Finance another house...

I just want to briefly say one thing about property valuation. If you have 3 appraisers, you get 3 value reports that sometimes differ widely. In a case personally known to me, a condominium was valued between 60,000 and 140,000 within 2 months without any changes to the property. Any questions?

Apart from the fact that this (based on current knowledge) has little to do with the present case for various reasons - send me the appraisals and I will tell you in 5 minutes how the deviations can be explained.

Best regards Dirk Grafe

I have not seen the reports themselves; it concerns the apartment of an acquaintance. Otherwise, I might have noticed some inconsistencies myself. Nevertheless, the value of a property can be significantly affected just by the "Marktanpassungsfaktor". As I have written before, a report is of no use if no buyer is found who pays the price. The report can be as conclusive as it wants. BTW, is it just me that...

Just hearsay. Doesn't get us any further.

I would immediately ask myself why 3 appraisals are made for an apartment within 2 months. That alone is unusual. It costs money each time.

As already mentioned, an appraisal is no use if no buyer is found who pays the price.

It doesn't help the OP at all if no reliable clues can be given as to why his property should not be salable at a price of €340K+x.

I have now asked this question in various forms – I have not yet received an answer. Only ominous guesses. Where is this supposed to lead?

Kind regards
Dirk Grafe

It doesn’t help the OP one bit if you can’t list reliable reasons why his property should not be sellable at a price of 340K€+x.

Silly question: What indication is there that the house is sellable at 340K€ + x? Old house, renovation started, renovation still not finished after 3.5 years. As a potential buyer, I would definitely think about what risks I’m buying into at what price.

In the end, without further information, it’s like groping in the dark. Applies to moderators as well as users

Quite simple:

1. Valuation report over 380K€ iirc
2. Purchase price (i.e. actual purchase transaction) at 340K€
3. Mortgage lending value at least 290K€
4. general positive price (!) development in real estate

Everything fits together. The fact that the renovation is not yet completed has nothing to do with it (already explained), unless the OP has "botched" his house or actual damage has been caused by the delayed renovation. But there is NO evidence of this or one must assume that the OP is giving massively false or incomplete information.

So, I ask the question again – what is the basis for the possible massive devaluation of the market price to below 250K€?

Regards
Dirk Grafe

Quite simple:

1. Valuation report over 380k€ iirc
2. Purchase price (i.e. actual purchase transaction) at 340k€
3. Lending value at least 290k€
4. general positive price (!) development in real estate

Everything fits together. The fact that the renovation is not yet completed has nothing to do with it (already explained), unless the OP has "botched" his house or actual damage was caused by the delayed renovation. But there are NO indications of this or one must assume that the OP is making massively false or incomplete statements.

So, I ask again – what is the basis for the possibly massive devaluation of the market price below 250k€?

Best regards
Dirk Grafe

Hello,

sorry again but how do you always come up with 250k? I have never mentioned it anywhere. But as nordanney has already aptly posted, the purchase price of a property where nothing is properly finished, backlog of investments not resolved.

Purchase price was 330k, loan 290k. I only said one should consider the prepayment penalty and a possible discount. Yes ok, it may be possible to sell with a profit. But discount as well as profit are general statements.

I was not on site and certainly neither were you. Or did you receive more information and prepare a report?

If not, then we are both talking nonsense.

I still wish for respect here, even if one does not like the statements. You write in part very aggressively. Many OPs finance blindly. In the end we will have American conditions. Then they will all complain.

Have a nice weekend everyone