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23 June 2014 @ 08:44 pm
How the other half lives  
Just keep in mind, the next time you apply for a loan and have a valuer come through your property, someone, somewhere, is poking fun at your taste in decorating. *g*

One of the fun parts of my job is the opportunity to look at valuation reports - I'm an inveterate stickybeak with a love for real estate so it's easily my favourite thing at work. Usually we play a game called "They Paid HOW MUCH for WHAT?" in which we attempt to out-do each other with maximum dollars for minimum square feet - the leading property so far is a maisonette in Sydney that went for around $1.8 million and was absolutely tiny.

Today we were playing a variant of that game that involved finding the trashiest looking place. We had one come up where the valuer had commented on the "dog excrement" throughout the house, (and we're not talking slums here, we're talking fairly upmarket house with professional owner), one place with matchbox-sized backyard that was being used as an animal shelter and the valuer noted that the smell of animals would deter prospective buyers; he went on to note that there were five kangaroos and at least one wombat in residence (and then he photographed a wombat hole in the yard, as evidence!) More disturbing to me was the kitchen in which you couldn't see a single surface, there was stuff piled high everywhere you looked.

The winner today, though, was a house that I declined to accept as security for a loan, it was that bad. Unlike the others, the problems went far deeper than mess and smell - this thing had holes in walls and ceiling, and was missing half the bathroom fittings. Actually, "holes" doesn't do it justice - it looked as though whole sheets of gyprock had been ripped away and large portions of the exterior cladding were rotted off. Valuer estimated it would cost at least $25000 to complete essential repairs, and the applicant didn't have any funds to do it or the ability to borrow more to fix it either.

That place beat all other comers hands down, including the one with the green swimming pool (I reckon you could have walked on that water!) and the one with the huge electricity transmission tower right next door.
 
 
Current Mood: gigglygiggly
 
 
 
miwahni: MFU  Fascinatingmiwahni on June 24th, 2014 10:57 am (UTC)
One would assume the house was there "before" the tower? If so, you'd have to wonder how the tower ever got built.

Having said that, I remember a customer who bought a couple of acres with a house on it, in a rural residential area. As he was borrowing less than 80% of the purchase price we didn't get it valued but relied on the contract of sale. This was in about 2001. A couple of years later, after that area's prices had skyrocketed, he came back, wanting to borrow against the increased equity, and this time we DID send a valuer out - and his property had decreased in value quite significantly. Or, more to the point, he had paid way over market price - his solicitor hadn't informed him (or hadn't done the searches!) that the back half of his block was marked as easement, being reserved for construction of a transmission tower. Last I heard, he was suing his solicitor!
Merlin Pendragon: Hiver - are we there yet?mrlnpndrgn on June 24th, 2014 12:58 pm (UTC)
his solicitor hadn't informed him (or hadn't done the searches!)


One wonders why we pay through the nose for their services. My sister had problems with their previous house : the guy hadn't told them (or did not research) that the artesien well was not to code.

The city insisted that it was moved.
Plus the contractor who was rebuilding the road in front of the house destroyed the septic tank/septic field.

All of that had to be moved/rebuild on my sister's dime (and her SO) : the city declined responsibility, and my sister didn't have the money to sue the notary (here, contracts and wills do not go through sollicitors/lawyers).

So, they paid for the repairs, and anyway took a big loss when they had to sell the house :-(

I think I watch too many renovation tv shows :-/
miwahni: Pros B&D You'll Be All Rightmiwahni on June 25th, 2014 10:24 am (UTC)
and my sister didn't have the money to sue the notary What a pity. Here, solicitors and conveyancers have practice / indemnity insurance, which you can claim against. Doesn't cost a lot to lodge a claim, and then the insurance company assesses the claim, and pays out accordingly. Which is why I always did my best to dissuade anyone buying or selling a house who wanted to do their own conveyancing; if they got it wrong, they had no comeback.
Merlin Pendragon: Quebecmrlnpndrgn on June 25th, 2014 11:42 am (UTC)
I did a bit of research since I never heard of conveyancer, but it might be that because here, we have the remains of the French legal system. In some of the other provinces (like the more "British" ones), the profession exists ;-/