Re: "ken" lives in a worthless slum
- From: Deirdre Sholto Douglas <finch.enteract@xxxxxxx>
- Date: Tue, 30 May 2006 22:22:41 -0500
Adam Whyte-Settlar wrote:
"Deirdre Sholto Douglas" <finch.enteract@xxxxxxx> wrote in message
news:447CCF7E.D327B736@xxxxxxxxxx
The "fair market value" is what the _government_ will
pay you if they want to run a bypass through your back
yard...it has _nothing_ to do with what a buyer would be
willing to cough up to live in the place.
Deirdre
I find it a bit frustrating that the mortgage lenders require a 'market
valuation' on my property here before they will lend to our latest
prospective purchasers.
I seem to recall our buyers having to jump through
flaming hoops as well. A fair nuisance, it was...al-
though I have to say I'm glad to be out from under
than house. Too big, too old, too much land...it was
a contractor's wet dream and a homeowner's night-
mare.
It's just money for the old boys.
I already *know* what the place is worth because someone has just offered me
that amount.
We had problems getting it across to our estate
agent when we were buying that we didn't care if
we had a pre-approved mortgage for <X>...the
houses in that price range were too ruddy big and
and too much to handle. Cost wasn't the primary
driver in our purchase...size and the ability to main-
tain it without hordes of specialised craftsmen
were. If that means we wouldn't be up to our limit
in debt, well, gee, we'd live with the shame of _not_
living to the extent of our credit.
This turned out to be a _very_ hard concept for
said agent to grasp. "But, but, but...look at all the
space...what if you have more kids?" I think the
look on my face at _that_ remark disabused him
of the idea that he was onto a good selling point.
(A very _stupid_ thing to say to the mother of a
teething toddler.)
Like anything else, a house is simply worth what you can get for it.
Right now we can get a little more than three times
what we paid for it and about ten times what it was
built for...a reasonable rate of return given that we've
had the use of it all these years.
Deirdre
.
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