If a property was bought a few months ago at 400k, will a mortgage company not value it for more now?

[dinny]

I think not, is this correct?

ie. if the property is on sale for 485 now, it'd never be value at that, would it, more likely less than 400?

The best thing to do is go on the Halifax and Nationwide websites. Go to their house price index calculator & work it out from there.

BIt confused, but my answer would be a proprty bought 4 months ago for £400k would be valued at less than that now. Unless you'd done incredible work on it, and I mean extensions or total renovation, but even so. Report out today saying prices in some places in the north have falled by, wait for it, 40 per cent already and London's about to have a rude awakening soon. I wouldn't bet on your porerty being valued at more than you paid for itn climate, indeed to think that would be serious folly IMO.

I'd agree with you that something valued at £400k a few months ago is likely to be worth less now.

But was it actually valued at £400K or was that merely what somebody paid?

That would seem correct seeing as the market is dropping everywhere. I imagine that there will always be exceptions, but mortgage companies are all going to be very pesimistic at the moment.

oooh, not my property, Bumbling, one we want to make low offer on

I mean, property was bought as a turnaround that's gone wrong

bosch, auction

If it was sold at auction that might account for the difference. Was it a repo? Most repos go through normal estate agents. But in this market the mortgage co. might have wanted shot of it asap hence theh lower price. Or was it an executer's sale? Again they might have wanted rid quick if so. It also might have had a LOT of work done on it in a few months... I assume it's a developer selling if it's been bought and sold within a few months, so they'll want to see a return and will probabky have done a fair bit of work.

Oh just spotted it's a failed fixer-upper - why has it failed? Link???

Titchy, no work done to it at all - needs LOADS, think it is small-time developer in financial trouble

dh wants to offer quite a lot less for it than vendor bought it for at auction

sorry, no link - never know who's reading!

dh wants to offer and be prepared to walk away - I really want to buy it though!!

you around Titchy?

are you in the biz?

I would agree with your DH, Dinny. Bid and if they dont accept walk away. In 6-12 months you might be able to buy a lot more for your money and even with less work to do..

what's exactly what he says, Pickie

• it is so what we want but dh adamant we mnust pay on X amount for it, for the reasons you say

Oooh how exciting. Bid low and see what they say. You can always up it a bit if you really want it and they turn you down. Check out the average figures for the area etc on here. Though you've probably already done this. Have to sy the world is crashing around o9ur ears at the mo, really think it's a low offer or be brave. Who knows what you might get in a year's time, for even less ...

Dinny, it is sooo tempting but we found our dreamhouse early in July and we decided not to bid more then we wanted however tempting it was. Guess who called this morning? Estate agent, sale fallen through and now the house is back on the market!

However we are going to see what it is going to do as Bumbling say market is very slow and my favorite saying: where a door close another will open...

Hope it works out!

It doesn't matter who paid what or what their mortgage is it is prob worth no more than 320

Ohh Ohh my house is on that link of bumbling's I am famous!!!

I meant: Hope it works out for you !(Dinny)

oooh, I'll keep you all posted!!!

what we want to pay for it does seem really low, makes it seem incredibly good value - is that how you felt Noddy? just feel there's no way vendor will say yes

well we are on our 3rd offer and both others fell through after survey so we were used to low offers.Agent didn't flinch though and as we had cash they grabbed it i think