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Post by valueinvestor123 on Feb 10, 2021 13:36:16 GMT
I hope we are not going to get stuck on semantics. If you believe that there is nothing wrong with the 'independent valuations' that have been conducted, across the whole of the platform, then we will simply have to agree to disagree.
I have a more practical question in terms fo why this malpractice is not penalised by the regulators.
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adrianc
Member of DD Central
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Post by adrianc on Feb 10, 2021 17:00:48 GMT
I hope we are not going to get stuck on semantics. If you believe that there is nothing wrong with the 'independent valuations' that have been conducted, across the whole of the platform, then we will simply have to agree to disagree. I have a more practical question in terms fo why this malpractice is not penalised by the regulators. Please don't shoot the messenger - I'm merely explaining one of the ways in which the land's "worth" can be calculated... You may also wish to have a read of this... www.rics.org/globalassets/rics-website/media/knowledge/research/insights/valuation-and-sale-price-march-2019-rics.pdf
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Post by rooster on Feb 10, 2021 20:58:53 GMT
Seems to me the valuer got it spot on "Any relationship between the price achievable by a forced sale and the market value is coincidental" It could be argued that I should have been intelligent enough to recognise that the most likely use of a valuation would be in a forced sale (and the loan/borrower running into trouble). On that basis, paraphrasing: " There is no relationship between the price achievable and the valuation given". ilmoro , I think you've stumbled in your quote above upon the answer then to df comment higher in this thread of: "this valuation business should be regulated properly"... The answer being: All valuations should only be based on what is achievable by a forced sale.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 10, 2021 22:08:38 GMT
Seems to me the valuer got it spot on "Any relationship between the price achievable by a forced sale and the market value is coincidental" It could be argued that I should have been intelligent enough to recognise that the most likely use of a valuation would be in a forced sale (and the loan/borrower running into trouble). On that basis, paraphrasing: " There is no relationship between the price achievable and the valuation given". ilmoro , I think you've stumbled in your quote above upon the answer then to df comment higher in this thread of: "this valuation business should be regulated properly"... The answer being: All valuations should only be based on what is achievable by a forced sale. But that cannot be determined in advance as it is based on multiple unknown unknowns. They may well recognise it, it was discussed, but they cant provide a valuation on the basis of guesswork  The regulation of valuations prohibits it for that reason
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Feb 11, 2021 9:39:35 GMT
I cannot wait for ozboy to chip in! My personal opinion is that RICS is an extremely corrupt organisation that needs to disappear and be replaced with something else. Reviled, Inept, Corrupt Society 
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