Calis Beach and Fethiye Turkey Discussion Forum
Property For Sale in Calis Beach & Turkey => Buying Property in Calis Beach, Fethiye and Turkey => Topic started by: maclarke1 on March 08, 2010, 11:58:35 AM
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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.
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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.
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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?.
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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.
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Cheers
Who would you suggest - do you have access to mortgages for properties in Turkey?
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Please!!!
Where I have a little professional advantage in my business I keep it to myself for the benefit of my customers!
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Presumably that means you don't have any better access - the property was also valued by a local surveyor.
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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.
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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
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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.
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Does that mean I could get one for £41k ??? ;)
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Well that's the point, if BNP Paribas can get any for 40k, we could all buy one for say 45k giving the bank a great profit. Unfortunately they can't get any for 40k, because they are worth 70k.
:D
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Well said Scunner, your postings illustrate clearly that you are a man on integrity, why else would you offer so much advice and support to us CBF's, I have found the forum you created to be of immense value.
Kevin
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Why thank you Kevin :)
Because I won't tell somebody else's customer where I get mortgages for MY customers, I must be lying. Thank God he is somebody else's customer :D
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quote:
Originally posted by Scunner
we could all buy one for say 45k
:D
Does that mean the one I was buying for £41k has just gone up so I have made a pre-purchase profit - or do I have to pay more now??? :(
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Once my commission, purchase tax & capital gains tax are deducted you'll quite possibly break even ;)
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In all seriousness - when we think back - we were so lucky to:
1. Find this forum - by chance
2. Get given the names of 2 people we could trust Cenk & Keith
3. Go like lambs to the slaughter but come out unscathed
(we even have the right box ticked on our Tapu :))
I have been reading some posts on another forum that covers a wider area and some of the horror stories that I have read make Calis / Fethiye look very timid compared to many places that seem more like the "wild west"
Ian
Ps And I thought I was bright - I was just lucky!!!!
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quote:
Originally posted by Ian
In all seriousness - when we think back - we were so lucky to:
1. Find this forum - by chance
2. Get given the names of 2 people we could trust Cenk & Keith
3. Go like lambs to the slaughter but come out unscathed
(we even have the right box ticked on our Tapu :))
I have been reading some posts on another forum that covers a wider area and some of the horror stories that I have read make Calis / Fethiye look very timid compared to many places that seem more like the "wild west"
Ian
Ps And I thought I was bright - I was just lucky!!!!
I beleive you make your own luck in life. When stepping into the unknown, ask questions of people willing to advise and not critisise. Then act on your findings. You hear many times of people asking advice then doing the complete opposite.
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quote:
Originally posted by maclarke1
Cheers
Who would you suggest - do you have access to mortgages for properties in Turkey?
Wouldn't like to upset you lot! I think if you read up to the point above the chap was asking for help he wasn't to know Scunners position?
Chill out!
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Unlikely but possible!!! Why would he ask if I had access to mortgages in Turkey if I was a fishmonger from Rochdale? No, I think he was quite aware. Anyway, up until this point I had tried to be helpful:
quote:
Originally posted by Scunner
Please!!!
Where I have a little professional advantage in my business I keep it to myself for the benefit of my customers!
I don't think anyone needs to chill out, the above wasn't rude either, the first rude post was the next one, his. Maybe you can't see the situation here. If you let me know your line of business, and a list of your suppliers, would you be happy for your competitors to know them, and the details of your trading terms? All I said was (and started with the most courteous word 'Please') that I keep some information close to my chest to hopefully keep a competitive edge for me and my customers.
For the billion other things that might advise and assist for free, I set up CBF.
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It is very obvious that a mistake is done.
Mostly, the mortgages are being assisted by estate agents(for non-Turkish buyers). My opinon is, it is the part of an agent's work. I never heard any customer of an estate agent, is let down by mortgage supplier.
And a question ... Can you get free consultancy from a solicitor ? Of course no. Scunner's situation is same. I believe, he helped too many people by making this forum and saved their money. And we have to understand him, if he doesn't want to explain his business secrets, for a work done by somebody else.
Cenk
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Wow, what a reaction.
I was not intending to be rude/disparaging(?) to anybody.
This is a really great forum, and has been really very helpfull in our quest to purchase in Turkey.
You need to see my side of things - we have just been told the apartment we want to buy is only worth £40k (we know it is worth the money we offered) and therefore we have to "find" another 23k to complete, so not in the cheeriest mood.
