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Valuation
Comments
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@RoloCookie we had to pull out as we didn't have the funds to supplement the downvaluation 😕.
Essentially the bank will only lend you the % LTV of how much they think the house is worth, so if there's a sizeable difference you either have to raise more money for the deposit or go back to the seller, tell them it's been downvalued and see if they'd be willing to reduce the price, either route can be difficult.
If a house nearby sold for less but only in Feb, I'm not sure whether that's too recent that it wouldn't even show up if it's a desktop valuation, what with the timeline between offer accepted vs exchange being several weeks and in some cases months.
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Found out today the valuation was fine, valued a little bit over what I offered. Mortgage offer has now been issued. All that worrying for nothing, so relieved.1
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Ah amazing! so pleased for you. If it is valued over does the seller know and can they choose to ask for the amount?HomeownerDreamer said:Found out today the valuation was fine, valued a little bit over what I offered. Mortgage offer has now been issued. All that worrying for nothing, so relieved.0 -
Ah I see that all makes sense must have been so stressful for you. I think I am just looking too deep into something I have zero control over. I will just have to be patient and see.chillicheesedog said:@RoloCookie we had to pull out as we didn't have the funds to supplement the downvaluation 😕.
Essentially the bank will only lend you the % LTV of how much they think the house is worth, so if there's a sizeable difference you either have to raise more money for the deposit or go back to the seller, tell them it's been downvalued and see if they'd be willing to reduce the price, either route can be difficult.
If a house nearby sold for less but only in Feb, I'm not sure whether that's too recent that it wouldn't even show up if it's a desktop valuation, what with the timeline between offer accepted vs exchange being several weeks and in some cases months.
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