lobster
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Post by lobster on Mar 19, 2018 10:44:13 GMT
OMG - was this "valuation" scribbled out on the back of a fag packet , or what ? What an absolute joke (except that jokes are are usually amusing, but this is little more than pathetic).
Get a grip FS - in what way do find this acceptable ?
Who knows, maybe this is actually a worthwhile loan, but the way it has been presented to us has "avoid" written all over it. My 5 year old nephew could have presented this loan more effectively.
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mullet
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Post by mullet on Mar 19, 2018 11:02:35 GMT
I've seen a lot worse than this - it clearly states the property is in a awful condition (electrics, heating, wet rot etc), which is more than we've had on other loans
With this information combined with historic house price sales for what look like almost identical houses in the street I think that is all that is needed to get a feel for the value of the property.
What am I missing??
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Liz
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Post by Liz on Mar 19, 2018 11:03:46 GMT
What the windows got to with the central heating? Did a 5 year old write the valuation.
Has he also smoking something to get that valuation? Bearing in mind it needs renovating, I guess it's worth £-150-170k. £150k in auction at best.
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Liz
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Post by Liz on Mar 19, 2018 11:07:41 GMT
I've seen a lot worse than this - it clearly states the property is in a awful condition (electrics, heating, wet rot etc), which is more than we've had on other loans With this information combined with historic house price sales for what look like almost identical houses in the street I think that is all that is needed to get a feel for the value of the property. What am I missing?? You aren't missing much. Better than a lot of loans on FS, you are not likely to see a 70% loss here. Maybe worth a small punt, but with the way things are at FS, I am likely to pass as I'm low on cash.
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lobster
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Post by lobster on Mar 19, 2018 11:28:22 GMT
I've seen a lot worse than this - it clearly states the property is in a awful condition (electrics, heating, wet rot etc), which is more than we've had on other loans With this information combined with historic house price sales for what look like almost identical houses in the street I think that is all that is needed to get a feel for the value of the property. What am I missing??Well would it be too much to ask for the plot size ? Or room sizes ? Or some photos ? Or comparable prices of recently sold properties in the area ? Or something about the local area - schools , station, shops , etc etc ? Just looks like it's been knocked out in 5 minutes flat - probably because it was
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adrian77
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Post by adrian77 on Mar 19, 2018 12:06:56 GMT
Funnily enough this is what I valued it at and I constantly buy and renovate such properties...
to me I would probably pay £120K to make it worth my while. But I wonder if this one is or about to be rented? Now where's my Smutty Stick...
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bugs4me
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Post by bugs4me on Mar 19, 2018 13:59:58 GMT
Funnily enough this is what I valued it at and I constantly buy an renovate such properties... to me I would probably pay £120K to make it worth my while. But I wonder if this one is or about to be rented? Now where's my Smutty Stick... Well now, number 7 - same road, same design, sold for 208k all ready to move into in March 2017.
So who was smoking what!!! - anyone know the source of this stuff. Obviously you cannot rely upon anyone to do even basic DD these days. It does though IMO reflect poorly on the platform who I would have thought were interested in rebuilding their reputation. Silly me.
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rogerthat
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Post by rogerthat on Mar 19, 2018 15:06:07 GMT
Well currently 48% think this is a belter  |
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Jeepers
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Post by Jeepers on Mar 19, 2018 15:25:33 GMT
Well currently 48% think this is a belter AFAICS it is!  based on others on the same street, it would easily fetch £138k at auction even if it has got a few issues.
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rogerthat
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Post by rogerthat on Mar 19, 2018 15:32:45 GMT
Well currently 48% think this is a belter AFAICS it is! based on others on the same street, it would easily fetch £138k at auction even if it has got a few issues.  must be some brave punters out there in cuckoosville
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Jeepers
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Post by Jeepers on Mar 19, 2018 15:55:30 GMT
AFAICS it is! based on others on the same street, it would easily fetch £138k at auction even if it has got a few issues. must be some brave punters out there in cuckoosville Am I missing something? Zoopla estimate is about £230k, others the same on the same street are selling for in excess of £200k so there'd have to be major issues to not recover the £138k.
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Liz
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Post by Liz on Mar 19, 2018 16:05:54 GMT
must be some brave punters out there in cuckoosville Am I missing something? Zoopla estimate is about £230k, others the same on the same street are selling for in excess of £200k so there'd have to be major issues to not recover the £138k. You would make a good RICS surveyor 😂 There is a similar house for sale at £160k, although thanks to the valued, we have idea if this is bigger or smaller! www.rightmove.co.uk/property-for-sale/property-71887274.html
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rogerthat
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Post by rogerthat on Mar 19, 2018 16:07:22 GMT
must be some brave punters out there in cuckoosville Am I missing something? Zoopla estimate is about £230k, others the same on the same street are selling for in excess of £200k so there'd have to be major issues to not recover the £138k. Have you read bugs4me and adrian77 post above ?
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Post by Badly Drawn Stickman on Mar 19, 2018 16:17:36 GMT
must be some brave punters out there in cuckoosville Am I missing something? Zoopla estimate is about £230k, others the same on the same street are selling for in excess of £200k so there'd have to be major issues to not recover the £138k. Arguably you would need to sell in the region of £155,000 to cover capital, interest and associated fees. The exit route suggests a tenant would be a possible complicating factor (or a potential revenue source depending on your viewpoint). The 'valuation report' could certainly be more helpful, but the identified faults would not be vastly expensive to remedy on a 35 year old house. Spending £30000 on that type of house would bring it pretty much up to first class standard. Not overly convinced by the borrowers needing the money to pay off existing debt being a plus point. Not the worst loan I have seen today.
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rogerthat
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Post by rogerthat on Mar 19, 2018 16:22:52 GMT
Am I missing something? Zoopla estimate is about £230k, others the same on the same street are selling for in excess of £200k so there'd have to be major issues to not recover the £138k. Arguably you would need to sell in the region of £155,000 to cover capital, interest and associated fees. The exit route suggests a tenant would be a possible complicating factor (or a potential revenue source depending on your viewpoint). The 'valuation report' could certainly be more helpful, but the identified faults would not be vastly expensive to remedy on a 35 year old house. Spending £30000 on that type of house would bring it pretty much up to first class standard. Not overly convinced by the borrowers needing the money to pay off existing debt being a plus point.Not the worst loan I have seen today. That actually put me off more than anything aside from the rather vague VR
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based on others on the same street, it would easily fetch £138k at auction even if it has got a few issues.
must be some brave punters out there in cuckoosville