HSBC mortgage undervalued house

System

lookstraightahead wrote: »

Don't put more cash in. You will lose it overnight. Greedy greedy sellers.

How are the sellers being greedy its the prospective purchases choosing to make above asking price offers

Fire_Fox

rococomaiden wrote: »

The problem is that after another year of saving, the house prices will have increased to match

Welcome to MSE.

Not necessarily. Depends how badly you want it. You already have a decent income, basic saving skills and have found your way to MSE.

Fear or desperation is a terrible reason to overstretch yourself. You need a 'rainy day fund' in case things change unexpectedly. There are no state benefits for mortgage payments for many months, even then only a loan to cover interest.

Property prices go up, down or stay static. You might broaden your horizons and find a hidden doer-upper gem in six months. You might get an unexpected windfall.

Put your big girl/ boy pants on, get serious about scrimping, scraping and penny pinching, up your savings game. Live with friends, relatives or in a shared house. Give up TV/ media/ internet except for a TV license. Go homecooked vegan five days a week. Strip wash instead of shower, turn your winter heating down to the bare minimum. Buy an electric underblanket/ heated throw and a few thermal hats. Cycle or walk to work in all but snow or black ice. Lose the car (if you have one).

It is not forever. Some MSE habits will be surprisingly easy to maintain long-term, some MSE habits you will drop like a hot stone on day 365, and dance around like a maniac. :j

foxy-stoat

Simonr66 wrote: »

How are the sellers being greedy its the prospective purchases choosing to make above asking price offers

How do you know what the asking price was ? They could of marketed it at £325K and the OP offered the asking.

kinger101

Options are;

(a) ask vendor to lower price.
(b) use higher LTV mortage - not likely to work as we're talking 95% LTV now, which if available, will mean a much higher interest rate.
(c) find an alternative lender. There's a very real risk the alternative lender will come to the same conclusion. Many of them use the same surveyors.

The vendor's estate agent might push for (c), but (a) is the only sensible thing here.

Crashy_Time

BoGoF wrote: »

What makes you think they have undervalued it rather than you and seller overvaluing it?

Good question.

Housebuy12345

Isn’t this a good point to renegotiate with the vendor?

They are going to come across this with the name person.

Why would you buy a house that’s over valued?

deFoix

You have the wrong mindset if you think it’s heartbreaking. Think of it as a blessing that you’ve not been suckered into overpaying.

If you really believe the HSBC offer is too low then why not get another 3 independent valuations.

HSBC want to do business with you so they’re not going to undervalue properties to prevent sales.

Thrugelmir

rococomaiden wrote: »

The problem is that after another year of saving, the house prices will have increased to match

Not neccessarily. Buyers that can afford to pay the inflated prices will eventually dry up. Likewise a shortage of property in a given locality can cause spikes in prices. Higher selling prices is often the time that people decide to try to cash in and move on themselves.