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Mortgage valuations

 
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Treacodactyl
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Joined: 28 Oct 2004
Posts: 25697
Location: Jumping on the bandwagon of opportunism
PostPosted: Tue Mar 17, 15 9:54 am    Post subject: Mortgage valuations  Reply with quote    

Has anyone got much experience with them? My only experience is with common properties that just have the offer price rubber stamped.

However, with more unusual properties such as small holdings or one off properties with land, they seem to be rather random and frankly meaningless.

I'm aware that they aren't a general "this property will eventually sell for x" type thing, but rather "the lender could shift the repossessed property for Y at auction" but even so the numbers don't seem to add up.

dpack



Joined: 02 Jul 2005
Posts: 32484
Location: yes
PostPosted: Tue Mar 17, 15 11:36 am    Post subject: Reply with quote    

many years ago i mended houses for folk ,my impression of mortgage valuations was that it very much depended on the person valuing it rather than the real or even potential value ,some would reduce by 20% for a single rotten windowsill and some would ignore obvious dry rot or subsidence entirely.

i expect it is even more random /subjective with unusual properties it certainly was with gd 1 and 2 listed stuff.

Shane



Joined: 31 Oct 2005
Posts: 3008
Location: Doha. Is hot.
PostPosted: Wed Mar 18, 15 6:04 am    Post subject: Reply with quote    

A lot of mortgage companies just do a quick check on Zoopla nowadays, I'm told

Piggyphile



Joined: 02 Apr 2009
Posts: 891
Location: Galicia
PostPosted: Wed Mar 18, 15 7:09 am    Post subject: Reply with quote    

Our UK house valuation was a drive by.

Nick



Joined: 02 Nov 2004
Posts: 33539
Location: Hereford
PostPosted: Wed Mar 18, 15 7:21 am    Post subject: Reply with quote    

The thing about one off properties is that they're, well, one off, meaning it's saleable for a fairly random amount, depending on nothing more than a couple of people's finances. The cost of land and a rebuild cost is easy enough to estimate, but beyond that, property prices are fairly random for that kind of property, and so impossible to value on paper, really.

As for regular boxes, zoopla is sufficient, on average, which is how the game is played.

Treacodactyl
Downsizer Moderator


Joined: 28 Oct 2004
Posts: 25697
Location: Jumping on the bandwagon of opportunism
PostPosted: Wed Mar 18, 15 8:02 am    Post subject: Reply with quote    

Shane wrote:
A lot of mortgage companies just do a quick check on Zoopla nowadays, I'm told


That was my thought, either Zoopla was used or whatever Zoopla bases it's valuations on. The problem with that is the property in question has not been sold for decades so Zoopla doesn't have anything to go on - not even the number of rooms - so it's estimate has little meaning.

dpack



Joined: 02 Jul 2005
Posts: 32484
Location: yes
PostPosted: Wed Mar 18, 15 3:37 pm    Post subject: Reply with quote    

iiuc zoopla base valuations on similar sales nearby so in this case they are irrelevant to anybody who needs a valuation

dpack



Joined: 02 Jul 2005
Posts: 32484
Location: yes
PostPosted: Wed Mar 18, 15 3:41 pm    Post subject: Reply with quote    

the real value of anything is the price paid at a well advertised auction imho but that is not probably the highest or lowest price achievable (best price depends on your role in the deal )

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