RICS Valuations not worth the Paper they are written on
Sept 30, 2021 15:17:55 GMT
ozboy, michaelc, and 4 more like this
Post by merlin99 on Sept 30, 2021 15:17:55 GMT
Many of us mugs were fully aware that the so called RICS valuations in the P2P market were a load of rubbish. Many of us either ignored these valuations or halved them to get at something like the real worth of the properties involved and this applied to nearly all the P2P providers. However it is beginning to look as though the 50% discounting of RICS values were not enough and 80% discount would have been more realistic.
Today I have had an example of a RICS valuation going in the other direction. I this case a property with a know valuation in excess of £450k was valued at £150k. How this figure was arrived at I haven't got a clue but the fact that the potential buyer only had £160k seems to me to speak very loud. It seems to me that Royal Institution of Chartered Surveyors needs to get its house well and truly in order or stop its members from putting out crass valuations!
What say the rest of you?
Today I have had an example of a RICS valuation going in the other direction. I this case a property with a know valuation in excess of £450k was valued at £150k. How this figure was arrived at I haven't got a clue but the fact that the potential buyer only had £160k seems to me to speak very loud. It seems to me that Royal Institution of Chartered Surveyors needs to get its house well and truly in order or stop its members from putting out crass valuations!
What say the rest of you?
