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Been Gazumped what now?
Okydoky25
Posts: 1,139 Forumite
We have just been gazumped by a cash buyer on a repo. We are happy to raise our offer but is it that simple or will we have to go though the whole mortgage application again having already received our offer?
Everything was in place so we can prob move just as quickly as a cash buyer at this stage if it's just a case of a quick call to the mortgage company?
Looking to offer £5k more
Everything was in place so we can prob move just as quickly as a cash buyer at this stage if it's just a case of a quick call to the mortgage company?
Looking to offer £5k more
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Comments
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When was your offer issued?
It will depend on the lender, chances are it will take another week to have the offer re-issued (could be more, could be less). They may want fresh evidence if time has passed.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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 -
When was your offer issued?
It will depend on the lender, chances are it will take another week to have the offer re-issued (could be more, could be less). They may want fresh evidence if time has passed.
Literally last week. It's with Santander so Mortgage offer is based on Valuation which was booked for this Monday Coming. I haven't cancelled it.0 -
I dont really use lenders like Santander (not because i have anything against them, my business is typically adverse and complex cases and they dont fit the bill).
Its probably worth getting on the phone to them when you can. It might also be worth asking the estate agent to re-arrange the valuation or you may have to pay for another.... again, that may not be the case but i dont know Santanders processes.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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 -
Don't we need the valuation to go ahead for Santander to know if it is worth lending us more?
We can afford to pay more deposit to keep it still at 15%.0 -
How have you received your offer if the valuation hasn't been done yet?
Santander assess the application, agree the mortgage, instruct the valuation, assess the valuation then issue an offer??0 -
Probably means agreed subject to valuation.
The valuation does need to be instructed yes, but usually whatever purchase price you put down, thats what the valuer will value it at.
Best bet in anything like this is to just speak to the lender directly.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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 -
I would put a hold on the valuation. You don't want to incur possibly wasted expense. If you allow it to go ahead, the valuer values it at your current offer level, you'll then have trouble getting it increased if you are successful at a higher offer.
Make your increased offer and if successful, report the increased purchase price to the lender and release the valuation.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Just in case you point out it's a free valuation, you only get one.
If this property falls through after the valuation is done, you'll pay for the next one.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Is there really a cash buyer, or is the seller trying to get 5k out of you? Unless you really, really want the property it might be better to call their bluff. If you get into a bidding war it could go up more than 5k. Seems very suspicious for a cash buyer to suddenly appear at a late stage when you are clearly eager to proceed.0
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