Despoit

s411y123

does your deposit go on the value of the house or the amount you pay for the house. thanks

BitterAndTwisted

Surely both values should be the same. Or have I misunderstood something important?

s411y123

If the house is up for say 100k(what its valued at) but you have an offer accepted for 85k do you have to find 10/15% deposit of the 100k or the 85k?

Grogged

You have to find the deposit for the agreed selling price.

In this case £85K.

s411y123

Thanks for your information

hazyjo

An actual valuer will be instructed to value the house for your mortgage (presuming you have one). The price the house is up for initially is usually what the vendors have asked for it to go up for following an estate agent's 'valuation'. All people can do at the moment is 'test the market'. If there's no interest, they can drop the price. The price a house is up for sale at is often way off the actual 'value'. You'll have to do your homework to see what other similar properties in the near vicinity have gone for. If the actual valuer undervalues the house, you should be paying less for it and would probably have to come to some agreement with the vendors (unless you have more cash in the bank and want to buy the house for more than it's 'value').

eg EAs might have a house up for £100k. Someone reaches a final offer of £85k which is accepted. Valuer then comes in for mortgage company and values it at £80k, you should be looking to change your offer to £80k (not always acceptable with vendors so might mean losing it, or finding the cash!). If that valuer said it was worth £90k, you wouldn't be expected to pay more for it. The vendors wouldn't need to know about that valuation. It's unlikely it would be valued at more anyway.

Hope that makes things a little clearer for you.

Jx

betmunch

In simple terms its actually the lower of the two, either value, or purchase price.