depaulo Posted October 30, 2007 Share Posted October 30, 2007 The woman that works with my wife is selling and buying at the moment. The surveyor doing the valuations for the mortgage companies valued both properties below the agreed prices, so both sellers had to lower the price they were selling for. Her estate agent said that last year they had 2 instances all year of this happening. This year every other flat (not houses sadly) is having the same thing happen. This is in Battersea and Earlsfield! (both London in case you're not from round these parts) Quote Link to comment Share on other sites More sharing options...
Papitogrande Posted November 1, 2007 Share Posted November 1, 2007 " Surveyors Driving Prices Down?, "SURE, sure: it's the surveyor, not the market I'm a mortgage broker and I can tell you this happens very often now compared to a year ago. I do a lot of mortgages for a particular client who is buying below market value houses as 'sell and rent back' schemes. Approximately twice a week I call him to say "x property has been down valued by £20k" He always takes real exception to this and claims the valuers are out to screw him - I have tried pointing out that maybe the ex local hovel he's buying in Gateshead isn't actually worth £125k but usually to no avail. Quote Link to comment Share on other sites More sharing options...
bignev Posted November 1, 2007 Share Posted November 1, 2007 ...a particular client who is buying below market value houses as 'sell and rent back' schemes. Who's doing the screwing here? (Thinking of that poor old lady on "The Truth about Property" the other week). Quote Link to comment Share on other sites More sharing options...
Papitogrande Posted November 1, 2007 Share Posted November 1, 2007 Who's doing the screwing here? (Thinking of that poor old lady on "The Truth about Property" the other week). I thought about that before I agreed to work with them, partly because I consider myself ethical and partly because I didn't want to be on watchdog. They are providing a good and transparent service, and are genuinely interested in long term tenancies, of some 280+ properties they've only had to evict one. There are some real sharks operating in the sector though and it should be regulated. Quote Link to comment Share on other sites More sharing options...
Warwick Posted November 1, 2007 Share Posted November 1, 2007 I'm a mortgage broker and I can tell you this happens very often now compared to a year ago. I do a lot of mortgages for a particular client who is buying below market value houses as 'sell and rent back' schemes. Approximately twice a week I call him to say "x property has been down valued by £20k" He always takes real exception to this and claims the valuers are out to screw him - I have tried pointing out that maybe the ex local hovel he's buying in Gateshead isn't actually worth £125k but usually to no avail. I fear his BMV is too high, and he is paying too much. Also, maybe the Senior Partners at the Valuers' firms can remember the firms being sued for negligence in the late 1980's Crash? Quote Link to comment Share on other sites More sharing options...
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