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Valuation less than offer price (repossession property)
Comments
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My mortgage broker/advisor has said we need to establish what the value is after repairs hence why we have started obtaining quotes in writing from tradesmen.
Why? I can see why you need to understand the costs from a budget point of view, but if it is valued at £110K then pay that or pay £114K if you want to.0 -
Why? I can see why you need to understand the costs from a budget point of view, but if it is valued at £110K then pay that or pay £114K if you want to.
Well, the mortgage broker/advisor we've been using says the bank won't lend the full £102,600 we need but would instead lend £99k approx. (90% of the value as outlined in the survey). This means we need to find around another £3k to put towards are to deposit if we're to buy at £114k. Does this make sense? This would be possible if we scrape or ask a family member for a short term loan (until my partner's property sells) but this isn't ideal.0 -
Why? I can see why you need to understand the costs from a budget point of view, but if it is valued at £110K then pay that or pay £114K if you want to.
My understanding is that our mortgage broker/advisor wants to convince the valuer to reconsider their valuation in order to persuade the bank to lend us the full amount (90% of £114k as opposed to 90% of £110k).0
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