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Mortgage Retention
Comments
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The property was valued at £213,000 as it stands.
You are being asked to pay £220,000
Somewhere there is a message?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
De ja vu!!!!
£7000 difference...if they had offered 230,000 for the house, the valuer would most likely have valued it at 223,000!
if they like the house and thought 220,000 was fair in the first place, whats £7000 at the end of the day?
it wouldn't put me off!0 -
wannahouse wrote: »De ja vu!!!!
£7000 difference...if they had offered 230,000 for the house, the valuer would most likely have valued it at 223,000!
if they like the house and thought 220,000 was fair in the first place, whats £7000 at the end of the day?
it wouldn't put me off!
£7,000 is more that it is worth.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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wannahouse wrote: »there was a thread on here just the other day where two surveyors valued the SAME property at at £20,000 difference!
so who was right???
They both were, the valuation is their opinion.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
so thats my point...another valuer could have come in and valued this house, at 230,000, if thats what the buyer had offered, but because they offered 220,000, the valuation has come up at 220,000....(minus the retention), so its not as clear cut as just saying its only "worth" 213,000 and paying anymore is paying over the odds.Goldiegirl wrote: »They both were, the valuation is their opinion.0 -
£7000 is a lot of money to stump up front, and I'm guessing if the buyer is borrowing at 90% LTV they don't have a whole lot of spare cash lying around.
You should speak to your mortgage company about the terms of the retention as it varies from case to case. In my case I have been told that I have to pay the amount of the retention up front to the lender, and they will only release it back to me if the work is done within 6 months. If it's not done, I will never get the money back.0
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