to impact millions of home owners.

Shock... horror... banks can change goalposts... markets can adjust.

The zeitgeist and cult of British property is definitely unique.

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I've noticed an increase in threads on other forums, especially MSE, from buyers who's potential purchase is being down valued on survey, presumably because there are more down valuations happening.

 

The frustrating thing is the buyers can hardly conceive that the house is actually worth less than they and the vendors like to think it is,  and when looking at their options they barely even consider 'reduce the offer to match the valuation'... instead they just to try to look at various ways to make up the shortfall.

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6 hours ago, nome said:

I've noticed an increase in threads on other forums, especially MSE, from buyers who's potential purchase is being down valued on survey, presumably because there are more down valuations happening.

 

The frustrating thing is the buyers can hardly conceive that the house is actually worth less than they and the vendors like to think it is,  and when looking at their options they barely even consider 'reduce the offer to match the valuation'... instead they just to try to look at various ways to make up the shortfall.

Forget about money the best way to buy a house is with another house so I always expect my offers to be ditched for a chain.

These chains are sometimes very long and they are willing to pay well over the odds to beat proceed-able buyers.

A few of these devaluations in the chain make the process drag on for an age.

A little bit more of this and maybe people will appreciate a bird in the hand rather than two in the possibly overvalued bush.

 

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Reality

noun
noun: reality
  1. 1.
    the state of things as they actually exist, as opposed to an idealistic or notional idea of them.
    "he refuses to face reality"
     

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1 hour ago, UnconventionalWisdom said:

Reading the comments section fills me with hope. More and more people are expecting house price reductions :)

Without a 100% mortgage i wouldnt have been able to buy my own home. It was the mortgages that offered up to 125% that started some problems. Now the rules around borrowing have been tightened, but not as bad a few or so ago, its better. People need to understand how much theycan afford to borrow, thats not always the case.

 

MENTAL!

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  • 302 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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