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Made an offer but vendor needs 7k more to release the property from his lender
Chezza01_2
Posts: 2 Newbie
Hi,
Need some advice,
Had an offer accepted on no property, waited a. Age for contracts, never got sent ask threatened to withdraw. Found out then that vendor needed 7k more than offer accepted as he had 2 loans on property and lender wouldn't release property unless this 7k was added end.
Property now back on market,
Love the property, have a full mortgage offer for the original offer amount, and valuation done. We now want to offer more. Can mortgagee amount be increased despite valuation being done?
Advice needed.
Need some advice,
Had an offer accepted on no property, waited a. Age for contracts, never got sent ask threatened to withdraw. Found out then that vendor needed 7k more than offer accepted as he had 2 loans on property and lender wouldn't release property unless this 7k was added end.
Property now back on market,
Love the property, have a full mortgage offer for the original offer amount, and valuation done. We now want to offer more. Can mortgagee amount be increased despite valuation being done?
Advice needed.
0
Comments
-
It would have to be referred back to the surveyor for a decision on the increased price/value.
If that's agreed, you need a revised mortgage offer and your solicitor will have to revise the contract with the vendor's solicitor.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 -
King street - thanks for reply.
Does this occur a lot. What's likelihood of it happening?0 -
The vendor needs to come to an agreement with their lender regarding the shortfall. Happens more often than you may think. As the lender can block any sale until the matter is resolved.
I would walk away. As there's no certainty as to when the matter will be resolved.0
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