Proves valuers have no value




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Another week rolls by with this one being full of ups and downs involving lenders, clients, and, (naturally), valuers.

Three cases to Northern Rock – as mentioned last week – all heading to offer with rapid underwriting. Excellent news, apart from one damp report requirement, and the valuer actually did some up valuing, so properties can be worth more than someone pays. Where's that lender who says I live in a dream land on valuations? He's scuttled back under his rock now, never to be seen again...

The three cases I sent to TMW recently: again, one unencumbered remortgage to raise finance for three purchases, all speeding through but some serious problems with a down valuation, in what can only be described as extremely lazy valuations. The property was up for sale at £79,995 by agents Your Move, no buyers at that price, not in the former pit village of Edlington, West Doncaster.

The property boasted excellent views of the old, now grass covered slag heap, (that's pit spoil to you from South of Watford), the head-stocks long gone from the former pit – Maggie ensured they were removed when she invaded the North of England with her foot soldiers led by Field Marshall Ian McGregor, he could tread down the working class, the latter day Storming Norman, him and Maggie, a marriage made in heaven. No more pit moggies streaming down the hill at 4.30am to get to that coal face.

Anyway, I digress... my client, sensing a bargain, offered the princely sum of £60,250, and lo and behold it was quickly accepted, so mortgage applied for.

However, the black clouds hovered over the property and the vultures were circling above, and whilst the underwriting took place several more bids came in, Gazumping raised its ugly head, no loyalty in the corridors of the estate agents nowadays. To fend off these higher bids my client increased his offer to £68,000 which was accepted gleefully by the agents, but TMW had forgotten to tell the valuer they'd instructed, and guess what? A valuation returned at £60,250.

You couldn't make it up could you?

A valuation that exactly matched the original purchase price, I bet he never entered the property, the idle sod, and the valuer weren't for moving that figure either, “but all you've done is match the original purchase price,” I remonstrated, “well find me a comparable property that's recently sold for more,” was his cocky response, “I can do better than that you numpty,” I told him, and presented a property just around the corner, another one of these old pit houses adorned in dusty white cladding from years of pit dust gently wafting across in the breeze.

Little privet ducks and dogs doing battle with each other in the tidy rows of posh privet hedges, Mary and Doris stood yapping away on the corner, their pink rollers adorning their peroxide blonde hair, it must be Friday, town tonight girls!!

Well this property has just valued at £72,500 by... guess who? Yes, you got it, the same valuer when valuing this; my clients unencumbered property the same morning, “well I'll see what I can do,” he said, and yes within a couple of days the property mysteriously increased in value during these days of prices falling like lead balloons, job done, valuer put in his place and happy client, lender, agent, and yours truly.

Step in Jimmy Greaves, “It's a funny old game”, or was that football?

To contact Bob directly email: [email protected]

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