Post by daveb4 on Aug 6, 2017 7:09:47 GMT
What's going on, I have had three potential losses in last few weeks across sites linked into approx 50% achievement of originally quoted valuations.
A couple of points:
1 I used to work in banking and have dealt with valuers on personal, business and property development who were on a bank panel over about 25 years
2 Most of them are decent professionals who want to help
3 Most valuations come in a little short of what I thought unless very specific comparisons, mainly to cover themselves
4. Ask a valuer why valuations are so expensive first point is always 'a large proportion of fee to cover Personal Indemnity (PI) insurance'
5 They are/should be covered by RICS
6. I bought a thatched house (I know, idiot) valuer said no problem, new thatch cost £13K 6 months later, after a few letters including solicitor letter got some cash back to stop me going to RICS
All points above say potentially
1. Should each P2P company have a panel, if it costs more it costs more
2. Should each P2P company talk to each other re poor/bad valuers, they have buying power to sort this
3. Should poor valuers have letters sent from P2P companies with strong letters from solicitor going for negligence claims. This is not expensive
4 Bottom line, 50% recoveries of a 90 day valuation something is wrong and normally it is valuation and they should be taken to task
Appreciate this is quite rare in comparison to number of deals done, but this issue can be tightened up especially on property development with property prices stabilising we need very good valuations from decent companies.
If P2P is to be taken professionally it needs to act professionally
Would love opinions of some existing or retired valuers out there?
A couple of points:
1 I used to work in banking and have dealt with valuers on personal, business and property development who were on a bank panel over about 25 years
2 Most of them are decent professionals who want to help
3 Most valuations come in a little short of what I thought unless very specific comparisons, mainly to cover themselves
4. Ask a valuer why valuations are so expensive first point is always 'a large proportion of fee to cover Personal Indemnity (PI) insurance'
5 They are/should be covered by RICS
6. I bought a thatched house (I know, idiot) valuer said no problem, new thatch cost £13K 6 months later, after a few letters including solicitor letter got some cash back to stop me going to RICS
All points above say potentially
1. Should each P2P company have a panel, if it costs more it costs more
2. Should each P2P company talk to each other re poor/bad valuers, they have buying power to sort this
3. Should poor valuers have letters sent from P2P companies with strong letters from solicitor going for negligence claims. This is not expensive
4 Bottom line, 50% recoveries of a 90 day valuation something is wrong and normally it is valuation and they should be taken to task
Appreciate this is quite rare in comparison to number of deals done, but this issue can be tightened up especially on property development with property prices stabilising we need very good valuations from decent companies.
If P2P is to be taken professionally it needs to act professionally
Would love opinions of some existing or retired valuers out there?