moist
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Post by moist on Sept 21, 2018 12:19:00 GMT
Was refurbished...tenants trashed it on way out... had chat today.
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benaj
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Post by benaj on Sept 21, 2018 13:56:37 GMT
Sold for £53k. Looks like it will be close for full recovery after fees. Serious questions for FS either way given the original description and subsequent update of "refurbishment complete" turned out to be wide of reality. Sold is good...but im not so sure the realisation will be as close as you think...wasn't the loan for £46K ? (excl interest) This also appeared on the asset tab :- "Previously valued at £70,000, we have an updated realtime valuation that puts the current value between £85k-£129k, with an estimated OMV of £106,00" £53K...Not even close ! According to the Land Registry, the 3 bedroom semi detached was sold for £120k in 2016. Without seeing the pictures of the "ACTUAL" property, it's hard to say why it was such a low estimate in the first place to make up the price difference for modernisation and refurbishment work. www.rightmove.co.uk/house-prices/detailMatching.html?prop=33546741&sale=71390379&country=englandMy guess is probably down to human error in valuation and Hometrack Realtime Valuation is not as good as Rightmove prices history. 53k is better than 0 I suppose.
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rogerthat
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Post by rogerthat on Oct 17, 2018 16:24:24 GMT
Skewered by Skewen ? well not really..recovered 87.9% of investment..my 1st official loss..half a loaf better than no bread spose
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rookey123
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Post by rookey123 on Oct 17, 2018 16:28:30 GMT
There needs to be transparency of fees. It really isn't acceptable that if the property sold at auction for £53k that £40.5k is returned to lenders. The auction fee cannot be more than £1K so are we really saying that to regain possession and phone an auction house to place in the auction costs nearly £12k?  I require a breakdown and will be asking fundingsecure directly on how they can justify this level of fees. |
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rogerthat
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Post by rogerthat on Oct 17, 2018 16:32:05 GMT
There needs to be transparency of fees. It really isn't acceptable that if the property sold at auction for £53k that £40.5k is returned to lenders. The auction fee cannot be more than £1K so are we really saying that to regain possession and phone an auction house to place in the auction costs nearly £12k? I require a breakdown and will be asking fundingsecure directly on how they can justify this level of fees. If you get your answer perhaps you will let others know ?
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rogerthat
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Post by rogerthat on Oct 17, 2018 17:01:12 GMT
 shocking, can't even recovered £46k!!! Considering it was sold for £62k in 2016 <link available in DD Central> Apart from the obvious fees like auction fees, legal fees & FS fees, I wonder how much the receiver made from the FS appointment. Ive already had a response from FS by email.."the breakdown will be posted once we receive the final documents with verification from the receivers." So much for real time valuations.. £85k-£129k, with an estimated OMV of £106,00.  and with an asset value on the actual loan for £70K even allowing for variance, how can anyone place any trust in the info presented
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arby
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Post by arby on Oct 17, 2018 17:08:17 GMT
There needs to be transparency of fees. It really isn't acceptable that if the property sold at auction for £53k that £40.5k is returned to lenders. The auction fee cannot be more than £1K so are we really saying that to regain possession and phone an auction house to place in the auction costs nearly £12k? I require a breakdown and will be asking fundingsecure directly on how they can justify this level of fees. FS only get their commission once we have our capital and full interest repaid. So they would have been very keen to recover the full amount plus interest on our behalf. While the fees may be extortionate, and maybe FS went about it in an inefficient way, it's hurt them more than us as they've lost 100% of their commission.
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adrian77
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Post by adrian77 on Oct 17, 2018 17:18:19 GMT
exactly how on earth can the valuation be so much over the OMV!
Looks to me as if this one sold for £62K in 2016 so either somebody got a great deal or the valuation was way off....
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rogerthat
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Post by rogerthat on Oct 17, 2018 17:19:11 GMT
Sleeper alert !..valuer asleep on the job I mean |
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benaj
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Post by benaj on Oct 17, 2018 17:47:27 GMT
exactly how on earth can the valuation be so much over the OMV! Looks to me as if this one sold for £62K in 2016 so either somebody got a great deal or the valuation was way off.... Someone got a bargain. Bought for 35k in 2016 before making a profit after selling for 62k
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shocking, can't even recovered £46k!!! Considering it was sold for £62k in 2016
and with an asset value on the actual loan for £70K even allowing for variance, how can anyone place any trust in the info presented