ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Aug 11, 2021 16:24:42 GMT
RICS is the next big scandal, the FCA are appalingly bad enough, however RICS arrogantly think they've gotten away with it and we've all forgotten.
Well, I , for one, haven't forgotten their Member's conduct in the countless and laughable, errrrr "professional", Valuations ............
When I, who have NO experience or qualifications at all, can do a simple 10 minute "Comparative" and consistently calculate a FAR more accurate "Valuation" than a "RICS Professional", well, summit's up innit?
And we all know what.
You're on notice RICS.
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cwah
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Post by cwah on Aug 11, 2021 18:14:44 GMT
The RICS are a joke. Any good bank knows it. That's why HSBC mortgage only accept valuers from their own panels to avoid absurdly high valuation
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Aug 11, 2021 18:28:10 GMT
A few well researched "expose's" by the Quality Press will take the wheels off their highly lucrative little trolley gravy train ........
We are being treated like and being taken for mugs.
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iRobot
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Post by iRobot on Aug 11, 2021 20:25:13 GMT
The RICS are a joke. Any good bank knows it. That's why HSBC mortgage only accept valuers from their own panels to avoid absurdly high valuation From the parent company's web site (in the timeline section): " 2019 SDL Surveying becomes HSBC’s exclusive panel manager for surveying" Here's SDL Surveying's RICS registration pageSDL also are panellists - exclusive or otherwise - for YBS, RBS and Virgin Money. The reason banks - and other mainstream lenders - avoid 'absurdly high' valuations is because they ask for demand accurate ones - even slightly conservative ones. (I don't for one second think that top-tier lenders would instruct their valuers to reduce the valuation by a few percent just so it bumps the loan into the next interest rate band. Nooooo.... that couldn't possibly happen. Could it?)The reason some RICS valuers provided P2P lenders and borrowers with 'absurdly high' valuations is because those lenders and borrowers asked for them: " go as high as you can justify on paper and, to make it a bit easier for you, here's the figure we have in mind". It's no coincidence the same couple of dozen firms kept cropping up as valuers of P2P securities. And, yes, RICS as the regulating body should investigate and, where appropriate, take those firms to task, but they won't unless somebody in a position to do so makes them. The problem is no-one cares. Or - more accurately - no one that matters cares. Even a good number of P2P investors don't care. So long as there's a secondary market that offers them a decent chance of avoiding any term-risk they'll fill the loans and sell out before the question of an accurate valuation is even tested. P2P is a good investment vehicle in theory but a very poor one in practice for many reasons. Inflated, misinformed and misinterpreted valuations is just one of them.
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cwah
Member of DD Central
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Post by cwah on Aug 11, 2021 23:02:45 GMT
If only there was a regulatory body that could safeguard investor exist... like the FCA but that works for investors instead of themselves....
It sort of feel like a joke that the only P2P I made good return over 5 years (Mintos) isn't located in the UK and is banned by the FCA to trade here... what a joke.
Would have been much better if they didn t exist.
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one21
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Post by one21 on Aug 12, 2021 7:30:51 GMT
If only there was a regulatory body that could safeguard investor exist... like the FCA but that works for investors instead of themselves.... It sort of feel like a joke that the only P2P I made good return over 5 years (Mintos) isn't located in the UK and is banned by the FCA to trade here... what a joke. Would have been much better if they didn t exist. ... Yes agree! Being a member of this forum is more valuable than the FCA. If we could list all the pros and cons each lending platforms T & C together with accuracy of valuations number of loan defaults etc - give them some kind of star rating, would be great!
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p2pfan
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Full-Time Investor
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Post by p2pfan on Aug 18, 2021 13:40:28 GMT
You're right that RICS surveyors and valuers have gotten away with their crimes for too long. The misdemeanours have undoubtedly cost P2P lenders many tens of millions of pounds in aggregate.
It still astounds me that, when the borrowers don't pay and the properties have to be sold to get lenders their money back, the properties very often sell for, say, 60-70% of what the RICS valuation said it was worth. One can accept a 10-20% shortfall, but the regular 20%+, often 30%+, shows how fraudulent the original RICS valuations were.
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Post by df on Aug 18, 2021 19:20:43 GMT
You're right that RICS surveyors and valuers have gotten away with their crimes for too long. The misdemeanours have undoubtedly cost P2P lenders many tens of millions of pounds in aggregate. It still astounds me that, when the borrowers don't pay and the properties have to be sold to get lenders their money back, the properties very often sell for, say, 60-70% of what the RICS valuation said it was worth. One can accept a 10-20% shortfall, but the regular 20%+, often 30%+, shows how fraudulent the original RICS valuations were. Yes, there should be a warning! written at the top of VR's - in order to meet our clients' requirements we have to double the figure so you have to do the same when doing your own DD 
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one21
Member of DD Central
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Post by one21 on Aug 26, 2021 7:45:46 GMT
You're right that RICS surveyors and valuers have gotten away with their crimes for too long. The misdemeanours have undoubtedly cost P2P lenders many tens of millions of pounds in aggregate. It still astounds me that, when the borrowers don't pay and the properties have to be sold to get lenders their money back, the properties very often sell for, say, 60-70% of what the RICS valuation said it was worth. One can accept a 10-20% shortfall, but the regular 20%+, often 30%+, shows how fraudulent the original RICS valuations were. Also, borrowers (or SPVs) should be made to account for all the funds they've received. I have a suspicion that in many cases the funds aren't always spent on the property or 'Development Project', the excess should be returned to the Lenders!
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Post by harryvederci on Sept 12, 2021 19:42:50 GMT
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