I was merely asking - quite politely- if Scunner knew of any other mortgage companies that would be able to help. I was not after "free" help, but assumed that Mr Scunner would obtain a fee for refering a mortgage case to a broker who could help.
This is how it worked in my previous life as an Estate agent in the UK, and I know that is how some agents make extra money in Turkey - obviously not Scunner - as I now know to my cost.
However, alls I got was a "Please!!!", instead of a "sorry, cannot help as I can only offer mortgages for my own clients".
Am I blacklisted now for offending Scunner?
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Would you be able to post that if you were blacklisted? Sorry but that really is an idiotic comment. It's one we see often on here, immediately after someone criticises the people who run the forum they ask why they are not allowed to criticise the people who run the forum.
Now we have established you aren't blacklisted, can I confirm that I do not sell mortgages. As part of giving a service to my customers that involves not leaving them to find £23,000 extra, I sell property. There is very little to earn from Turkish mortgages, especially given the effort it often takes. I am not interested in finding mortgages for other agent's clients, that is their job. I don't think you will find many agents who will be happy watch your agent have a banquet while you offer them the crumbs. All estate agents will tell you, mortgages aren't a way to make money, they are a way to sell houses.
Once again, you must ask whoever your agent is to help you.
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One question - was your estate agent there when the valuer came to visit the property? It is important to be there to make sure he doesn't come to, and leave with, an inaccurate figure. Professional local knowledge is always appreciated by these guys.
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Glad to be back on friendly terms.
To be fair to the agent, he has nothing to do with the mortgage.
After lots of research and talking to a couple of brokers - who wanted over a £1,000 just to set up a mortgage through BNP - and having previous experience in the mortgage market as an advisor for one of the big banks, I went to BNP direct to arrange the mortgage and all was quite straight forward untill the valuation!.
Not sure if there is a "technical" reason why it was down valued. I will keep digging.
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No, a person from the building company went with surveyor, I have probably spent as much time in conversation with the builders direct as the agent over the past 6 months.
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the cheapest way I would have thought would be to raise funds in uk on property you already own? As I think morgage rates in Turkey are higher than UK.also would you be getting a lira morgage or a sterling morgage.
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Hi, it was a euro mortgage with a very good rate.I just like the idea of keeping our home mortgage seperate from a holiday home mortgage - also getting more difficult to get a reasonable interest rate in the uk.
Have found out the name of the company who had done the survey - If I can find where they are/how to contact them then I can instruct my own survey. At least that way I will be able to find out if there is anything I should be worried about.
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I thought of raisisng more capital from my UK property as a way of funding my place in Turkey but after lots of research, opted for a loan with Black Horse which I got at a good rate. It costs a little bit more than it would have if I would have added it to my mortgage but like maclarke, prefer to keep the two things seperate.
Kevin
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the problem as I see from the point of veiw of risk is if you have two morgages you will be paying two sets of morgage insurance (if you lose you job etc) unsure of the position if government would pay if they still do pay? interest on morgages in UK if you are long term out of work sure they wouldn't pay for second home only MPs get that from the tax payer.best of luck and enjoy your new home in the sun.
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I am probably going to get slated for saying this - but an apartment in Calis "worth" £73000 - i don't think so!!
It may cost £73k because over the years rich Brits with no clue about values have pushed up prices ridiculously, but it certainly isn't worth £73k - especially in the current economic climate!
If you like it and are happy to pay that much money then fair enough I suppose, but i certainly wouldn't.
Just my humble opinion.
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Values come from demand and supply Chewy ;)
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quote:
Originally posted by Scunner
Values come from demand and supply Chewy ;)
Yeah that's the problem - we were happy to supply too much money and they now demand it lol ... [:o)]
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I fear "agree to disagree" is the only way for us ;)
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I think are reaching in turkey as uk the balancing point between over supply ie to many new home built to few customers to the position of under supply ie not enought being built or just built to order, the danger is/will be people parting with cash to builders before completion (and the builders dissapearing or going bust or not completing etc)and in this market keith idea of assured deposit would be more workable/ marketable and a much safer palace to put your hard earned.my usual commision rate applies to all marketing / PR work kieth ;)
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If only I could understand what that last comment is all about!
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Many years ago I studied Economics at Senior school and that feller who wore a mortar board and had that big black cloak on frightened me to death!!
The first thing he taught us was the meaning of the word "Economics"
"Economics is the study of mans needs and the way they are satisfied by the production of goods and services".
Out of all the things I learnt in school that has stuck with me all my life!
After thinking about it do you need any more info?