Reply to: Someone upstairs doesnt like me...

[freakydancer]

You'll just have to keep kipping in the big rig then.

Keep on truckin'

[threaded]

ultimately Socker,

you should do the contractor thang and only take mortgages
in moderation if at all

Milan.

So true. In the days of MIRAS and inflation it made sense, as the gov effectively bought your house for you. But nowadays a contractor should be paying cash.

[milanbenes]

ultimately Socker,

you should do the contractor thang and only take mortgages
in moderation if at all

Milan.

[BoredBloke]

Look at the facts

1) House grossly overvalued
2) Flood-plain
3) 100% mortgage

If you are buying it knowing this then you need your head testing. Surely the insurance alone is going to be painful if it is on a flood plain. Buy a house on a hill and wait for global warming to give you a sea view!

Also, how much of a discount did you get? 186 - 160 was 26 last time I checked.

[Euro-commuter]

The valuation on the house I was buying came through @ £15,000 below the asking price.

Developer not wanting to budge, the mortgage company not wanting to budge and me up tulip creek without a paddle.

Apparently the "valuer" didnt enter the property and asked the neighbours if he could look round thiers instead. ******* muppet.

Oh well....good bye to £995 in combined valuation fees and deposit.

I've just had a drive-by valuation done. Before they went, the valuer asked me the purchase price. Guess what the valuation was?

If your valuation is below, maybe you should be concerned. Maybe the valuer is right.

[boredsenseless]

I think you've just save yourself 14K as everyone else says.

Look at the facts

1) House grossly overvalued
2) Flood-plain
3) 100% mortgage

All three of these are in more sane economic times a barrier to accessing a lending facility, its only in the last 10 years that any of these activities have become acceptable.

Run away, save the cash

[EqualOpportunities]

Well I managed to negotiate £16,000 out of the developer. Although I am getting that "just walk away" feeling.

The house was originally on the market for £186,000 and didnt sell. I've just asked for a 100% mortgage at £160,000.

Thats a hell of a drop in price.

Where is it?

[milanbenes]

hmmm,

let's consider the facts

sub-prime mortgage lenders in the US are collapsing, markets are beginning to panic

the media in the UK continues to pump out material that house prices are rising and new mortgage applications are up year on year

and then, right at the sharp end, in the market place, with first hand experience, Socker says...

'Well I managed to negotiate £16,000 out of the developer. Although I am getting that "just walk away" feeling.

The house was originally on the market for £186,000 and didnt sell. I've just asked for a 100% mortgage at £160,000.',



well Gentlemen, for me, if the Developer is willing to drop the price by 10% this is a clear message that things ain't cooking in his kitchen

if the market was as good as the media says, the developer would tell Socker to sling his hook and the Developer would accept a higher than advertised price offer from one of the hundreds of people waving their mortgage cash at him

to conclude, reading the tea leaves, the Developer is the weather vane, he is the one in the know and if he is willing to drop his price by ten percent then things ain't very good

Milan.

[Churchill]

Well I managed to negotiate £16,000 out of the developer. Although I am getting that "just walk away" feeling.

The house was originally on the market for £186,000 and didnt sell. I've just asked for a 100% mortgage at £160,000.

Thats a hell of a drop in price.

Do not get emotive!

Look at the facts.

Walk away.

[Sockpuppet]

Well I managed to negotiate £16,000 out of the developer. Although I am getting that "just walk away" feeling.

The house was originally on the market for £186,000 and didnt sell. I've just asked for a 100% mortgage at £160,000.

Thats a hell of a drop in price.

[thunderlizard]

Sounds to me like "somebody upstairs" just saved you £14,005. Be sure to pop fifty pee in the charity box on your way out.

[Bagpuss]

The valuation on the house I was buying came through @ £15,000 below the asking price.

Developer not wanting to budge, the mortgage company not wanting to budge and me up tulip creek without a paddle.

Apparently the "valuer" didnt enter the property and asked the neighbours if he could look round thiers instead. ******* muppet.

Oh well....good bye to £995 in combined valuation fees and deposit.

That's fairly unusual, I think they will struggle to find a buyer at that rate

[PRC1964]

Isn't this the house in a flood plain?

It may be that someone upstairs is doing you a fecking great big favour.

[Ivor1]

The valuation on the house I was buying came through @ £15,000 below the asking price.

Developer not wanting to budge, the mortgage company not wanting to budge and me up tulip creek without a paddle.

Apparently the "valuer" didnt enter the property and asked the neighbours if he could look round thiers instead. ******* muppet.

Oh well....good bye to £995 in combined valuation fees and deposit.

It should only bother the mortgage company if the value the valuer did give it impacted the type of mortgage you wanted, ie you were going for mortgage that had a condition it was for a maximum 85% of the property value. If it does impact you in this way the mortgage company should be able to offer you a different deal unless you are going for a 100% mortgage.

Most valuations are drive by's and they dont enter property, it would be worthwhile checking as well that purchase price you gave the property on the application is correct. I only say that because I put down the incorrect purchase price on my application in error (£5k less than I was paying). When I got the valuation through low and behold it matched the incorrect purchase price I had listed.

Generally though it would take alot IMO for a valuer to feel it not worth what your paying as 9 times out of 10 the valuers are a firm run by the mortgage company so its not in their interest, unless the property is grossly over priced.

[BlasterBates]

hmm... the valuation is what someone is prepared to pay.

Well leave the offer in, and if someone else buys the property, meaning the valuator was wrong, then sue the valuator.

Sorted.