Bank Valuations Holding Up Sales of Properties

G

Gardener

Registered User
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Guys, I've witnessed some crazy, notional valuations from valuers sent out to value the homes of people in negative equity by their mortgage provider.

Has anyone encountered such inflated values? Also have you been prevented from selling your home because of some hair-brained valuation that seems totally unrealistic in today's climate?
 
My bank have told us that they will not sell our buy to let at under market value. The property has been surrendered to them.
I think they are in for a long wait.
 
mark71 said:
My bank have told us that they will not sell our buy to let at under market value. The property has been surrendered to them.
I think they are in for a long wait.
Click to expand...

I don't want to trivialise what is more than likely a very difficult time for you, but your post made me smile.

Is market value not what someone in the market is willing to pay for something?
 
callybags said:
I don't want to trivialise what is more than likely a very difficult time for you, but your post made me smile.

Is market value not what someone in the market is willing to pay for something?
Click to expand...

The house's in my area are only fetching 70-80k at the moment. But due to problem neighbours the auctioneer has valued my place at only 35 thousand.
The bank said no way will they sell it for that and have to get the true market value. That's why I think they're in for a long wait.

Don't worry it was a difficult time but we've now gone past the point of caring,just glad to be rid of it.
 
callybags said:
Is market value not what someone in the market is willing to pay for something?
Click to expand...

Absolutely, but unfortunately the banks are being short sighted and property owners are having to turn down offers because the banks wont allow them to sell, they are still convinced we are in the celtic tiger.

I'm gritting my own teeth here at the moment. I had a sale on my home but the person who was purchasing pulled out of the transaction at the last minute. Why? They found a bigger house in the same area for 100k less.

But the big boys back in the 'ol bank are convinced there's pots of cash out there and wont allow me to sell. Yet me and my ilk are being accused of living mortgage free in our homes.
 
Please MAKE sure that in all dealings with the Banks, any refusal,offer,valuation,revamp is dealt with SOLELY in writing. If you presently have a {safe-job} the Banks will not let you off their hook, nor will they really countenance a realistic proposal. If you have {lost} 100k due to their perception of the market,ENSURE you keep the appropriate documentation on prices/offers etc for another battle ,another day !!!
 
I wonder would the bank lend someone the "market value" to buy the house. I can imagine one guy in the mortgage department telling someone that the house they want is not worth X amount and they won't lend. While the guy in the bad debts section is refusing to sell below X amount.
 
Does anyone know were one could complain about an estate agent on the grounds of a residential valuation presented by them?

I am not one for conspiracy theories but something most certainly is not sitting right here.
 
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