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Paying more than the home report.
Martinnn
Posts: 1 Newbie
Hello, new to this site so sorry if this is posted in the wrong place.
I'm currently in negotiations with a seller on a property that I really want. The seller is currently wanting £7000 over the home report value. I offered £3000 over the home report and would be happy to pay this on top of my mortgage, but I don't have the funds to pay £7000. Does anyone have any experience of paying over the home report valuation for a property?
Is it true that the bank will only give a mortgage to the value of the home report, or is there a possibility that a new home report can be done by the bank to potential increase the valuation.
Sorry if this is a bit confusing, but any help would be appreciated. I'm buying property in Scotland.
I'm currently in negotiations with a seller on a property that I really want. The seller is currently wanting £7000 over the home report value. I offered £3000 over the home report and would be happy to pay this on top of my mortgage, but I don't have the funds to pay £7000. Does anyone have any experience of paying over the home report valuation for a property?
Is it true that the bank will only give a mortgage to the value of the home report, or is there a possibility that a new home report can be done by the bank to potential increase the valuation.
Sorry if this is a bit confusing, but any help would be appreciated. I'm buying property in Scotland.
0
Comments
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Lenders will base their valuation on the lower of the valuation and the agreed price. Some lenders want their own valuation report rather than accepting the home report, but as their surveyor will no doubt look at the home report value it's unlikely they'll be any more generous with the valuation.0
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