Author Topic: Apartment downvalued by nearly 50%!  (Read 11017 times)

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Offline cenk

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Apartment downvalued by nearly 50%!
« Reply #20 on: March 10, 2010, 08:56:04 AM »
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

Offline maclarke1

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Apartment downvalued by nearly 50%!
« Reply #21 on: March 10, 2010, 14:48:59 PM »
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?







Offline Scunner

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Apartment downvalued by nearly 50%!
« Reply #22 on: March 10, 2010, 15:02:08 PM »
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.

Offline Scunner

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« Reply #23 on: March 10, 2010, 15:06:37 PM »
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.

Offline maclarke1

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« Reply #24 on: March 10, 2010, 15:24:49 PM »
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.

Offline maclarke1

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Apartment downvalued by nearly 50%!
« Reply #25 on: March 10, 2010, 15:27:41 PM »
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.

Offline c1

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Apartment downvalued by nearly 50%!
« Reply #26 on: March 11, 2010, 08:26:01 AM »
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.

Offline maclarke1

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Apartment downvalued by nearly 50%!
« Reply #27 on: March 11, 2010, 14:40:55 PM »
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.


Offline PKHUGHES100

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Apartment downvalued by nearly 50%!
« Reply #28 on: March 11, 2010, 20:06:53 PM »
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

Offline c1

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Apartment downvalued by nearly 50%!
« Reply #29 on: March 12, 2010, 10:49:10 AM »
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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