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Down Valuation
Comments
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TomJenkins1 wrote: »Thanks for all the replies so far. So I think and it’s a big think that they are on a 100% mortgage if this is the case and their family make up the short fall (5k in this case) is this allowed/legal ?
I would doubt its 100% mortgage and if it is no wonder the provider is twitchy. Remember the house will be 'owned' by the bank. Having said that, I don't think you should worry about how they're paying - that's up to their solicitor to do the checks isn't it?0 -
Thanks guys suppose it’s out of our hands no we have adjusted the price and it’s up to the solicitors. Not to say I agree with the whole situation but hey that’s buying and selling. We all know were estate agents, surveyors and banks end up.0
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What was your agreed selling price. As £10k needs to be into context.0
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Crashytime will be right along to tell you to drop your price by £30k0
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Our agreed price was £149,000 and I know £10k isn’t a huge amount of money but 10k is 10k and it effects how much money we have to renovate our new house, we were sitting on around 30k equity but we were using 17k as a deposit0
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Crashy_Time wrote: »That would be all his equity gone, probably too soon for that IMO.
You're showing worrying signs of normality.0 -
So we have accepted the fact we have to accept the 145k but now I have the issue that we have to sell it for 140k due to the bank and the helping hand mortgage?? So how do I get the 5k??0
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AnotherJoe wrote: »Incorrect. A house is valued at what the company lending the money to buy the house value it for not some naive buyer with little of their money on the line.
Changed days then, until relatively recently the house was valued at the maximum the bank/media could persuade the buyer to borrow for a roof and four walls.0
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