New Build - Mortgage Valuation lower than purchase price!! PLEASE HELP

chrisandanne

My fault...I should never have mentioned loins....it'll be Butt Plugs next..oh dear !!! Ax

puddy

but if she is completing tomorrow, how does she prevent the deal going through? have you exchanged yet or is it all on the same day?

System

Bf109 wrote: »

How exactly does one go about girding ones loins? I am most curious and would greatly love to gird my loins one of these days.

Thanks to http://www.realarmorofgod.com

It stems from Roman times

How to gird your loins:

This was accomplished by pulling up the fabric of the knee-length tunic so the length in front stopped at your upper thigh, and collecting the excess material in your front. (You pull the material forward so the back of your tunic is snug against your backside.) Next, you tuck the extra front material down between your legs and gather it behind you. At this point, you collect half of the material behind you evenly on each side of your back (left and right). The final step involves wrapping each side of the material around your waist and tying it together in front.

zzzLazyDaisy

Be prepared to lose £2k if necessary and be grateful that you haven't yet exchanged. In the last property slump this happened to me - mortgage valuation £20k below agreed price. So I that was all I was willing to pay. The builder didn't like it but agreed. Stick to your guns, don't threaten to walk away, but just state calmly that is the valuation and that is all the lender will advance, so that is all you can pay. What ever they say, just say calmly 'I understand what you are saying but... and repeat adnauseum'.

It is a test of wills, but you hold all the aces. Stick with it.

Good luck

clairey22

jenner wrote: »

but if she is completing tomorrow, how does she prevent the deal going through? have you exchanged yet or is it all on the same day?

Its not on the same day, I think its next week we are completing and tomorrow we are exchanging (i'm new to all this so i'm no sure if i've got them the right way round).

Tomorrow I am surposed to be paying the 10% deposit to the solicitors and signing the contract (although its too late to get the contact to them for tomorrow now, I was going to post it tomorrow).

thanks for everyones help..

claire

tradetime

Well you haven't xchanged contracts then so you're not tied in, just depends what the terms of the reservation fee are, but you may lose that if you have to walk away, I definitely would not accept a price that was above the mortgage companies valuation.

puddy

clairey22 wrote: »

Its not on the same day, I think its next week we are completing and tomorrow we are exchanging (i'm new to all this so i'm no sure if i've got them the right way round).

Tomorrow I am surposed to be paying the 10% deposit to the solicitors and signing the contract (although its too late to get the contact to them for tomorrow now, I was going to post it tomorrow).

thanks for everyones help..

claire

yes, you're fine, renegotiate and if they dont budge, make them think you'll walk away, they wont want to lose your sale

monkeyman1974

clairey22 wrote: »

Its not on the same day, I think its next week we are completing and tomorrow we are exchanging (i'm new to all this so i'm no sure if i've got them the right way round).

Tomorrow I am surposed to be paying the 10% deposit to the solicitors and signing the contract (although its too late to get the contact to them for tomorrow now, I was going to post it tomorrow).

thanks for everyones help..

claire

Claire, it's difficult to say how good or bad the deal is without knowing the site but with the mortgage valuation coming in below your agreed price it suggests that the pricing probably made some sense 6 months ago but is too full now. I would seriously suggest you listen to the other posters and either step back (that'll spook them) or offer around £180,000. You may well feel nervous about this, but do please consider how you would feel if the value slips to £150,000 in 2 years time and your LTV is 95% and you struggle to remortgage. Sorry to be negative as I'm sure it's a nice place and you'd be happy there.

mrs_deadline

And be prepared to go home and leave them to think about it... they're unlikely to hold out beyond the end of the month, methinks...

But resist, resist, resist paying the deposit or signing any contract till price = valuation. You'll be very thankful you held out, come the day you have to resell.

chrisandanne

!!!!!! wrote: »

Thanks to http://www.realarmorofgod.com


It stems from Roman times

How to gird your loins:

This was accomplished by pulling up the fabric of the knee-length tunic so the length in front stopped at your upper thigh, and collecting the excess material in your front. (You pull the material forward so the back of your tunic is snug against your backside.) Next, you tuck the extra front material down between your legs and gather it behind you. At this point, you collect half of the material behind you evenly on each side of your back (left and right). The final step involves wrapping each side of the material around your waist and tying it together in front.

This isn't EXACTLY what I had in mind...but it MIGHT just work....:rotfl: Ax