Author Topic: Apartment downvalued by nearly 50%!  (Read 11022 times)

0 Members and 1 Guest are viewing this topic.

Offline maclarke1

  • Full Member
  • ***
  • Posts: 130
  • Location: United Kingdom
Apartment downvalued by nearly 50%!
« on: March 08, 2010, 11:58:35 AM »
Hi all

We are in the process of buying an apartment (EGE4) in Calis - brand new 3 bed duplex on small complex of 14 with pool and within an easy 10 minutes stroll of town/beach.

Problem is that the mortgage company (BNP Paribas) valuer has down valued the apartment from £70,000 that we agreed to buy to £40,000!. Is this common in calis?. I expected a litte difference - but not nearly 50%.

Is it possible to buy a brand new 3 bed apartment as above for £40,000 - surely £70,000 is nearer its true value.

Anybody else had this problem - and how do you overcome it, if you can.

Offline Scunner

  • Chairman of the Bored
  • Administrator
  • Prolific Member
  • *****
  • Posts: 45714
  • Age: 57
  • Location: Perthchester
Apartment downvalued by nearly 50%!
« Reply #1 on: March 08, 2010, 12:25:50 PM »
When people say all estate agents are the same or overpaid it is refreshing to get the opportunity to show that it is not true now and again.

Part of the skill of a good agent is to sit purchasers who need a mortgage in front of banks that we know are most likely to give it! BNP Paribas were most unlikely to be able to value a Calis apartment accurately from their ivory towers miles away, and this is exactly where you find yourself. It doesn't mean the apartment is overvalued, it means they undervalued it.

For the record, personally I think the value is about spot on, given the specific location of the property (rather than the specific location of the town), the quality and size.

Offline maclarke1

  • Full Member
  • ***
  • Posts: 130
  • Location: United Kingdom
Apartment downvalued by nearly 50%!
« Reply #2 on: March 08, 2010, 12:32:42 PM »
I have a high regard for estate agents, having been in the profession for several years some time ago, it is not as easy as some people think.

Are you saying that you think BNP's valuation is about right - or the purchase price - in your opinion is about right?.


Offline Scunner

  • Chairman of the Bored
  • Administrator
  • Prolific Member
  • *****
  • Posts: 45714
  • Age: 57
  • Location: Perthchester
Apartment downvalued by nearly 50%!
« Reply #3 on: March 08, 2010, 12:38:53 PM »
I think BNP Paribas's valuation is a joke. They obviously have no idea what 40k buys you in Calis. Not one of those for sure...

That's why I wouldn't have gone to them in the first place.

Offline maclarke1

  • Full Member
  • ***
  • Posts: 130
  • Location: United Kingdom
Apartment downvalued by nearly 50%!
« Reply #4 on: March 08, 2010, 12:40:52 PM »
Cheers

Who would you suggest - do you have access to mortgages for properties in Turkey?

Offline Scunner

  • Chairman of the Bored
  • Administrator
  • Prolific Member
  • *****
  • Posts: 45714
  • Age: 57
  • Location: Perthchester
Apartment downvalued by nearly 50%!
« Reply #5 on: March 08, 2010, 12:49:15 PM »
Please!!!

Where I have a little professional advantage in my business I keep it to myself for the benefit of my customers!

Offline maclarke1

  • Full Member
  • ***
  • Posts: 130
  • Location: United Kingdom
Apartment downvalued by nearly 50%!
« Reply #6 on: March 09, 2010, 19:03:20 PM »
Presumably that means you don't have any better access - the property was also valued by a local surveyor.

Offline Akasya

  • Jr. Member
  • **
  • Posts: 66
  • Location: United Kingdom
Apartment downvalued by nearly 50%!
« Reply #7 on: March 09, 2010, 19:09:09 PM »
McClarke have you read the book, " how to win friends and influence people "

The willingly given advice on the forum will help you immensely, there are people on here who can ease your way. Why antagonise them.

Think again.

Steve.

Offline Highlander

  • Lord of the Rings
  • Prolific Member
  • *****
  • Posts: 21645
  • Age: 72
  • Location: Dingwall, Ross-shire (God's Own Country)
Apartment downvalued by nearly 50%!
« Reply #8 on: March 09, 2010, 19:14:38 PM »
quote:
Originally posted by maclarke1

Presumably that means you don't have any better access - the property was also valued by a local surveyor.



 :o can't wait for the reply

Offline Scunner

  • Chairman of the Bored
  • Administrator
  • Prolific Member
  • *****
  • Posts: 45714
  • Age: 57
  • Location: Perthchester
Apartment downvalued by nearly 50%!
« Reply #9 on: March 09, 2010, 19:23:02 PM »
quote:
Originally posted by maclarke1

Presumably that means you don't have any better access - the property was also valued by a local surveyor.



Listen pal, you are the one with the problem needing solving, not me! I know what I have access to and it's irrelevant to you. I have never had a customer turned down for a mortgage and I have never had a valuation come in short. People are falling over themselves to get me to put mortgage seekers in front of them. Why would I tell you where? You chose a different agent, now you want my free advice? Forget it!!! Especially with your attitude. Where is your agent now? Ask him to get you a mortgage.

To spell it out one more time. The value of the property is not 40k. I don't care if the surveyor lives in the bloody attic, he is wrong (as local sale prices show quite clearly) and his inexperience and lack of local knowledge has dropped you right in it.




Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf