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    stevie wonder
    Retention recommended - what does this mean?
    • #1
    • 15th Dec 09, 11:15 AM
    Retention recommended - what does this mean? 15th Dec 09 at 11:15 AM
    We have had an offer accepted on a house at 220, our mortgage is 165. The Property valuation has come back saying they recommend a retention of 10000 for essential repairs (roofing). The valuation for mortgage purposes says current condition is 220, after repairs 230. Insurace value is 294.

    I'm confused as to what this means for us - can anyone explain? I will speak to the bank but would like to go forearmed with info if possible.

    We have got a roofing contractor who is going to look at the work and then give us a quote.

    Thanks, in advance,
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