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FTB Offer accepted but then....
Comments
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Thanks so much for all your replies. Some really good advice.
The other reason I am reluctant to increase my offer is, if the surveyor values it less than the price offered, wouldn't this then mean I have to find that sum to pay upfront as my mortgage will be based on that valuation? Or am I wrong?0 -
It's not what the surveyor you pay for values it at, it's what the banks surveyor values it at.
Hopefully the mortgage offer you have received doesn't charge a fee for the valuation in which case go ahead, get the valuation done, then if all is well pay for your survey.
If it comes back at less than what you've offered, you will then have to either find another lender, increase your offer, pull our or ask them to drop the price. They may not be happy with dropping the price as they've just asked for an increase but chances are they would have the same problem with other buyers and their lenders.0 -
<shrug> On a house we bought about ten years ago, we were almost ready to exchange contracts when our vendors got their mortgage redemption statement and discovered they'd have a massive early repayment charge that they'd bloody forgotten about (!!), and told us they had to pull out of the sale. We ended up paying the entire charge for them in order for them not to pull out. Was still worth it to us.
It's for you to decide (a) how great you judge the risk to be of things falling apart if you don't cough up, and (b) whether it's worth an extra grand to you to go ahead.0 -
I don't think that anybody can value a property to within £1000. So, I guess the question is what you would have done if your second offer of £127,500 had been rejected? If you would have walked away, then do that now. If you would have upped it by £1000 then do that now. It's annoying, though.No reliance should be placed on the above! Absolutely none, do you hear?0
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I don't think that anybody can value a property to within £1000. So, I guess the question is what you would have done if your second offer of £127,500 had been rejected? If you would have walked away, then do that now. If you would have upped it by £1000 then do that now. It's annoying, though.
Yep it is very annoying but this is a good perspective!
Still waiting to hear back from EA on what's going on and whether they have sorted their mortgage.
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