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Old 1st June 2014, 17:56   #1 (permalink)
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Villa under-valuation?

Hi to everyone I have just joined the forum.
I was wondering if any of you can answer a question for me please.
We were buying a 9 year old Oruc build 3 bed detached villa with pool in Arikbasi which has just fallen through after 9 months of to-ing and fro-ing with one of the Turkish banks for a mortgage.
The villa was originally for sale at 215,000 and was reduced to 175,000. When we saw it last August it had been further reduced to 150,000 for a quick sale.
There was a considerable delay with the bank sorting out the mortgage and they said the villa was valued in April for 213,000 which is under-valued and they could not offer us the mortgage we needed to complete the sale.
I was wondering how the villa could be valued so low, and whether it was due to the increase in interest rates, or the fact that the valuer was from another town and did not understand the property prices in Dalyan?

Thank you
Denise
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Old 1st June 2014, 18:25   #2 (permalink)
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Re: Villa under-valuation?

The bank refused a mortgage on a property that was valued at 213,000 and you were paying 150,000. On the face of it, it sounds like a missed opportunity for the bank, but there is clearly more to it, you may have had a lucky escape

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Old 1st June 2014, 18:31   #3 (permalink)
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Re: Villa under-valuation?

Or the person ın charge of mortgages wanted thıs vılla for one of theır relatıves
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Old 1st June 2014, 18:36   #4 (permalink)
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Re: Villa under-valuation?

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Originally Posted by kibris View Post
Or the person ın charge of mortgages wanted thıs vılla for one of theır relatıves
you cynic !

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Old 1st June 2014, 19:52   #5 (permalink)
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Re: Villa under-valuation?

Realist.

Steve.
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Old 1st June 2014, 20:35   #6 (permalink)
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Re: Villa under-valuation?

Depends on the amount you wanted to borrow, as usually the max for a Turkish bank is 70% loan to value. If the purchase price has been lowered and you are borrowing 70% of the original purchase price, then the bank will be over-exposed as the loan will be higher than 70%. On the other hand, don't rule out the cynic. . .
Do you need to borrow from a Turkish bank at their rates? Can you raise capital on a UK property instead? Not being nosy, just looking at the problem from a professional viewpoint.
Good luck anyway.

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Old 1st June 2014, 20:45   #7 (permalink)
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Re: Villa under-valuation?

Sounds like it is over valued as I can't comprehend this amount of money for a property in Turkey.
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Old 1st June 2014, 20:48   #8 (permalink)
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Re: Villa under-valuation?

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Sounds like it is over valued as I can't comprehend this amount of money for a property in Turkey.
Hard to believe, look at Turkbuku, Gundogan Yalikavak Torba, still a few bargains but the world has gone mad.

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Old 1st June 2014, 21:20   #9 (permalink)
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Re: Villa under-valuation?

Being priced in sterling , the exchange rate will have an influence on the TL price which presumambly is the basis for the calculations by what is a Turkish Bank
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Old 1st June 2014, 22:08   #10 (permalink)
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Re: Villa under-valuation?

Quote:
Originally Posted by denisecakemaker View Post
Hi to everyone I have just joined the forum.
I was wondering if any of you can answer a question for me please.
We were buying a 9 year old Oruc build 3 bed detached villa with pool in Arikbasi which has just fallen through after 9 months of to-ing and fro-ing with one of the Turkish banks for a mortgage.
The villa was originally for sale at 215,000 and was reduced to 175,000. When we saw it last August it had been further reduced to 150,000 for a quick sale.
There was a considerable delay with the bank sorting out the mortgage and they said the villa was valued in April for 213,000 which is under-valued and they could not offer us the mortgage we needed to complete the sale.
I was wondering how the villa could be valued so low, and whether it was due to the increase in interest rates, or the fact that the valuer was from another town and did not understand the property prices in Dalyan?

Thank you
Denise
Maybe there is a financial issue with the villa that the bank has unearthed ie a debt. If your taking a mortgage out with a bank THEY & only THEY want the debt on it. Could be a sign to walk away. You have to be very careful in Turkey with banks, every Turk seems to have a casual relationship with them.
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