Mortgage Valuation a whopping 77k under agreed sale price

Lloydage

He bought it 3 years ago for 365k and in that time lets say prices for Greater London (Epping/Essex) rose by 50% - this would take it to about 550k if nothing had been done to it. He then probably spent about 80k on it. This would take it to about 630k and he has sold it for 705k. Not bad.

Lloydage

Yes we are going to put in at least 190k as a deposit.

Lloydage

LTV on the Santander valuation of 660k will be about 77.5%

Hoploz

He did his maths and this was the lowest he could go?!?!

Crikey he's not much of a businessman if he's in that much debt.

(liar ... But who cares if you're happy buying at the reduced price, everyone's happy. Congratulations! )

Lloydage

yes I know the bit about him working his finances was BS and just about squeezing some more out of me.

Clutterfree

Or it could be he needed X amount of money from this property in order to buy the next.
£660k mortgage! Eek! I don't envy you but good luck, hope it all gives smoothly.

Lloydage

my mortgage will be approx. 510k.

hazyjo

Lloydage wrote: »

House Network allows customers to set their own prices and charge hardly any fees so he is really maxing out his chances.

I think you'll find most EAs go with what the vendor wants to market at. It's often more than the EA suggests or thinks they'll achieve


I know Epping very well. I have nearly doubled my money in Nth Chingford in 3 years (£274k / now £500k) so know what the market is doing in such areas.


I was also buying one of the Theydon Grove (Epping) townhouses 5 years ago (actually, nearly three - they all fell through. Went to Brentwood in the end). They were all between £350k-400k and I know they're all on at over £700k now.


Anything that has had substantial works done will always be hard to value. Yes, you probably are overpaying, but hopefully it won't matter too much in the long run.


The mortgage would keep me awake at night, but guess you must have enough coming in not to worry about it so will leave that concern up to you


Jx

ReadingTim

At the end of the day, every buyer probably dreams that they could have got it for less, if only they'd negotiated a little bit harder, just like very seller dreams they should have sold it for more, if only they'd negotiated a bit harder....

You love the house, plan to live there for 10-15 years, and have agreed a price with the vendor that you can afford - what's not to like?

Clutterfree

Lloydage wrote: »

my mortgage will be approx. 510k.

£510k mortgage! Eek! I don't envy you!