First time buyer question.

ReadingTim

The only one doing any "decieving" was the OP, who said they could afford £132,500, whereas actually their limit was £120k.

I reckon the vendors should sue for timewasting....they might pull the same stunt again...

Pixie5740

ReadingTim wrote: »

The only one doing any "decieving" was the OP, who said they could afford £132,500, whereas actually their limit was £120k.

I reckon the vendors should sue for timewasting....they might pull the same stunt again...

Not necessarily. If the OP was buying with a 10% deposit £132,500 might have been affordable if the property was valued at £132,500 but having to make up a shortfall of £12,500 would almost double the required deposit.

ReadingTim

Pixie5740 wrote: »

Not necessarily. If the OP was buying with a 10% deposit £132,500 might have been affordable if the property was valued at £132,500 but having to make up a shortfall of £12,500 would almost double the required deposit.

I wasn't being entirely serious...:rotfl:

Crashy_Time

davidmcn wrote: »

No. You thought it was worth £132,500, you agreed a price, and the fact you don't have enough cash to make up the difference doesn't mean the sellers or agents have done anything "deceiving".

In markets where prices are going up sharply (don't know whether that's relevant here) then this always happens, as surveyors will only work on the prices available from completed sales (i.e. agreed possibly six months previously). So you need to have enough cash if you want to be competitive.

Thought surveyors were valuing down not up theses days, because prices have stopped going up sharply, isn`t that the problem here?