Advice Pls on Valuation to Mortage Offer Process

hierrodaknuckles

i was hoping someone that knows can explain what happens after a vaulation has been done on a property.

i'm selling my flat and the valuation has been carried out and is now with the mortgage underwriters. I'm just curious to know what they do and how long it takes for my buyer's offer to be issued. When will i know if the valuation was all cool?

cheers

Leon_W

You wont !

The valuation has been paid for by your buyers and it is up to them how they then proceed on that information. Generally though, if the lender is happy that your flat is good security and everything else regarding your buyers is OK then the mortgage offer should be issued pretty quickly. That said, it does depend on which mortgage company they are using as some are quicker than others.

If the valuation shows up something nasty though you can bet your bottom dollar that the buyers will let you know almost immediately !

hierrodaknuckles

ok. i thought that i wouldnt be told about the details of the valuation, i was more wondering if there was a problem with the valuation, say under the agreed sale price, when this would come to light. i guess i'll find out if the buyer calls to reneogtiate then

MarkyMarkD

Sort of as Leon says, you won't hear much if it's OK, but you'll hear PDQ if it's not. So effectively you WILL hear the result either by silence or by a request to reduce your agreed sale price.

hierrodaknuckles

ok, cool. thanks all