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Mortgage Valuation
fiji_dave
Posts: 29 Forumite
Afternoon all.
Just got the mortgage valuation back. The valuation says "In it's present condition and with the current state of the property market the value of the property is £X"
That number is exactly what I offered. My question is, is the valuation an 'independant assessment of the property value or is it an assessment of whethr my offer is appropriate? (if that makes sense?)
In otherwords, do they go in and value the house, ignoring what I have offered, or do they go in thinking "buyer offered X pounds, is this the correct price"?
Cheers
Dave
Just got the mortgage valuation back. The valuation says "In it's present condition and with the current state of the property market the value of the property is £X"
That number is exactly what I offered. My question is, is the valuation an 'independant assessment of the property value or is it an assessment of whethr my offer is appropriate? (if that makes sense?)
In otherwords, do they go in and value the house, ignoring what I have offered, or do they go in thinking "buyer offered X pounds, is this the correct price"?
Cheers
Dave
0
Comments
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I'd also be interested to know this.
Was it a total coincidence that the valuer stated the value of the property was exactly the asking price, or was it by design to please the lender?0 -
I have had this twice now. Your purcahse price is on the mortgage application so as long as its close enough, they will put that figure if you are putting in a hefty deposit. They would not want to exceed this figure as they would want to CTA.
I think with small deposits, they would look a little closer.0 -
Romani_Ite_Domum wrote: »I have had this twice now. Your purcahse price is on the mortgage application so as long as its close enough, they will put that figure if you are putting in a hefty deposit. They would not want to exceed this figure as they would want to CTA.
I think with small deposits, they would look a little closer.
Hi,
cheers for the answer, just a quick question.... CTA?
Cheers
Dave0 -
Here's a clue:
CTA - they want to ensure their backsides are well protected.
Have you guessed what it is yet?
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interesting, i had my valuation back last week and it said the house was worth £195K, I offered £194,950 so i've already made a £50 profit
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I like money0 -
It is usual for the valuation price to be the exact price that you are paying for the house. This is because all the lender is concerned about is that the price you are paying is a fair market price & that should you default on the mortgage, the money they have loaned you is able to be recouped should the house be sold.
If a house needs essential repairs then the valuer will give valuation in current condition, often under the offered price and also a higher price equal to the offer price for when works are completed.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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