13 Dec 2008 9:14 AM:
If you read my previous posts you will see that one of the reasons we got totally fleeced in our purchase of our Novo Arcos townhouse, was because the valuation seemed alright. Our mortgage is with an American bank. But I don't know who carried out the valuation - it must be a local surveyor?
Basically, we completed in December 07. The recession had already affected property values generally by then but our house valuation still came out over 200,000 euros, nearing 210,000 I think.
We paid 219,000 euros plus IVA for our new townhouse on completion. But months later, when we finally got the paperwork through from our solicitor, we found that Romanber were only paid circa145,000 euros. Presumably the agents, Sunset estates took the difference.
Romanber said that 145,000 euros was indeed the correct value of the houses - they are still up for sale around that mark.
I hope this helps. Consider an independent valuer for your survey and check thoroughly the prices that other people are paying.
We have suffered a lot of problems since buying our house as you will see if you read my past posts. The agents appointed by Romanber actually stole 8000 euros out of our bank account, a lot of which we never got back. We have sales literature which showed a park in front of us, and lake-view behind. We ended up with a massive block of flats where the park was and no lake-view behind, just roof-tops. Hopefully those of us who have been mis-sold in this way will finally be compensated. It will be good when I can write positive stories about the area in which we live as negative stories detract from ther development . Some people do not write any more on the site about the problems at Novo Arcos becuse they fear negative publicty, and it is one of the reasons why I haven't wriiten recently, but it is a difficult dilemna. If the problems appear to go away thewn no-one will think they need to be sorted out.
Andrea & Mark
Community thread:
Bank valuations
--------------------------------------