HOUSE PURCHASE
Show your support
Take a deep breath and wait to see what happens! There is no point in stressing over it, the results aren’t even back yet!! My life moto is to not stress over things out of my control. This is currently out of your control, once you have the results fingers crossed all will be fine! But if not there’s other avenues to go down as suggested by Hannah. Goodluck 🫶🏽🫶🏽
My understanding is the bank need to cover their back should you fail to repay the mortgage. If you’ve got a 10% deposit at £360, I’m assuming your mortgage is for £324. Therefore as long as they value it at minimum £324 I hope you’ll be ok!! Fingers crossed! (Also buying & selling during pregnancy and I totally empathise with the emotions) xx
Don’t panic! Your broker will discuss your options with you if that is the case x
We bought a new build and the valuation came back lower than what the developer was listing. We offered the valuation price and said take it or leave it. They took it 😊 If they leave it, they risk being in the same position with other valuations so might start losing interest in the property. (For info, it was £20k under what they had the house listed at)
My bank had to evaluate our house as it hadn’t been sold since the early 90’s. They valued it at 10k less than our accepted offer. We contacted the seller and they agreed to take 10k less! Ours was also a bidding war and the seller chose us so we weren’t expecting it but things can work out. Keep believing ❤️
This happened to our sellers. They had to renegotiate price. It meant their seller had to agree to the price as both the valuation and the survey price said the same amount. It ended up not going ahead for other reasons but when we completed, they told us their sellers had the same thing happen again to them and were begging them to go ahead with the sale.
@Chloe wait is this the case? If so this would be a dream because then it would be absolutely fine but I always thought it was for the total purchase price 😭
@Charleigh I just hope they beg us to go ahead not anyone else 😭
When we bought our house when ours was valued ours was valued 5k lower then what we offered. We just went back and lowered our offer. The old owner refused and did offer a counter offer. My husband excepted without talking to me, and I've never let that one go 😂. It was 3k but the old owner had a brand new lambo and was very nasty to the agent so I wasn't exactly happy with the old owner. I would have just said no and gone and bought a new build instead for the same price we had offered on our property. Let's just say the house is wired wrong (but safe) plumbed wrong (but safe), they used the garden as a tip because I've had to dig down half my leg deep to stop finding rubbish. The windows didn't fit. We have spent 25k making the home decent
@Helen haha I’m sure he did the right thing in the end but no that does sound a bit crap but at least your house is a home now 🤍
We certainly have a sterdier home then a new build so it did work out. A lot of the new builds lost their roof wirhon a year or two of being built due to storms.Our roof is nearly 100 years old and only needed 1 tile replaced after a storm and we did recently redo the top after a small leak by the chimney, but that was because the mortar used on the house is so soft you can wipe it away with your finger so the fact it lasted this long is amazing! Our fences I'm not sure how they've stayed up, one is only half in but it's taken 80mph winds like a trooper. Forever seeing posts of the new build fences down. We have been lucky that we have had family do things for us, which has saved a bit of money. I just need stuff like what they have in Japan because the rooms are funny shapes. So a lot of things need to be foldable
I’ve experienced similar! If the valuation is out, you could pay for your own (make sure RICS standard) and if it’s different to the banks valuation, contest the original valuation with the bank. If it’s the same as the bank valuation but way under sale price, go back to your sellers to try and negotiate. Good luck!