BI Offer

mna78

So this has what we have been waiting for, we went BR in early April and have been in limbo on where we'll be living since...

We had valuations and sent them to the OR along with an opening offer for the BI. The valuations came out @ £170k, we owe c.£155k on the mortgage +£2k arrears.

So around £13k equity if the house can be sold, less the 3% fees this would be around £8k.

However the OR has asked for £10k, so doesn't seem to be taking the arrears into account, although the letter we received might just be a standard opening offer to us?

So our thoughts are the house would be marketed at £170k but as similar properties have been selling between £158k-£170k depending upon condition and as ours is in need of work I personally don't think it'll sell for £170k, maybe low-mid £160k's.

We have submitted an offer of £5k today, what do you think our chances are as this is the absolute maximum we can offer?

the-muffin-man

A few months ago my BI was calculated at £12,500 - my wife offered £4500 and to our surprise this was accepted. All OR's a different though!

Hope you offer gets accepted.

mna78

Thanks for the ray of hope )