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mortgate evaluation lowered
katb01
Posts: 26 Forumite
hi
looking for advice
we are selling our home survey completed and the valuation has been lowered.
Do we have to agree to lower our house sale or is this just a case of the surveyor taking into account average house price sales in the area
looking for advice
we are selling our home survey completed and the valuation has been lowered.
Do we have to agree to lower our house sale or is this just a case of the surveyor taking into account average house price sales in the area
0
Comments
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You don't have to but the mortgage won't lend the amount you're asking so the buyers may have trouble.0
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Well, we don't know that. If you ask for a £50K mortgage on a £150K house, and the mortgage valuation turns out to be £100K, they'll surely still lend you £50K.marliepanda wrote: »the mortgage won't lend the amount you're asking0 -
Not necessarily - it depends on the percentage loan to value. Some mortgage offers are only available to mortgages of a particular LTV, if you go above that then you may not get as good a deal, which may result in higher repayments, which may mean that you fail the affordability criteria.0
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I guess it will depends on the buyers' loan to value %
If they are getting a 95% mortgage, they will have trouble.
The bigger the deposit the better, but obviously depends on their situation.
If a 50k mortgage is needed on a 150k property, that is much better...depends on whether your buyer has a massive deposit or not.0 -
Comparables are used. Normally three.is this just a case of the surveyor taking into account average house price sales in the area
Recent (last four months) sold prices of similar property in the vicinity (normally upto 0.5 miles).
Have a look and see what there is.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 -
Petite_Anglaise wrote: »I guess it will depends on the buyers' loan to value %
If they are getting a 95% mortgage, they will have trouble.
The bigger the deposit the better, but obviously depends on their situation.
If a 50k mortgage is needed on a 150k property, that is much better...depends on whether your buyer has a massive deposit or not.
Most are relying on getting a certain price for the old house to move on/up IMO, not many can actually put up their own money to pay bubble prices.0 -
You can do what you want, it is your house. The buyer can do what they want, it's their money.
I would be unlikely to continue with a purchase if a valuer said it was worth less than I had offered, unless it was a negligible amount. As a buyer I would either want a lower price or I would pull out, as a seller I would expect to have to meet the buyer half wayIt may sometimes seem like I can't spell, I can, I just can't type0 -
MyOnlyPost wrote: »You can do what you want, it is your house. The buyer can do what they want, it's their money.
I would be unlikely to continue with a purchase if a valuer said it was worth less than I had offered, unless it was a negligible amount. As a buyer I would either want a lower price or I would pull out, as a seller I would expect to have to meet the buyer half way
In most cases it is the bank`s (central bank gifted) money.0 -
Should the OP drop the price...or double the price....take your time....your first answer is your final answer........0
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