Persimmon valuation update

tb1105

We got a letter today from Halifax.
The surveyor has written that his valuation is £180,000 and that he is aware we have £5,000 sales incentives which have also been considered in arriving at his valuation figure. Any additional/changes to sales incentives need to be referred to him as the valuation will have to be reviewed and this may affect the mortgage offer.

So this means if Persimmon lose their appeal (we agreed £187,500 which they think it is worth), they have to sell it to us for £180,000 WITH the £5,000 extras? And if they start going on about negotiations it means we have to go through another valuation?? So if we went in and said £180k with £5k extras or we walk away, we have aletter from Halifax with this written down so we are in quite a good position to get that deal closed??

silvercar

It is all in the hand of Persimmons. They could refuse to accept your offer (based on the valuation) and decide to remarket in the hope they get a new buyer prepared to pay more.

It is a risk that Persimmon has to decide whether to take. Either sell to you and accept less money or remarket. The next buyer that comes along could have the same problem with valuation, or they could have a more lenient valuer or the next buyer may not need a mortgage or possibly a lower LTV. Heresay is that valuers are more cautious when they know the LTV is high, so there is a serious risk of the lender not getting all their money back should they need to repossess.

tb1105

thankyou x